Saturday, July 23

President Obama calls meeting today at the White House in an attempt to breath life back into the failing debt talks

President Obama has called for a meeting today at the White House in an attempt to jump start the stalled and failing debt talks with the dead line looming just days away on August 2.

President Obama spoke last night in the video about the deficit negotiations:

Those who have been summoned include the leadership of the two parties:

Sen. Harry Reid, D-Nev
Rep. Nancy Pelosi, D-Calif
House Speaker John Boehner, R-Ohio
Sen. Mitch McConnell, R-Ky.

The talks collapsed when the House Speaker walked away from a deficit reducing deal worth nearly $3 Trillion.

What caused the break down after weeks of negotiations between the two parties of power?

$1.2 Trillion in increased revenue. (that's code for taxes)

Boehner and the Republicans were satisfied with $800 Billion in new revenue which would be achieved by rewriting the current tax code but found it unacceptable to allow legislation to modify the tax codes further and take the new revenue level to $1.2 Trillion.

Boehner and the Republican group claim that the White House changed the amount of revenue after initial agreements had been made.

Read the CBS story Here

Read the Reuters story: Obama debt mtg with congressional chiefs underway - Here

Read the Hill story: Head of Dem Caucus warns: No revenues in deficit deal, no Dem votes Here

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