Obama: I Won't Sign Any 'Stop-Gap' Debt Deal

Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "all the leaders" agree that we absolutely cannot fail to raise the debt ceiling and thus "allow the US government to default." He also confirmed he is still looking for "the largest possible deal," and that he appreciates John Boehner's "good-faith efforts on that front." Obama also noted that nobody is talking about increasing taxes right now.

The president reaffirmed his rallying cry at yesterday's meeting ("If not now, when?"), noting that it will be even more difficult to reach a deal as we get further into election season. For that reason, he "will not sign a 30-day or a 60-day or a 90-day extension," and will not consider any "temporary stop-gap resolution to this problem. This is the United States of America, and we don't manage our affairs in three-month increments." Obama said he is prepared to "take on significant heat from my party" in order to reach a deal, and that both parties must be prepared to sacrifice some of their "sacred cows."