US President Barack Obama reiterated on Sunday his opposition to any short-term plan to raise the US debt ceiling, while Republicans insisted on a two-step solution, a White House official said.
President Barrack Obama said he would be meeting with congressional leaders, at the White House at 1100 (1500 GMT) on Saturday. On Friday Republican House Speaker John Boehner walked away from crunch debt ceiling talks with the President.
United States government and opposition senators are crafting a plan that could avert an unprecedented US government default if by next 2 August the national debt limit is not raised.
Federal Reserve Chairman Ben Bernanke warned the United States Congress that overzealous cuts to government spending could derail an already fragile recovery and said a US debt default could wreak financial havoc.