Debt Showdown At Standoff - KAUZ-TV: Newschannel 6 Now | Wichita Falls, TX

Debt Showdown At Standoff

WASHINGTON (AP) - Pressure continues to build but no breakthroughs are in sight as budget bargaining between President Barack Obama and top lawmakers resumes Monday at the White House.

Both sides hope to slash the deficit as the price for permitting the government to borrow more than $2 trillion to pay its bills. President Obama continues to push for a "grand bargain" in the range of $4 trillion worth of deficit cuts over the coming decade, but momentum is clearly on the side of a smaller measure of perhaps half that size.

President Obama continues to press for revenue increases as part of any agreement, but Republicans remain stoutly opposed. President Obama holds a news conference Monday morning. The third White House meeting since Thursday is slated for Monday afternoon.

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