Obama Seeks to Mend Debt Talks

Can President Obama solve a Congressional impasse before the U.S. defaults on its debt in August? He’ll be on the Hill on Monday, to see what he can do. In the morning, he’ll meet with Senate Majority Leader Harry Reid find out what the Democrats can live with. Then, at 5:00 p.m. he’ll meet with Senate Minority Leader Mitch McConnell. Obama and the Democrats want to raise some of the revenue to lower the debt by ending tax breaks for ethanol companies and lowering tax deductions for private jets; Republicans, however, insisted over the weekend that they will not agree to any measure they consider a tax increase.