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Debt Limit Debate
WASHINGTON, D.C. (WKRC) -- President Obama and House Republicans met for 90 minutes Thursday to discuss possibilities for raising the nation's debt limit.
The meeting ended with no deal but one top Republican sounded optimistic.
"We had a very useful meeting. It was very clarifying I think for both sides as to where we are, and the takeaway from the meeting was that our teams are going to be talking further tonight," said House Majority Leader Eric Cantor.
House Speaker John Boehner (R- West Chester) left the meeting without speaking to reporters. But earlier in the day he offered a proposal to raise the debt ceiling until November 22nd with the condition that Mr. Obama negotiate on spending cuts that could end the government shutdown.
"So what we want to do is to offer the president today the ability to move a temporary increase in the debt ceiling, an agreement to go to conference on the budget, for his willingness to sit down and discuss with us a way forward to re-open the government, and to start to deal with America's pressing problems," Rep. Boehner said.
Treasury Secretary Jack Lew has said the nation will reach its borrowing limit on October 17. The nation would only be able to rely on the money it takes in through tax receipts to pay its bills.
The White House and Democrats seemed unsure of the offer although they were willing to listen to the proposals. President Obama has said he expects Congress to pass legislation to raise the debt ceiling and end the government shutdown.
"I think a six week lifting of the debt ceiling is not the right way to go. I think we should at least go one year, so that there's some certainty in the markets, and that every six weeks people don't have to wonder if the United States of America is gonna stand by its full faith and credit, but nonetheless, nonetheless let's see what they have to offer," said House Minority Leader Nancy Pelosi.
Since the government shutdown started, 800,000 federal workers have been furloughed and national parks have closed.