Lawmakers on both sides of the aisle have been meeting frequently to discuss the debt ceiling, but thus far no end to the debate is in sight.
President Barack Obama had proposed a plan that would reportedly cut $4 trillion from the debt over the next 10 years, but Republicans have balked at his insistence that the plan include $1 trillion in tax increases, according to USA Today.
House Speaker John Boehner (R-Ohio) has said that he believes a plan proposed by Vice President Joe Biden — which would see the debt reduced by about $2 trillion — is more workable. Republicans have insisted that in order for the debt ceiling to be increased, government spending must be cut an equal amount.
"The Speaker restated the fundamental principles that must be met for any increase in the debt limit: spending cuts and reforms that are greater than the amount of the increase, restraints on future spending, and no tax hikes," Boehner's office said in a statement.
Treasury Secretary Timothy Geithner has said that if the debt ceiling is not increased by Aug. 2, the country would begin defaulting on its obligations.