Obama pushes GOP on taxes in debt ceiling talks
June 29th, 2011
03:07 PM ET

Obama pushes GOP on taxes in debt ceiling talks

By Tom Cohen and Alan Silverleib

Washington (CNN) - President Barack Obama called on lawmakers Wednesday to overcome the "selfish" norms of politics and "do their job" to strike a deal on raising the federal government's current $14.3 trillion debt ceiling by the start of August.

People shouldn't get "spooked," but "the yellow light (is) flashing," he warned. "This is urgent."

Top economic analysts have warned of potentially catastrophic repercussions if the ceiling is not raised by August 2, including skyrocketing interest rates and a plummeting U.S. dollar.

The president blasted congressional Republicans for refusing to consider raising taxes on the wealthiest Americans as part of any deal. Congress needs to be willing to "take on their sacred cows and do tough things" while moving away from "maximalist positions," he said.

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Live blogging Obama's news conference
June 29th, 2011
11:26 AM ET

Live blogging Obama's news conference

Can't watch the news conference?  CNN's Political Ticker and The 1600 Report will be live blogging so you can follow in real time.

The President's Schedule:  11:30am news conference
President Obama will hold a news conference Wednesday at 11:30am. You can watch live on CNN.
June 29th, 2011
08:02 AM ET

The President's Schedule: 11:30am news conference

9:30AM          THE PRESIDENT and THE VICE PRESIDENT receive the Presidential Daily Briefing/ Oval Office/ClosedPress

11:30AM        THE PRESIDENT holds a news conference/ East Room/ Open Press

1:50PM           THE PRESIDENT welcomes the WNBA Champion Seattle Storm to the White House/Rose Garden/OpenPress

3:00PM           THE PRESIDENT and VICE PRESIDENT meet with Senate Democratic Leadership/Oval Office/ClosedPress FULL POST