Debt limit deal eludes Obama, leading Hill figures

President Barack Obama and House Speaker John Boehner of Ohio, left, meet with Congressional leadership in the Cabinet Room of the White House, Sunday, July 10, 2011, in Washington, to discuss the debt. (AP Photo/Carolyn Kaster)

WASHINGTON (AP) — With the clock ticking toward an Aug. 2 deadline, congressional leaders return to the White House Monday for another round of budget bargaining with President Barack Obama, who has warned top lawmakers he will call daily meetings until they break their partisan stalemate.

Monday’s discussion will focus on formalizing the tentative agreements lawmakers reached in talks led by Vice President Joe Biden. Republicans say the Biden group identified more than $2 trillion in cuts, but Democrats put the true figure significantly lower — in large part because many of their concessions on spending cuts relied on the assumption Republicans would accept some new tax revenues.