Obama, GOP yet to reach debt ceiling compromise

Tim Cavanaugh Contributor
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President Barack Obama is still mulling over an offer by Republicans to raise the debt ceiling and allow the federal government to continue borrowing money after it reaches the government’s borrowing limit next week.

After a 90-minute meeting at the White House, Obama and House Republicans issued statements explaining that they have not yet reached an agreement.

From the White House:

The President had a good meeting with members of the House Republican Leadership this evening; the meeting lasted approximately an hour and a half.  The President, along with the Vice President, Treasury Secretary Lew, Denis McDonough and Rob Nabors listened to the Republicans present their proposal.  After a discussion about potential paths forward, no specific determination was made.  The President looks forward to making continued progress with members on both sides of the aisle.  The President’s goal remains to ensure we pay the bills we’ve incurred, reopen the government and get back to the business of growing the economy, creating jobs and strengthening the middle class.

From House Speaker John Boehner:

This evening in the Roosevelt Room, the leaders laid out the House proposal to temporarily extend the debt limit, formally appoint budget negotiators, and begin immediate discussions over how to re-open the government. No final decisions were made; however, it was a useful and productive conversation. The President and leaders agreed that communication should continue throughout the night. House Republicans remain committed to good faith negotiations with the president, and we are pleased there was an opportunity to sit down and begin a constructive dialogue tonight.

The federal government debt is now $16.9 trillion. The debt is expected to reach $17 trillion next week, at which point the executive and legislative branches will have to come to an agreement to plunge future generations more hopelessly into debt in order to fund essential services such as cowboy poetry, Common Core education standards and editing of the labels of craft beers.

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This report has been updated.