President Barack Obama, Vice President Joe Biden, and Congressional leaders are meeting today at 3 p.m. at the White House to discuss the ongoing federal government shutdown and raising the nation's debt ceiling, a White House official said.
The meeting will come as Senate Majority Leader Harry Reid has made an offer to Minority Leader McConnell that would reopen the government and raise the debt ceiling, according to Politico.
Stocks have made a huge comeback on both pieces of news.
Reid told reporters on Capitol Hill Monday morning that "we're getting closer" to a deal, and that he hopes there will be a deal roughly in place before the meeting.
From a White House official on the meeting:
Today, the President and the Vice President will meet with the bipartisan, bicameral Congressional Leadership (Majority Leader Reid, Minority Leader McConnell, Speaker Boehner and Leader Pelosi) at the White House at 3:00 pm. With only a few days until the government runs out of borrowing authority, the President will make clear the need for Congress to act to pay our bills, and reopen the government. The President will also reiterate our principles to the leaders: we will not pay a ransom for Congress reopening the government and raising the debt limit. The President continues to urge Congress to pass a bill that raises the debt ceiling and lends the certainty our businesses and the economy needs.
The federal government shutdown entered into its 14th day on Monday. And Congress needs to raise the debt ceiling by Thursday, at which point the Treasury will only have about $30 billion cash on hand to meet all of its obligations.
According to Politico, Reid's offer would keep the government funded through some point in December, possibly kicking the can to another fight before Christmas. It would also raise the debt ceiling for a six- to nine-month period. Democrats are also open to delaying the Affordable Care Act's tax on medical devices, but they would need something in return.
See Also:Senate Republicans Are Pressing For A Deal To End The Government Shutdown Along With A Debt Ceiling HikeIt Looks Like The Government Shutdown Is Going To Go On For A Long Time, And Now We're About To Feel ItObama Is Already Sniping At Republicans Ahead Of A Big Meeting Tomorrow