Republicians press Obama for plan on spending cuts

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Mr Obama met House Republicans at the White House in his latest bid to end a standoff his administration warns could upset financial markets.
The US treasury department has warned the US risks default if Congress does not authorise more borrowing by August.
With the deficit set to hit $1.4tr this year, Republicans want spending cuts.
Leaders of both parties agree to the need to trim the budget, but Republicans have refused to allow tax increases, while Democrats have vowed to protect costly social programmes.
The US national debt is $14.3 trillion (£8.7 trillion), and the annual budget deficit is roughly $1.4 trillion.
The White House argues the United States would face "catastrophic" consequences if Congress does not raise the cap on total US government borrowing by 2 August.
'Not what Americans want' "If we're going to raise the debt limit, the spending cuts should exceed the increase in the debt limit, otherwise it will serve to cost us jobs in our country," House Speaker John Boehner told reporters outside the White House, following the meeting.
"It's not what the American people want," he added.
President Obama warned the meeting there could be dire consequences to failing to increase the US debt ceiling, White House spokesman Jay Carney said. Read more

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