White House Hosts New Debt Talks

Debt negotiations took on new urgency Wednesday after President Obama signaled that he’d accept a short-term deal—provided that it’s part of a larger framework. The president hosted Republican and Democratic leaders separately at the White House, and he’s reportedly still pushing for as large a deal as possible. Complications remain: House Republicans have balked at the Senate’s “Gang of Six” plan, the most viable specific proposal yet, because it calls for some revenue increases. They’re also opposing a backup plan that’d let Obama raise the debt ceiling on his own. The U.S. faces a August 2 deadline to raise its debt ceiling to avoid defaulting on government loans.