President argues for long-term solution for government’s finances.

As Aug. 2 deadline approaches, leaders may settle for cuts of $1 trillion to $2 trillion.

As Aug. 2 deadline approaches, leaders may settle for cuts of $1 trillion to $2 trillion.

Last-in-first-out accounting provision on the table in debt talks with GOP leaders.

Last-in-first-out accounting provision on the table in debt talks with GOP leaders.

Exit of Republicans Cantor, Kyl leaves negotiations 'in abeyance.'

Exit of Republicans Cantor, Kyl leaves negotiations 'in abeyance.'

Oil and gas subsidies, breaks for corporate jets among the options.