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Obama Meets With Dems As Debt Limit Talks Crawl Along

UPDATE – Budget Committee ranking member and one of the participants in the Biden-led debt limit negotiations Chris Van Hollen (D-Md.) told reporters Thursday afternoon following Democrats’ meeting with President Obama that the major issues separating both parties have yet to be discussed. 

“We have made progress on some important issues,” Van Hollen said. “Have we engaged on the huge, what I refer to as the politically nuclear issues? No.”

Van Hollen congratulated Vice President Biden for the tone of the debt limit talks, saying they’ve been conducted in “good spirit.”

The message from other members of the House Democratic Caucus seemed unified in their message, repeatedly emphasizing key investments in education and infrastructure. Minority Whip Steny Hoyer (D-Md.) used the success in the nation’s automobile industry after its bailout as an example of the kinds of investments Democrats are looking to pursue.

“That was a specific example of the kind of investments… we are pursuing,” Hoyer said. 

House Minority Leader Nancy Pelosi (D-Calif.) made clear that “we’re not going to default [and] we’re going to use this opportunity to take us on a path of deficit reduction.” Pelosi also said she was looking to “put revenues on the table.”

Regarding remarks made by House Speaker John Boehner (R-Ohio) on hashing out a deal on the nation’s debt limit, Hoyer said he “welcomed” the Speaker’s comments and said he “shared the [GOP] leader’s confidence that we will get this done.

“If we’re going be responsible, if we’re going to be, in Speaker Boehner’s words, ‘adults,’ we will come together and get this done.”

WASHINGTON – President Obama is set to discuss debt limit negotiations with the House Democratic Caucus in the White House’s East Room Thursday.

The meeting comes one day after the President met with Republican members, including Rep. Paul Ryan (R-Wisc.) who is said to have had a heated exchange with the President. According to multiple reports, he challenged the President to stop attacking the GOP’s Medicare proposal and come forward with his own plan.

Despite tension in Wednesday’s meeting, House Speaker John Boehner (R-Ohio) has stated that both parties will likely come to an agreement sometime before July. 

Debate over raising the limit has been based around Republican demands to make significant deficit reductions prior to raising the ceiling, including cuts and reforms to entitlement programs. A bill sent to floor Wednesday aimed at raising the debt limit without any steps to reduce the deficit failed in the House by 97-318.

The amount that the U.S. is legally allowed to borrow was passed last month. However, the Treasury Department has taken steps to put off a default on U.S. loans until August 2nd. The White House has warned that failing to secure a compromise by then will lead to catastrophic economic consequences.

This story was updated at 5:11p.m. EST.