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No stopgap: Obama demands big deal for debt limit

Imploring both political parties to give ground, President Barack Obama declared Monday he would reject any stopgap extension of the nation's borrowing limit, adding fresh urgency for Republicans and fellow Democrats to resolve intense tax and spending disputes and head off economic calamity.

By Ben Feller | Updated on July 11, 2011
President Barack Obama gestures as he speaks in the briefing room of the White House in Washington, Monday, July 11, 2011 (AP Photo/Carolyn Kaster)

WASHINGTON (AP) — Imploring both political parties to give ground, President Barack Obama declared Monday he would reject any stopgap extension of the nation’s borrowing limit, adding fresh urgency for Republicans and fellow Democrats to resolve intense tax and spending disputes and head off economic calamity.

“If not now, when?” Obama said in a news conference just ahead of his latest bargaining session with congressional leaders at the White House. That meeting lasted about 90 minutes.

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