US President Barack Obama held emergency talks with top lawmakers on Saturday in an attempt to prevent the country from defaulting on its debt.
Congress must approve his plan to hike America’s debt ceiling before August 2.
Obama warned of economic catastrophe if the 14.3-trillion-dollar (10-trillion-euro) limit on US borrowing is not raised.
The president called the meeting after Republican House Speaker John Boehner walked out of previous negotiations.
Boehner said on Friday Obama wanted an extra 400 billion dollars in tax hikes on top of 800 billion saved by closing fiscal loopholes.
Obama has offered to cut one trillion in discretionary spending and 650 billion from entitlement programs.
Boehner and Senate Republican leader Mitch McConnell said they would work on a “bipartisan proposal” to be presented before Monday.