Obama-GOP Budget Talks Produce Few Results

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WASHINGTON - Despite having "productive" budget negotiations with President Barack Obama Wednesday, Republicans said no real breakthrough was produced by the meeting.

GOP lawmakers are leaning on the president to approve trillions of dollars in spending cuts in exchange for an increase in America's borrowing power.

"Ultimately there was no discussion about whether, dollar for dollar, how far we're going to spread this out over the next 10 years," Rep. Marlin Stutzman, R-Ind., told ABC News after the talks.

"So there's a lot of maneuvering... we've got a long way to go. But I felt that it was a good step, and I appreciated his invitation to us," Stutzman said.

Dozens of Republicans accepted the invitation to the White House to press Obama for political leadership on spending cuts.

"We have a debt crisis coming. We have to deal with this and if we want to grow jobs and the economy, we've got to get spending under control," Rep. Paul Ryan, R-Wis., said. "We've got to get our debt under control."

Results are yet to be seen, and White House Spokesman Jay Carney said a deep division remains on how to reform Medicare.

"This is not the forum with that many people in the room to put out proposals and spreadsheets and start negotiating details," he said.

House Speaker John Boehner sent the president a letter signed by more than 150 economists who agree that increasing the debt limit without cutting spending threatens job growth.

"This is the moment. This is the window of opportunity where we can deal with this on our terms," Boehner said.

It appears the president will have to meet at least some of the Republicans' demands for spending cuts.

Tuesday, 82 Democrats voted with House Republicans to kill a bill designed to raise the debt limit by $2.4 billion without cutting spending.

Utah Congressman Jason Chaffetz told CBN News the symbolic vote gives Republicans momentum.

"I think that's going to strengthen the hand of our speaker John Boehner in saying we're going to have to have some major systemic changes to the way we're doing business around here," he explained.

But even some lawmakers who want to cut spending also worry about America defaulting on its debts.

"We cannot default on our debt because the impact on the economy would be enormous," Rep. Peter Welch, D-Vt., he said.

"The interest rates would go up, the cost of borrowing for you if you were trying to buy a car, or a house, business -- all of that would increase," he explained. "And it would ruin our reputation for paying our bills."

Congress and the president have until Aug. 2 to reach an agreement on spending cuts.

America has already reached the limit of its borrowing authority. Right now, the Treasury Department is moving money around to give the nation more borrowing room.

President Obama is expected to meet with lawmakers again in about a week.

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Jennifer Wishon

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Jennifer Wishon is the White House correspondent for CBN News based in the network’s Washington, D.C. Bureau.  Before taking over the White House beat, Jennifer covered Capitol Hill and other national news, from the economy to the 2010 oil spill in the Gulf of Mexico. Follow Jennifer on Twitter @JenniferWishon and "like" her at Facebook.com/JennWishon.