President Obama on Finding a Balanced Approach to Deficit Reduction

Today, President Obama held a gathering with Congressional leaders to talk about the ongoing efforts to find a balanced approach to decrease our deficit. Following the meeting, the President stopped by the press meeting to give a statement on the negotiations:

I just finished a meeting with all the congressional leaders from both chambers, from both parties, and I have to say that I thought it was a very positive meeting. People were frank. We discussed the various options obtainable to us. Everybody reconfirmed the significance of completing our work and raising the debt limit ceiling so that the full faith and praise of the United States of America is not impaired.

What we resolute was that staffs, as well as leadership, will be operational during the weekend, and that I will reconvene congressional leaders here on Sunday with the anticipation that, at that point, the parties will at least know where each other’s bottom lines are and will expectantly be in a position to then start engaging in the hard bargaining that’s necessary to get a deal done.