Obama challenges GOP on debt reduction and says 'no' to short term deal

President Obama, facing a bitter partisan stalemate over how to raise the federal borrowing limit, summoned congressional leaders to a new round of White House talks Monday and warned that he would not accept a temporary, stopgap measure.

“That is just not an acceptable approach,” he told a news conference ahead of the scheduled talks. “So we might as well do it now. Pull off the Band-Aid. Eat our peas. Now is the time to do it. If not now, when?”

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