Obama Open To Clean Debt Bill After Talks Collapse

With the U.S.’ default deadline rapidly approaching and no deal in sight, President Barack Obama indicated Friday that he would be willing to sign a clean bill to raise the debt ceiling if Congressional leaders fail to offer an alternative.

“If that’s the best that Congress can do, then I will sign an extension of the debt ceiling that will take us to 2013,” Obama said from the White House Briefing Room, adding that he will continue to fight for a large deal to reduce the deficit once the limit is raised.

The President also signaled that he would be willing to support a contingency proposal from Senate Minority Leader Mitch McConnell to raise the debt ceiling unilaterally.

“I’m willing to take the responsibility, that’s my job,” Obama said.

Noting that lawmakers “have run out of time,” Obama called on Congressional leaders to attend a zero-hour meeting at the White House Saturday morning, a request that Speaker John Boehner (R-Ohio) signalled may not be fulfilled. Prior to Obama’s remarks, the Speaker sent a letter to fellow Republicans in the House stating that he will no longer participate in discussions with the White House, and will instead focus on working with Senate leaders.

“The Democratic leaders of the House and Senate have not been participants in the conversations I and Leader Cantor have had with the White House,” Boehner said. “But I believe there is a shared commitment on both sides of the aisle to producing legislation that will serve the best interests of our country in the days ahead.”

Visibly frustrated, the President said that he had been “left at the altar” by Boehner and speculated whether or not House Republicans would be able to agree to anything.

“At some point, if you want to be a leader, you’ve got to lead,” Obama said at the end of his remarks.

The U.S. is scheduled to default on August 2^nd if the ceiling is not raised, a scenario that the administration continues to warn would be catastrophic for the American economy.