They had about 10 days left before the government would run out of money. Given the global importance of U.S. Treasury securities, failing to extend the debt limit could trigger a worldwide economic meltdown.
Boehner said he believed that he and the others — Senate Minority Leader Mitch McConnell, Senate Majority Leader Harry M. Reid and House Minority Leader Nancy Pelosi — had a plan. He told Obama: We think we can work this out. Give us a little more time. We’ll come back to you. We are not going to negotiate this with you.
Obama objected, saying that he couldn’t be left out of the process. “I’ve got to sign this bill,” he reminded the leaders as they sat in the Cabinet Room off the Oval Office.