Nightly Business Report

SUSIE GHARIB, NIGHTLY BUSINESS REPORT ANCHOR: With 28 days to go until the nation hits its borrowing limit, President Obama calls lawmakers to the White House. BARACK OBAMA, PRESIDENT OF THE UNITED STATES: It's my hope that everybody is going to leave their ultimatums at the door, that we'll all leave our political rhetoric at the door, and that we're going to do what's best for our economy and do what's best for our people.

TOM HUDSON, NIGHTLY BUSINESS REPORT ANCHOR: The president aims for a big budget deal, not a stopgap measure, before the end of the month. It's NIGHTLY BUSINESS REPORT for Tuesday, July 5th.

Good evening and thanks for joining us. With the United States rapidly running out of borrowing room, Susie, the president is calling on Republicans and Democrats to move quickly. Mr. Obama here has called leaders from both parties to the White House for a meeting Thursday and he's urging them to think big.

GHARIB: That's right, Tom, with the calendar pressuring politicians to negotiate a plan allowing the U.S. to borrow more money, the president wants a deal cut in a few weeks and he says it should not be a temporary one lasting only a few months.

HUDSON: The budget bargaining now heads to the White House with less than a month before time runs out.

Darren Gersh reports.

DARREN GERSH, NIGHTLY BUSINESS REPORT CORRESPONDENT: In brief remarks before reporters, President Obama tried to set the right tone for the debt limit talks that will begin at the White House on Thursday. The president says he is looking for a big agreement, not one that merely kicks the can down the road a few months.

OBAMA: This will require both parties to get out of our comfort zones and both parties to agree on real compromise. I'm ready to do that. I believe there are enough people in each party that are willing to do that.

GERSH: A big agreement would trim trillions of dollars from deficits projected over the next decade. Political economist Andy Laperriere expects something in the neighborhood of $2.4 trillion. Finding the last couple of hundred billion will depend on just how much each side is willing to give.

ANDY LAPERRIERE, POLITICAL ECONOMIST, ISI GROUP: Are Democrats going to get the symbolic political victory of getting some revenue? Are Republicans going to get the symbolic political victory of getting some Medicaid changes or Medicare changes? That's what is left to be determined.

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