What's next: Congressional leaders and White House staff will hash out the details of everyone's opening proposals Friday and Saturday and reconvene at the White House on Sunday.
The deadline: The White House has said a deal to raise the debt limit -- currently $14.3 trillion --needs to be in place by July 22 to calm financial markets and give Congress time to enact any agreement by the Aug. 2 deadline, when the government will default on its bills.
What Obama wants: He is pressing for a "big" deal that would total about $4 trillion in cuts to projected deficits over the next 10 years. Recent talks had focused on a $2 trillion goal.
What the GOP wants: Republicans are opposed to raising taxes; want to restructure Medicare and Medicaid; and want to cut domestic agencies back to 2008 spending levels.
What Democrats want: Democrats say new revenue is required and want to increase taxes on the wealthiest Americans; oppose a major overhaul of Medicare and Medicaid; and want to essentially freeze spending cuts at current levels.
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