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Obama summons GOP, says no to short-term debt deal

President Barack Obama prodded Congress Tuesday to reach a sweeping long-term deal within two weeks to raise the nation's borrowing limit rather than "kick the can down the road" with a makeshift, short-term solution to stave off a first-ever U.S. default. And he declared the agreement must include the tax...

By Erica Werner | Updated on July 06, 2011

WASHINGTON (AP) — President Barack Obama prodded Congress Tuesday to reach a sweeping long-term deal within two weeks to raise the nation’s borrowing limit rather than “kick the can down the road” with a makeshift, short-term solution to stave off a first-ever U.S. default. And he declared the agreement must include the tax hikes Republicans strongly oppose.

Obama said he was summoning leaders of both parties to the White House on Thursday to try to get it done and beat an Aug. 2 deadline to avert a financial crisis that could shake economic markets worldwide.

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