Obama Summons Congressional Leaders To White House As Debt Talks Stretch On

President Barack Obama announced Tuesday that he will be summoning Congressional leaders from both sides of the aisle to the White House Thursday in the hopes of achieving “a final agreement” that will allow the U.S. to raise its debt ceiling.

“It’s my hope that everyone is going to leave their ultimatums at the door,” Obama said from the White House briefing room.

The Obama administration has remained adamant that the debt ceiling needs to be raised within the coming weeks in order to prevent the U.S. from defaulting on its loans, a scenario that they warn will have a catastrophic impact on the economy.

“This should not come down to the last second,” Obama said. “We know that it’s going to require tough decisions. I think it’s better to take those tough decisions sooner rather than later.”

Republican lawmakers have stated that they will not support a plan to raise the amount that the U.S. can legally borrow unless if it is accompanied by a plan to decrease the deficit. Obama indicated Tuesday that he shares Republicans’ hopes for a long-term solution to the deficit.

“We’ve got a unique opportunity to do something big — to tackle our deficit in  a way that forces our government to live within its means, that puts our economy on a stronger footing for the future, and still allows us to invest in that future,” Obama said.