ABC News 
Saturday, July 23, 2011
Talks between House Speaker John Boehner and President Obama to raise the debt ceiling in conjunction with sweeping spending cuts and tax and entitlement reform have broken down. There will be no “grand bargain” to deal with the debt crisis and raise the debt ceiling.
Boehner’s decision to abandon negotiations with President Obama puts an end to a deal that would have cut spending by up to $3.5 trillion over the next 10 years and increased tax revenues by close to a trillion dollars. But the $14.3 trillion debt ceiling must be raised by Aug. 2nd to avoid a government default.
“We have now run out of time,” a visibly angry Obama declared at a hastily arranged press conference in the White House briefing room. Watch Obama Here
He said he has summoned Boehner, House Minority Leader Nancy Pelosi, Senate Minority Leader Mitch McConnell and Senate Majority Leader Harry Reid to the White House for an emergency meeting at 11am on Saturday.
Full story here.