Debt standoff brewing in Washington, D.C.
WASHINGTON, D.C. -- The White House says President Obama has told lawmakers he won't allow a replay of last summer's debt ceiling showdown. But following a bipartisan meeting at the White House, neither side appeared willing to compromise.
Republicans are insisting on spending cuts to offset the nation's borrowing limit. President Obama warns he won't accept more cuts without tax increases on the wealthiest Americans.