Debt Standoff

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POSTED: Friday, July 15, 2011 - 7:56am

UPDATED: Friday, July 15, 2011 - 7:57am

Both sides are taking a time out in debt negotiations.

A rare day off from negotiations, Congressional leaders told by the President to use today to figure a way forward.

"What's required here in Washington is that politicians understand now is not the time to play games, now is not the time to posture, now is the time to do what is right by the country," said President Obama.

Thursday’s meeting focused on tax revenue, but Republicans are standing their ground.

House Majority Leader Eric Cantor said, "We don't want to raise taxes and that we want to structurally change the system so we stop this from happening again."

House leaders putting forward a united front despite claims Majority Leader Eric Cantor is upstaging the Speaker.

"Any suggestion that the role Eric has played in this meeting has been anything less than helpful is just wrong," said House Speaker John Boehner.

In the Senate, Republican Mitch McConnell and Democratic Leader Harry Reid are trying to come together.

Working on a backup plan that would give the President authority to raise the debt ceiling and put off the debate until 2013.

"We don't have it worked out yet, but it's something that we're looking to. Hopefully, we can come up with this big, robust deal that we've been trying to get," said Senate Majority Leader Harry Reid.

Another credit agency, Standard and Poor's warns it may downgrade the U.S. rating if nothing is done.
 

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