Obama hosts high-stakes debt talks

WASHINGTON — President Barack Obama kicked off high-stakes talks with his Republican foes at the White House Sunday, seeking an elusive deal to stave off a potentially catastrophic US debt default.Attendees at the crunch meeting included House Speaker John Boehner and Republican Senate leader Mitch McConnell as well as top Democrats, including Senate Majority Leader Harry Reid and former House speaker Nancy Pelosi.Asked as he went into the talks if the warring politicians would reach a deal in the next 10 days to prevent the US from defaulting on it its debt obligations, Obama replied: "We have to."Republicans are refusing to raise America's $14.29 trillion debt limit unless Obama first agrees to curb the ballooning budget deficit, in part by cutting costly government-funded social welfare programs.The president and Democrats say they are willing to make some cuts to the so-called entitlement programs but want the Republicans to meet them half way by allowing tax hikes for millionaires and billionaires to increase revenue.Before the crucial White House meeting, Boehner and McConnell warned they were abandoning efforts to reach a larger, comprehensive debt reduction deal because Obama and the Democrats insisted on raising taxes on the wealthy."Everything they told me and the speaker is that to get a big package would require big tax increases in the middle of an economic situation that?s extraordinarily difficult, with 9.2 percent unemployment. We think it's a terrible idea. It's a job-killer," McConnell told "Fox News Sunday."The Washington Post reported earlier that negotiators were now left with a less ambitious framework aimed at saving about $2.4 trillion over the next decade.But, hours before the talks, top Obama aides said the president was standing firm and would continue to seek an overarching debt reduction deal that saves some $4 trillion over the same period.Both Treasury Secretary Timothy Geithner and Obama's chief-of-staff William Daley clung to the notion a comprehensive deal could still be

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