House Speaker John Boehner has been unable to lead a way forward so far to get needed votes on an agreement. (Source: CNN)
(CNN) - The ratings agency Fitch warns U.S. bonds may be downgraded in the near future as lawmakers struggle to come up with a plan to raise the debt ceiling.
The federal government is expected to hit its limit on borrowing Thursday, and lawmakers are still trying to work out the details of a potential deal.
"We don't have a lot of time, and so what I'm suggesting to the Congressional leaders is let's not do any posturing, let's not try to save face," President Barack Obama said.
Obama hosts a closed-door meeting in the Oval Office Thursday, not with congressional leaders, but with Vice President Joe Biden and Treasury Secretary Jack Lew.
The U.S. treasury has said it would run out of money to pay the nation's bills Thursday - essentially hitting its credit limit, the debt ceiling set by Congress.
Senate leaders signaled they were close to an agreement to raise the debt ceiling and end the government shutdown, but they haven't reached one yet.
Tuesday a counterproposal from House Republicans was scrapped, as House Speaker John Boehner struggled to come up with enough votes. Instead, some Republicans expect Boehner to expedite the senate's plan.
"He will have to essentially pass the bill that is negotiated between Senators McConnell and Reid, and I believe that the House would first pass it then send it to the Senate," Rep. Charlie Dent, R – PA, said.
Some republicans argue raising the debt ceiling without budget cuts simply kicks the can down the road.
In an interview with CNN affiliate WABC, the president said the compromise will likely have bigger budget cuts than democrats would prefer.
"Because it makes it very difficult for us to invest in things like early childhood education. It makes it difficult for us to invest in rebuilding our roads and bridges - all the things that are necessary to actually build the economy and put people back to work," Obama said.