President Obama Demands Debt Limit Plan by Weeks End - Newschannel 6 Now | Wichita Falls, TX

President Obama Demands Debt Limit Plan by Weeks End

WASHINGTON (AP) - President Barack Obama is demanding that budget negotiators find common ground on a debt-limit plan by week's end.

Obama will meet again with congressional leaders today. Yesterday, House Majority Leader Eric Cantor urged Obama to accept a short increase in debt rather than a longer one. According to people who were there, Obama then declared "enough is enough."

Senate Majority Leader Harry Reid says Cantor should not be part of the debt limit negotiations. He's calling the Virginia Republican congressman "childish."

Reid says Cantor's conduct during the sensitive White House talks have shown, in Reid's words, "he shouldn't even be at the table." Reid says other congressional leaders are negotiating in good faith as an Aug. 2 deadline approaches for raising the debt

limit. That's when the Obama administration says the government would begin defaulting if no agreement is reached to raise the borrowing limit. Leaders of both parties and the business world have said that a default would be catastrophic.

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