U.S. policy makers continue on debt talks

08:30, July 08, 2011      

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U.S. President Barack Obama on Thursday hosted leading lawmakers from both parties at the White House to continue on the debt limit and deficit cut negotiations.

With an Aug. 2 deadline of debt ceiling closing in, Obama urged lawmakers in both parties to break the stalemate that halted talks nearly two weeks ago and seize what he called "a unique opportunity" to do something big to balance the nation's finances.

U.S. Treasury warned that the federal government is at risk of default on its financial obligations if Congress does not lift the debt ceiling, the limit of government borrowing.

Republicans have refused to discuss any debt-reduction deal that includes higher taxes, while Democrats have rejected any deal based solely on spending cuts.

House Majority Leader Eric Cantor said Thursday "there will be a spirit of trying to get results here".

House Speaker John Boehner noted that a "comprehensive tax reform ... is something that is under discussion".

On Wednesday, Obama reaffirmed that the country's critical debt challenge should be addressed, but needed to be done in a " balanced approach".

Currently, the two parties are engaged in tough negotiations and have not inked a deal to raise the 14.29-trillion-U.S.-dollar debt ceiling.

Analysts say that negotiators for both sides want to show their restless rank-and-file that they fought until the last minute.

Source: Xinhua
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