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The negotiating stakes are high. default on its debts when the current $14.3 trillion debt ceiling is tapped out.

The endgame on the debt talks was approaching as the Labor Department reported hiring slowed to a near standstill in June. Employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 per cent.

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Obama and congressional negotiators are looking at closing some tax loopholes and cutting popular benefit programs as they struggle to reach an agreement between Republicans and Democrats, but Pelosi and many House Democrats oppose cutting the benefit programs. Pelosi was getting an opportunity to air her views as she met privately with Obama.

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"Everybody acknowledged that we have to get this done before the hard deadline of Aug. 2 to make sure that America does not default for the first time on its obligations," Obama said. "And everybody acknowledged that there's going to be pain involved politically on all sides."

An August deadline loomed as a dismal new jobs report underscored the stakes for the shaky economy.

That gave Republicans fresh ammunition to attack Obama's handling of the economy even as the shape of an agreement remained in doubt. All the while Burberry Iphone 4 Case Amazon

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the nation is moving closer to an Aug. 2 deadline to raise the government's debt ceiling.

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One aide to a lawmaker in Thursday's meeting said Obama made it clear he wouldn't sign a budget and debt agreement that didn't extend the debt ceiling until after the November 2012 presidential election.

That leaves little time to agree on 10 year deficit reductions of $2 trillion to $4 trillion.

individuals; Obama wants them also to generate more tax revenue. House Speaker John Boehner has insisted on a 10 year deficit reduction figure that, at a minimum, matches the amount of additional borrowing.

on tax changes that would close loopholes and end certain corporate breaks. Republicans insist that Prada Eyeglasses Red any tax changes be used to lower rates on corporations and Burberry Phone Case Galaxy S5

debt default.

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Obama and Democratic leader meet as both sides remain far apart on debt ceiling deal

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A debt default would likely touch off a major global financial crisis and plunge the country into another recession, with higher interest rates and joblessness increasing, as Obama is beginning his re election campaign and an ever growing field of Republicans compete to run against him. debt ceiling is usually little more than a formality but Republicans who control the House of Representatives say they won't go along without major spending cuts.

After Thursday's 90 minute session, Obama said Democrats and Republicans should be prepared to show their bottom line demands when they return to the bargaining table Sunday.

With the two sides still far apart, Obama has called everyone back to the White House for a rare Sunday meeting.

Obama was pushing for an ambitious deficit reduction plan of roughly $4 trillion, the biggest of three options he laid on the table. It would require sizable tax revenues, which many Republicans oppose, and spending reductions for benefit programs, opposed by many Democrats. But the idea of a potentially historic deal was well received by the meeting participants, officials said later, even though the details remained in dispute.

The major clash centres on how to reduce spending on major entitlement programs such as health care for the elderly and the poor and government pensions, all prized by Democrats, and Burberry Iphone 5s Case

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