Thursday, July 14, 2011
A fifth session of talks in five days is set for Thursday to head off a possible government default.
Wednesday's session ended on a tense note with House Majority Leader Eric Cantor and President Barack Obama squaring off over the Republican's call for a short-term extension of the federal debt ceiling.
At one point, Obama said the political wrangling confirmed what the public considers to be the worst of Washington, according to Democratic sources familiar with the talks who spoke on condition of not being identified.
Multiple sources, also speaking on condition of anonymity, said Obama told the gathering that "this could bring my presidency down," referring to his pledge to veto any short-term extension of the debt ceiling. Sources say he vowed, "I will not yield on this." (read more)