Boehner Sets Demands for Debt Deal, White House Tries to Salvage Talks

Obama will meet with Reid and McConnell on debt talks next week

President Obama shakes hands with Senate Minority Leader Mitch McConnell as Senate Majority Leader Harry Reid looks on during a bipartisan dinner at the White House May 2. (Jason Reed, Reuters)

By Lisa Mascaro

June 24, 2011, 9:20 a.m.

The top two leaders of the Senate will head to the
White House on Monday to consult with President Obama on deficit reduction talks, the White House said Friday.

Congress is racing to meet an Aug. 2 deadline to forge a budget agreement that would allow a vote on raising the nation's $14.3-trillion debt limit. Failure to do so risks a catastrophic federal default.

The White House said Friday that Obama would be meeting with Sens. Harry Reid (D-Nev.), the majority leader, and Mitch McConnell of Kentucky, the top Republican, in separate meetings.

The talks come after the GOP pulled out of debt negotiations this week over opposition to using new revenue to help restrain deficits. Republicans want only spending cuts.

House Majority Leader Eric Cantor's withdrawal from talks led by Vice President Joe Biden came with a call from Republicans across the board for the president to step up his involvement.read more.