Obama Still Chasing $4T Debt Deal

Martin H. Simon, Pool, Sipa / AP Photo

President Barack Obama waves to the media as he walks to an awaiting Marine One on the South Lawn of the White House, Washington, DC, 7-9-11. The president was en route to Camp David where the first family is to spend the night. Photo Credit: Martin H. Simon/Pool/Sipa Press/potuscdsipa.001/1107100209 (Sipa via AP Images)

Despite a major breakdown in talks with Speaker Boehner, President Obama is still going after a big debt deal that would reduce government deficits by $4 trillion. Success would be a stunning compromise, since Republicans have attacked the president’s largest proposals for increasing tax revenues—and Democrats have jabbed him for putting entitlement programs on the table. Boehner said on Saturday that he’d seek a smaller debt deal, closer to about $2 trillion in savings.