Debt Showdown Rolls On

Monday, July 11, 2011 - 1:01pm

Negotiations continue after weekend impasse.

With three weeks to go until the debt ceiling deadline, President Obama demanded lawmakers to make a deal to cut our deficit Monday.

"Now is the time to deal with these issues," Mr. Obama said.

The president is putting pressure on House Speaker John Boehner, who is backing away from the ten year deficit deal he once pushed.

The problem is taxes.

Three weeks ago, as the top Democrat and top Republican seemed to bond over golf, Boehner hinted he'd accept tax hikes if some rules changed, but rates stayed the same.

Over the weekend Boehner declared House Republicans won't accept and tax increases.

Mr. Obama agrees.

"Nobody has talked about increasing taxes now," he said. "Nobody has talked about increasing taxes next year. What we have talked about is starting in 2013 that we have gotten rid of some of these egregious loopholes."

The president says he will take on liberal Democrats and push for cuts in social programs to finalize a deal.

Both sides meet again today at the White House, where President Obama says he will refuse to sign any short term deal.

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