As the Aug. 2 deadline for raising the debt ceiling approaches, both Republican and Democratic lawmakers are digging into their positions in part due to pressure from their respective bases, according to Fox News.
Treasury Secretary Timothy Geithner has said that if the debt ceiling is not raised by the second day in August, the United States would begin defaulting on its loans.
Both sides have hoped to reach an agreement that would allow the ceiling to be raised, with the GOP saying that it would only agree to an increase if equal amounts of spending cuts were promised. Republicans have also been firm in their insistence that tax hikes not be included as part of any plan.
Pressure from constituents has helped to shape the debate, with neither side wanting to give up ground.
“If each side wants 100 percent of what its ideological predispositions are, then we can’t get anything done,” President Barack Obama said.
A number of plans have been proposed to put an end to the debate including one laid out by House Majority Leader Eric Cantor (R-Va.), which would save $353 billion over the next 10 years by making changes to Medicaid and Medicare, reported The Hill.