Democrats and Republicans are on another collision course over increasing borrowing authority as President Obama told Republicans that he does not want spending cuts to accompany such legislation.
House Speaker John Boehner and Senate Republican leader Mitch McConnell met at the White House with Obama and Democratic congressional leaders.
A Boehner aide said the Speaker asked Obama if he is proposing that Congress pass a debt limit increase without spending cuts.
"The president said, ‘yes,’" the aide said.
On Tuesday, Boehner took a hard stance when he warned that any debt limit increase, which likely will be needed at the end of the year, would have to come with spending cuts that would more than offset the higher borrowing authority
Photo credit: President Obama sits in front of Speaker Boehner during a lunch at the Capitol Building in Washington, March 20, 2012. REUTERS/Jason Reed