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Congress: Latest on the debt talks

Politico’s Rogers said Obama was greeted by “a double-barrel blast” by McConnell, who peremptorily rejected any deal that would include the added revenues Obama wants together with spending cuts… The administration insists that a “significant” agreement was still possible, but it also adopted a more combative tone Monday in response to the stalemate.”

White House officials told the New York Times: “Mr. McConnell, who has raised the prospect of a short-term increase in the debt limit if the two sides cannot agree, appeared to be banking on Democratic reluctance to take two votes on a debt limit increase before the 2012 elections to force them to agree to savings from cuts in Medicare and Medicaid without new revenue.”

The meeting lasted more than an hour, but McConnell’s team is mum on the content of it. An aide told First Read that “one way or another it will” get done by Aug. 2nd.

The Washington Post reports the two sides have agreed on at least $1.3 trillion, though Republicans are pushing for closer to $1.7  trillion. “How the negotiators reach the $2 trillion line has set off an ideological battle across the Capitol,” the Post writes.