Obama, Biden Plan Debt Session with Senate Dems

June 28, 2011 - 1:15 PM

WASHINGTON (AP) — President Barack Obama will meet with Senate Democratic leaders Wednesday to continue discussions over debt negotiations.

Obama and Vice President Joe Biden will meet with Senate Majority Leader Harry Reid, Sens. Dick Durbin and Charles Schumer. The meeting comes two days after Obama met separately with Reid and with Senate Republican Leader Mitch McConnell.

The White House announced no new meetings with Republicans.

The debt negotiations are at an impasse over Democratic demands that long-term deficit reductions should include tax increases on the rich and on corporations. Republicans insist on no tax hikes.

The White House and Congress are trying to identify more than $2 trillion in deficit reductions over 10 years as part of an effort to increase the government's borrowing authority, currently capped at $14.3 trillion.