Budget, Debt Talks Move to the White House

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President Barack Obama will meet with Senate leaders at the White House Monday, in an effort to jump-start stalled budget talks.

Lawmakers have spent weeks trying to work out a deal for cutting government spending and raising the debt limit.
Last week, Republicans walked out of negotiations because of an impasse over new taxes.
Democrats say they want to close tax loopholes to generate new revenues.  But Republicans say such a move would actually raises taxes. 

"Throwing more tax revenue into the mix is simply not going to produce a desirable result, and it won't pass," Senate Minority Leader Mitch McConnell, R-Ky., told ABC's "This Week."

"I mean, putting aside the fact that Republicans don't like to raise taxes, Democrats don't like to either," he said.

"How do you call closing loopholes to all companies that are making billions of dollars of profits, closing up these loopholes that  would generate $40 billion, $50 billion in revenue, a tax hike?" House Assistant Minority Leader Jim Clyburn, D-S.C., challenged.

The GOP is hoping the president will be able to break the logjam.

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