Debt Default - What DoesThis Really Mean For The U.S.

Today the president, vice president and congressional leaders will meet for the fourth time in as many days to try and reach a deal to raise the debt ceiling.

Today’s meeting comes one day after Senate Minority Leader Mitch McConnell, R-Ky, proposed an unexpected “last choice option” that would allow the president to raise the debt ceiling without spending cuts.

With the clock ticking, the pressure is on for negotiators to reach a deal to raise the $14.3 trillion debt ceiling by August 2, otherwise “we can’t guarantee, if there were a default, any specific bill will be paid,” Carney told reporters Tuesday.

Before the 4 p.m. (EDT) deficit-reduction meeting at the White House, the president and vice president will have their private weekly luncheon, where the debt negotiations will surely be a topic of discussion.

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Source: The Presidential Planner: Debt Talks Continue As Default Deadline Looms -  July 13, 2011 http://blogs.abcnews.com/politicalpunch/2011/07/the-presidential-planner-debt-talks-continue-as-default-deadline-looms.html