Debt Showdown Continues

Wednesday, July 6, 2011 - 9:06am

The President invites top Republicans and Democrats to the White House to hammer out a deal.

"Mr. President, stand tall. Don't cave. The American people are behind you when you talk about shared sacrifice," said Vermont Senator Bernie Sanders.

That "shared sacrifice" being higher taxes for the rich that President Obama insists on, but Republicans refuse to consider.

Don't like our plan, they say? Come up with your own.

Alabama Senator Jeff Sessions said, "We've seen nothing and I'm really flabbergasted. And I don't believe Republicans are to blame for this."

Making a rare appearance at the daily White House briefing, President Obama ruled out a short-term deal to prevent default for a few more months.

"I don't think the American people sent us here to avoid tough problems. That's, in fact, what drives them nuts about Washington," said President Obama.

The President wants to slice nearly two-and-a-half trillion dollars from the budget, including almost half a trillion in tax hikes, in the next two weeks.

Speaker John Boehner insists any deal that includes higher taxes will never pass the Republican-controlled House.

White House Press Secretary Jay Carney said, "Whether you're a conservative House Republican or a liberal Senate Democrat or you're the President of the United States, you will not get 100 percent of what you want."

For now, it's absolute stalemate.

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