President Obama rejects stopgap solution as debt-ceiling talks go nowhere

President Barack Obama sits with House Speaker John Boehner of Ohio, as he meets with Republican and Democratic leaders regarding the debt ceiling, Monday, July 11, 2011, in the Cabinet Room of the White House in Washington.

 WASHINGTON — President Barack Obama and congressional leaders on Monday emerged still deeply divided over how to slash the nation’s debt, with reality sinking in that even a middle-ground proposal was not big enough to succeed and would not get through Congress anyway.

As time runs perilously short for action, Obama challenged top lawmakers to return to the White House today with fresh ideas for a debt-reduction plan that could pass the House and Senate. All sides are scrambling to reach a deal as part of a tradeoff in which Congress would agree to extend the nation’s debt limit by Aug. 2 to prevent a catastrophic government default on its bills.

Turning up the pressure, Obama declared that he would reject any stopgap extension of the nation’s borrowing limit, imploring lawmakers once again to reach one of the most sizable debt-reduction deals in years.

He refused to even entertain a backup plan if that doesn’t happen.

President Barack Obama talks about the ongoing budget negotiations Monday in the briefing room of the White House in Washington.“We are going to get this done,” Obama insisted in a news conference.

President Barack Obama meets with Republican and Democratic leaders regarding the debt ceiling, Monday, July 11, 2011, in the Cabinet Room of the White House in Washington. From left are, House Minority Leader Nancy Pelosi of Calif., House Speaker John Boehner of Ohio, the president, and Senate Majority Leader Harry Reid of Nev. (AP Photo/Charles Dharapak)

In a 90-minute closed meeting, House Majority Leader Eric Cantor spelled out potential spending cuts that had been identified in talks led for weeks by Vice President Joe Biden. But Democratic lawmakers in the room made clear such a cutting-only approach without tax hikes on wealthier Americans would never pass the Democratic-led Senate or the House, where Democratic votes would be needed, too.