Obama Holds News Conference on Debt-Ceiling Issue

The president wants to try to break a bitter partisan stalemate over how to raise the federal borrowing limit.

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President Obama will address the debt-ceiling issue today at 11 a.m. (Getty)

Update: Please check Blogging the Beltway later today for Cynthia Gordy's recap of President Obama's remarks. In the meantime, learn more about the press conference at the Washington Post.

Earlier:

The Washington Post is reporting that President Obama will hold his second news conference about the debt ceiling Monday morning, just before meeting with congressional leaders to try to break a bitter partisan stalemate over the issue.

Negotiations on Sunday failed to forge agreement, leaving the talks deadlocked, a historic default looming, and a fragile economy increasingly vulnerable to the consequences of Washington's entrenched partisanship and ideological divide over taxes and entitlements.

With three weeks remaining before the administration says the country will begin to default, Obama told the group to expect to meet daily until a deal is reached, said a Democratic official familiar with the talks. 

President Obama will address the nation about the matter at an 11 a.m. news conference.

Seriously? Another news conference on the debt ceiling? It is sickening that elected officials can't work out an issue like the debt ceiling. As we've said numerous times before, the GOP and Democrats knew when they passed the tax cut for the wealthy that raising the federal borrowing limit would be a consequence. Why they continue to waste time on it when there are other pressing issues like unemployment boggles the mind.

All of this posturing by the GOP so that they can cut much-needed services for the elderly and poor because they want to give rich folks a break is maddening. The Democrats' failure to call them out on it is just plain sad.

Read more at the Washington Post.

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