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.

GOP, Democrats to huddle once more on cutting federal debt, deficits

• Party leaders to meet again over growing federal deficits and debt
• Monday's meeting between Obama and Hill leaders produces no breakthrough
• Boehner, Obama say disagreements remain over taxes and entitlements
• The United States must raise its $14.3 trillion debt ceiling by August 2 or risk a default