Debt Ceiling Deal Seems High Out Of Reach

Originally published on June 4, 2011 11:40 am
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SCOTT SIMON, host:

This is WEEKEND EDITION from NPR News. I'm Scott Simon.

Debate over the nation's debt crisis is at a near standstill. And like a game of chicken, each side is waiting for the other to blink. The Obama administration says the nation is at risk of defaulting on its debt and triggering a global financial catastrophe if Congress fails to raise the nation's limit on borrowing.

Mr. Obama invited House Republicans to the White House this week to discuss their differences over the borrowing limit and the nation's $14.3 trillion debt. Afterwards, House Speaker John Boehner said there can be no deal unless the White House agrees to substantial spending cuts.

Representative JOHN BOEHNER (House Speaker; Republican, Ohio): And if the White House wants to get this done, its time for them to step up the plate and get serious about it. Transcript provided by NPR, Copyright NPR.