Obama still pushing for big deal on debt, deficits

By the Associated Press | July 15, 2011 | 11:14 AM EDT

WASHINGTON (AP) — President Barack Obama says it is encouraging that lawmakers from both sides are in agreement about the need to prevent the U.S. from defaulting on its financial obligations.

But Obama says lawmakers shouldn't be getting this close to an Aug. 2 deadline to raise the debt ceiling without an agreement. Obama says he still wants to strike a big deal that would raise the debt limit as well as cut spending and raise revenues.

After five straight days of meetings, Obama did not schedule talks with lawmakers Friday. Instead he asked leaders to take three deficit reduction options to their members to see which could win a vote in the House and Senate.

If the debt ceiling isn't raised by Aug. 2, the U.S. risks defaulting on its financial obligations.