WASHINGTON (AP) — President Barack Obama prodded Congress Tuesday to reach a sweeping long-term deal within two weeks to raise the nation's borrowing limit rather than "kick the can down the road" with a makeshift, short-term solution to stave off a first-ever U.S. default. And he declared the agreement must include the tax hikes Republicans strongly oppose.
Obama said he was summoning leaders of both parties to the White House on Thursday to try to get it done and beat an Aug. 2 deadline to avert a financial crisis that could shake economic markets worldwide.
Republicans sounded entirely unimpressed with Obama's insistence that the effort include tax increases for the wealthy and narrowed loopholes for oil companies as well as big cuts in government spending.
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