Congressional Democrats and Republicans continued to butt heads over the budget talks led by Vice President Joe Biden this week. The talks were aimed at increasing the debt limit for the nation, but Republicans have abandoned the discussions, leaving many wondering if the two parties will come to an agreement in the near future, according to The New York Times.
Currently there is an August 2 deadline for an increase in the debt ceiling, and both parties hoped that these talks would result in a decision. However, Republican Eric Cantor of Virginia quit the negotiations rather suddenly, leaving only one other Republican representative at the talks.
"As it stands, the Democrats continue to insist that any deal must include tax increases," Cantor said in regards to his leaving the talks. "There is not support in the House for a tax increase, and I don't believe now is the time to raise taxes in light of our current economic situation."
It's now up to President Obama and Speaker of the House John Boehner to come to an agreement, and the pair have had difficulty agreeing on much since Boehner took on the role as House speaker.
It seems as though the talks weren't a total failure though. According to the Wall Street Journal, Cantor said that the group in the meetings had found ways to cut spending that would result in a $2 trillion reduction. However, a "Democratic official" who was close to the talks told the news source that the number is closer to around $1.2 trillion.
The American public seems to be rather concerned about the debt talks. According to a recent Bloomberg poll, more than 60 percent of respondents said that they fear the increase of the debt limit would lead to another recession.