WHAT'S AT STAKE

What's next: President Obama hosts top lawmakers in both parties for a negotiating session at the White House on Sunday.The deadline: The government said it will default on its bills Aug. 2. But the White House said a deal to raise the debt limit -- currently $14.3 trillion -- needs to be in place by July 22 to give Congress time to enact any agreement by the deadline. What Obama wants: He is pressing for $4 trillion in cuts over the next 10 years. Talks had focused on a $2 trillion goal.What Boehner wants: House Speaker John Boehner told Obama that he wants to pursue a smaller $2 trillion deal that is focused on deficit reductions identified by a bipartisan group led by Vice President Joe Biden and not higher taxes.