Obama: Debt Talks 'Constructive'

The Associated Press reports:

President Barack Obama says lawmakers of both parties agree on the importance of raising the debt limit by Aug. 2 and he will reconvene them Sunday to get down to the hard bargaining that's necessary to get a deal done.

Obama spoke at the White House Thursday after meeting with the top eight Republican and Democratic lawmakers in the House and Senate.

He said it was a constructive and frank meeting and the leaders brought a spirit of compromise and of wanting to solve problems on behalf of the American people. But he said the parties are still far apart on a wide range of issues.

Officials are seeking to cut trillions from the deficit to reach agreement on raising the nation's borrowing limit or face unprecedented default.