Obama to meet with Democratic and Republican lawmakers

President Obama
Posted at 2:24 PM, Oct 09, 2013
and last updated 2013-10-09 14:24:00-04

WASHINGTON (AP) — There are few signs of bending today in Washington's budget impasse, but more warnings of the potential global impact.

A top official at the International Monetary Fund says if Congress fails to raise the federal debt ceiling, a U.S. default would cause "a worldwide shock."

Meanwhile, the White House says President Barack Obama plans to invite Republican lawmakers to the White House for talks in the coming days. The Treasury Department has said it expects the U.S. will hit the debt limit next week.

Obama will huddle later today with House Democrats, as both parties look for a way forward.

Republicans are still demanding talks on deficit reduction and Obama's health care law as the price for boosting the government's borrowing authority and returning civil servants to work.