Obama, Biden look to break debt impasse

President Obama and Vice President Biden will meet with Senate leaders to discuss negotiations on raising the debt limit, the White House announced Friday. 

The meetings on Monday are intended to "to find common ground on a balanced approach to deficit reduction," the White House said.

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Obama and Biden will meet with Senate Majority Leader Harry ReidHarry Mason ReidDems search for winning playbook Dems face hard choice for State of the Union response The Memo: Immigration battle tests activists’ muscle MORE (D-Nev.) in the morning and Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSessions: 'We should be like Canada' in how we take in immigrants NSA spying program overcomes key Senate hurdle Overnight Finance: Lawmakers see shutdown odds rising | Trump calls for looser rules for bank loans | Consumer bureau moves to revise payday lending rule | Trump warns China on trade deficit MORE (R-Ky.) in the evening.

The announcement on Friday came shortly after House Speaker John BoehnerJohn Andrew BoehnerDems face hard choice for State of the Union response Even some conservatives seem open to return to earmarks Overnight Finance: Trump, lawmakers take key step to immigration deal | Trump urges Congress to bring back earmarks | Tax law poised to create windfall for states | Trump to attend Davos | Dimon walks back bitcoin criticism MORE (R-Ohio) issued a statement saying he would not sign off on any deal to increase the debt limit that did not include spending cuts larger than the debt limit, budget reforms, and an increase in taxes. 

"With Republicans threatening to give up amidst internal divisions, Sen. Reid is prepared to step in and make sure we stay focused on creating jobs and cutting the deficit," Reid spokesman Adam Jentleson said in a statement.

On Friday, White House press Secretary Jay Carney said Obama was confident that a deal would eventually be reached.

"We believe that we can move forward as long as no one in the talks takes a my-way-or-the-highway approach," Carney said.

Despite the appearance of an impasse, Carney said the White House remains "confident that we can continue the progress that we've made and that there's reason to believe that we'll be able to find common ground to achieve significant deficit reduction."

"Because the American people insist that we get it done," Carney said.


The White House announcement came a day after House Majority Leader Eric CantorEric Ivan CantorEric Cantor: Moore ‘deserves to lose’ If we want to make immigration great again, let's make it bipartisan Top Lobbyists 2017: Hired Guns MORE (R-Va.) announced that he would not continue to participate in debt-ceiling negotiations led by Biden. 

Reid said that the departure of Cantor and Senate Minority Whip Jon Kyl (R-Ariz.) from the negotiations meant that finishing the deal was now up to the leaders of Congress and the president.

“I think that now with what Kyl and Cantor have done, it’s in the hands of the Speaker and the president and sadly, probably me,” Reid said on Thursday. 

The White House's announcement made no mention of whether Obama would be meeting with BoehnerJohn Andrew BoehnerDems face hard choice for State of the Union response Even some conservatives seem open to return to earmarks Overnight Finance: Trump, lawmakers take key step to immigration deal | Trump urges Congress to bring back earmarks | Tax law poised to create windfall for states | Trump to attend Davos | Dimon walks back bitcoin criticism MORE soon. 

—This story was updated at 3:15 p.m.