Obama Still Pushing for Big Debt Deal. President Barack Obama says he will continue to push congressional lawmakers to reach the largest deal possible to cut government spending and raise the U.S borrowing limit.

Obama says he knows his call for a large deal faces resistance. House Speaker John Boehner has said a smaller deal stands a better chance of congressional passage. But the president insisted, "Now's the time to do it. If not now, when."

Obama says he and lawmakers will keep meeting until they reach a deal to increase the nation's borrowing limit and avoid possible turmoil in financial markets. The Treasury Departments says the U.S. will start defaulting if lawmakers don't raise the debt ceiling by Aug. 2.