Republican aides revealed details on a competing plan that House Speaker John Boehner is moving forward with separately; it would aim for roughly $3 trillion in cuts and raise the debt ceiling in two stages.
Democrats and Republicans are at an impasse on a deal to raise the nation's debt limit. Without an agreement in place by August 2, the U.S. government risks defaulting on some of its debt obligations.
|Clarence B. Jones: Are There Any Republican Adults in the Room: The Challenge Confronting Our Country|
At the hastily called White House news conference following the collapse of discussions with Speaker John Boehner, President Obama rhetorically asked: "Is there anything that the Republicans can say 'yes' to?" Yes, there is: his resignation or re-election defeat.