The $400 billion that President Obama seeks in tax increases is not indicative of "economic and legislative reality," House Speaker John Boehner (R-OH) said in a statement on Tuesday, according to a Reuters report
President Obama insisted on Tuesday that "real differences" remain between the Republican and Democratic leadership on the debt ceiling matter, CBS News reported
, and it remained unclear as to what compromises might be explored between the two parties.
Republican lawmakers have consistently opposed any debt ceiling increase that includes additional taxes and have instead offered a perspective that concentrates attention on sustainable spending decreases.
"The legislation that the president has asked for, which would increase taxes on small businesses and destroy more American jobs, cannot pass the House," Boehner said. "I'm happy to discuss these issues at the White House, but such discussions will be fruitless until the president recognizes economic and legislative reality."
President Obama has called for a meeting with congressional leaders at the White House to hammer through the differences and to come to a mutually agreeable solution on the nation's debt ceiling ahead of the August 2 deadline. Without an agreement in place by August 2, the United States will default on its loan arrangements.
“I’ve heard reports that there may be some in Congress who want to do just enough to make sure that American avoids defaulting on our debt in the short-term but then wants to kick the can down the road when it comes to solving the larger problem of our deficit,” Obama said, according to Politico
. “I don’t share that view. I don’t think the American people sent us here to avoid tough problems.”
House Speaker Boehner and other congressional leaders are expected to meet with President Obama on Thursday.