Daily Political Wire

George Wenschhof

Obama To Hold Press Conference on Budget - after a one hour and fifteen minute meeting last night with Congressional leaders did not produce an agreement. The press has been fed information from both sides of the debate with focus on a 4 Trillion deficit reduction proposed by President Obama and a smaller 2 Trillion deficit reduction plan favored by House Speaker John Boehner (R-Ohio). The NY Times has more here.

The issues surrounding both is whether or not any tax increases will result and/or if entitlement programs will be touched. The two issues primarily a focus of Republican and Democratic leaders.

Ten days are left for agreement to be reached to allow time for a bill to be passed by congress in time for the August 2 deadline, when the U.S. would default on the existing 14.3 Trillion debt ceiling.

Let's see what the president proposes this morning.

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Italy/China Add to Market Worries - European stocks fell the most in two weeks and China inflation grew to a three year high. Bloomberg.com has more here.

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Bachmann Leads Latest Iowa Poll - Minnesota Representative Michele Bachmann now leads Mitt Romney 25%-21% in a poll released by The Iowa Republican. The all important Iowa Ames Straw Poll is now only one month away for Republican presidential hopefuls..

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