Obama postpones meeting with congressional leaders on debt limit

BusinessObama postpones meeting with congressional leaders on debt limit

WASHINGTON: A scheduled meeting between US President Barack Obama and congressional leaders on raising debt limit before it expires this week has been postponed to give more time to lawmakers to find a way to reopen the government and avert a default on the country’s debt, the White House officials said.

The meeting was scheduled to take place between President Obama and House Speaker John Boehner, House Minority Leader Nancy Pelosi, Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell.

   

The congressional leaders said there has been progress in their negotiations to find a way out of the impasse over a partial government shutdown‚ which is now in its third week. While President Obama said if we do not start making some real progress‚ we stand a good chance of defaulting.

Meanwhile, former US defense secretary Leon Panetta criticized the White House and the Congress for their inability to reach an agreement, saying his country has been weakened due to the ongoing government shutdown.

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