President Obama and House Speaker Boehner continued to hold out hope for a sweeping deficit reduction deal, but the formula for finding something Senate Democrats and House Republicans can agree on remains elusive.
Speaking with the Republican caucus this morning, Boehner reportedly told lawmakers that something must pass by Wednesday in order to avoid breaching the debt ceiling.
My understanding is Boehner, House Minority Leader Nancy Pelosi, and other congressional leaders are set to meet with Obama at the White House at noon or early in the afternoon, but I don’t have this confirmed.
Meanwhile, The Senate rejected the House Cut Cap and Balance bill by 51-46. The measure would have placed caps on spending before raising the debt ceiling and would have forced Congress to pass a balanced budget amendment.
Obama is speaking right now at a town hall meeting at the University of Maryland, as you can see below.