Debt Limit Meetings Planned For President Obama

WASHINGTON (AP) - President Barack Obama and top House Republicans sit down this morning to work on terms for the government's credit card.

Republicans are demanding steep cuts in spending before they'll approve any increase in the national debt limit. Yesterday, they defeated a symbolic bill to dramatize their position.

Democrats say the vote was aimed at giving tea party-backed Republicans an opportunity to broadcast a "nay" vote against the Obama administration's view that any increase in U.S. borrowing authority should be done as a stand-alone measure.

A more painful vote to raise the debt ceiling looms for Republicans this summer.