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.

Obama told reporters he would meet every day with top lawmakers until they found agreement on a deal, and he refused to even entertain the idea of a backup plan should they fail and the government should default on Aug. 2.

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