●Obama says U.S. will not default CCTV News_自考专本|专升本|高升专|高升本|在职研究生-学历教育网

WASHINGTON, July 7 (Xinhua) -- U.S. President Barack Obama said on Thursday that both Democratic and Republican leaders agreed to ensure that the country will not default on its financial obligations on Aug. 2, but there is still no deal reached yet.本科

Budget talks were "very constructive", Obama said after a White House meeting with the top eight Republican and Democratic lawmakers in the House and Senate.

"Everybody reconfirmed the importance of completing our work and raising the debt limit ceiling so that the full faith and credit of the United States of America is not impaired," said Obama. "Everybody acknowledged that we have to get this done before the hard deadline of August 2nd to make sure that America does not default for the first time on its obligations."

He said that leaders of both sides brought a spirit of compromise and of wanting to solve problems on behalf of the American people. But the parties are still far apart on a wide range of issues.

"Nothing is agreed to until everything is agreed to," said Obama.

He also noted that negotiators will meet again on Sunday.

U.S. Treasury warned that the federal government is at risk of default on its financial obligations if Congress does not lift the current 14.3 trillion dollars debt ceiling, the limit of government borrowing by Aug. 2.

Republicans have refused to discuss any debt-reduction deal that includes higher taxes, while Democrats have rejected any deal based solely on spending cuts.

However, the Thursday meeting indicated that the two parties are showing compromise as the deadline is closing in.

"We had a conversation. It was productive," House Speaker, Republican John Boehner said after the meeting.

The White House said the president is aiming for deficit reduction closer to 4 trillion dollars over 10 years. Democrats may also compromise on Social Security budget cut, while Republicans may consider new steps to raise government revenue.

"Everyone acknowledged that pain will be involved politically on all sides," Obama said.

Analysts expect that no deal will be hammered until the last minute