President Obama will again meet with congressional leaders today to try to find agreement on legislation that would raise the debt ceiling.
Among the biggest bones of contention is whether there should be tax increases in addition to the spending cuts that could help reduce the deficit.
The prospects for reaching a large-scale agreement were dealt a blow over the weekend when House Speaker John Boehner (R-Ohio) said he wouldn't participate in such an agreement if it involved tax increases.
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Obama said at a news conference this morning he wouldn't support a short-term stopgap solution to the problem.
He said he hoped for an agreement that would be "balanced,'' and "involve shared sacrifice" and "tackle both parties' sacred cows."
Obama said "the American people want to see something done. They feel a sense of urgency."
While the Treasury Department says the current debt ceiling expires on Aug. 2, the Obama administration wants an agreement in place by July 22 so Congress has time to pass the legislation.
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