WASHINGTON – President Barack Obama has canceled two fundraising appearances Monday, a campaign official said, as weekend talks to resolve the nation’s debt-ceiling crisis hit a new stalemate, according to CNN.
The move was the latest in a series of setbacks following failed weekend talks that left the sides pursuing separate plans. “We’ve hit an impasse,” a top Democratic official close to the debt talks said. “We’re trying, but there’s just no bend on their part.”
Asian stocks also fell Monday, the first reaction in global markets after congressional leaders and the Obama administration failed to agree on a deal to raise the U.S. debt limit.
House Speaker John Boehner has told Republican lawmakers that to get the debt ceiling raised by August 2, the House must vote on legislation by Wednesday – and that means it must be posted online Monday, a Republican source familiar with the negotiations said.
Obama met House Minority Leader Nancy Pelosi and Senate Majority Leader Harry Reid on Sunday evening to get an update on the discussions with Republicans and share an alternative plan. Talks broke down without a result, Reid said in a statement after the meeting.