Sunday debt limit talks wrap up with plans to meet again Monday

Amanda Carey Contributor
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The latest meeting to discuss the debt limit wrapped up Sunday evening after approximately 75 minutes.

Though participants were mum about the details discussed, a spokesperson for Senate Minority Leader Mitch McConnell confirmed the group of leaders will meet again on Monday. The time of Monday’s talk has yet to be determined. (Obama looking for debt deal in 10 days)

One aide in House Speaker John Boehner’s office told The Daily Caller Sunday night that the Speaker supports a package based on the agreements that came out of the talks led by Vice President Joe Biden, saying it is “the most viable option at this time for moving forward.”

“The Speaker restated the fundamental principles that must be met for any increase in the debt limit: spending cuts and reforms that are greater than the amount of the increase, restraints on future spending, and no tax hikes,” the aide said in a statement.

“The President agreed with the Speaker that their previous talks did not produce any agreement. The group agreed to continue talks in the coming week,” the aide continued.

Talks soured Saturday evening when Boehner announced an unwillingness to pursue an ambitious $4 trillion dollar package of spending cuts because it would also come with tax increases. Any deal with tax increases, said Boehner, will not pass Congress.

But on Sunday, President Obama said a deal to increase the debt ceiling needs to be reached in ten days. When asked by one White House reporter Sunday if a deal could be negotiated in ten days, President Obama responded, “We need to.”

The Treasury Department has warned that the U.S. will default on its debt if a deal isn’t reached by August 2.