Image Source: Flickr

Image Source: Flickr

Democrats and Republicans remain far away from each other on a wide range of issues regarding budget talks aimed at prevention a threatening default on US government debt, President Obama has said.

President said after finishing a meeting with congressional leaders and said talks would recommence on Sunday. The deadline to raise the $14.3trillion US debt ceiling is 2 August. Republicans have insisted sharp drop in the US budget deficit as the price of a debt increase.

President said that all the leaders came here in a spirit of cooperation and of wanting to solve problems on behalf of the American people , he added that everybody acknowledged that in order to do that, Democrats and Republicans are going to be required in each chamber for an ultimate vote.

President said the both democrats and republicans had acknowledged they would suffer politically, but their biggest duty is to make sure we’re doing the right thing by the American people. Before the Sunday talks, leaders from both parties and their staffs would continue to meet.

Among other issues, the two sides are at chances over whether to force cuts in popular social plans and whether and how to raise additional tax revenue to close the budget gap, which Republicans are defying.