President, key GOP congressmen deadlocked on debt

Washington – The president and leading conservative Congressmen are still deadlocked on plans to avert a financial crisis.

Senate Republicans blasted any chances of making a debt reduction deal with the president before the nation goes into default on its national debt on August 2.

While blasting President Obama's credibility on fiscal matters, Senate Republican Leader Mitch McConnell of Kentucky offered the chief executive a unilateral “last choice option” to raise the national debt without Congressional approval.

In a proposal intended to identify future spending cuts to entitlement programs, the conservative Senator dismissed Mr. Obama's plan to lower the deficit by $4 trillion over the next 10 to 12 years through tax increases as “smoke and mirrors.”

“As long as this president is in the Oval Office, a real solution is unattainable,” he said from the floor of the Senate.