Debt-Ceiling Soap Opera Continues

White House Press Secretary Jay Carney just released this statement:

Statement from the Press Secretary

The President and Vice President met with Speaker Boehner, Leader Pelosi, Leader Reid and Leader McConnell in the Cabinet Room to discuss options for ensuring that the debt ceiling is raised and the United States does not default on its obligations for the first time in its history.

The President restated his opposition to a short-term extension of the debt ceiling, explaining that a short-term extension could cause our country's credit rating to be downgraded, causing harm to our economy and causing every American to pay higher credit cards rates and more for home and car loans. 

As the current situation makes clear, it would be irresponsible to put our country and economy at risk again in just a few short months with another battle over raising the debt ceiling. Congress should refrain from playing reckless political games with our economy. Instead, it should be responsible and do its job, avoiding default and cutting the deficit. The meeting lasted approximately one hour. 

The leaders agreed to return to Capitol Hill to talk to their members and discuss a way forward, and conversations will continue throughout the day.

The game goes on. 

This debate is keeping us from thinking through the challenges on jobs, on infrastructure, on bringing the Afghanistan War to a constructive close, on the important developments in Egypt, Syria and Libya; on next generation energy needs; on uncertainties in the health care arena; on just about every subject.

Presented by

Steve Clemons is Washington editor at large for The Atlantic and editor of Atlantic Live. He writes frequently about politics and foreign affairs. More

Clemons is a senior fellow and the founder of the American Strategy Program at the New America Foundation, a centrist think tank in Washington, D.C., where he previously served as executive vice president. He writes and speaks frequently about the D.C. political scene, foreign policy, and national security issues, as well as domestic and global economic-policy challenges.

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