President Obama said House Speaker John A. Boehner broke off talks over
crafting a "big deal" that would avert a federal default. He called the
deal the White House was offering "extraordinarily fair" and said that "if
it was unbalanced it was unbalanced in the direction of not enough
revenue."
The president said he was summoning congressional leaders to the White
House Saturday morning at 11 a.m. "We have run out of time and they are
going to have to explain to me how it is that we are going to avoid
default," he said.