Debt Summit

Thursday, July 7, 2011 - 8:30am

Democratic and Republican leaders will meet at the White House to work out a deal on raising the debt ceiling.

As Congressional leaders head to the White House today for a showdown over raising the debt ceiling, Republicans seem to be softening on a key sticking point, closing tax loopholes to raise money.

Wisconsin Representative Paul Ryan said, "We've always said let’s go after corporate loopholes in exchange for lowering the tax rates. But that's not a tax increase."

House Majority Leader Eric Cantor, who walked out of the last round of talks, says he's willing to trade some loopholes for other compromises.

Senate Minority Leader Mitch McConnell said, "The President said he prefers a big package. We all do."

Republicans refuse to go along with a plan that raises taxes.

Democrats demand a deal that brings in more money than it cuts.

New Jersey Senator Frank Lautenberg said, "Pay up. Stop this millionaire protection ring that's operating right now."

Ahead of today's meeting, President Obama was unusually blunt.

"The debt ceiling should not be something that is used as gun against the heads of the American people," said President Obama.

It’s a critical White House summit, with time and Uncle Sam's credit limit running short.

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