President Barack Obama and House Speaker John Boehner, each facing strife within his own ranks and dwindling time to avert a U.S. default, pressed for a broad agreement to boost the debt limit while cutting spending by trillions of dollars and overhauling the tax code.

Obama summoned top Democrats to the White House last night after Democrats balked at word of a potential deal between the president and Boehner that would reduce the long-term debt by about $3 trillion over 10 years through deep spending cuts without an immediate increase in taxes. Democratic lawmakers said they feared the president was moving toward an agreement that undermined their party’s priorities.

Boehner plans to meet today with rank-and-file House Republicans to brief them on the status of the talks. He told reporters he has prepared his membership for a possible compromise with Democrats to raise the debt limit, and that he believes most of the 240 Republicans are prepared accept it.

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