Budget Meeting 'Very Constructive': Obama

President Obama called the latest budget meeting “very constructive,” as both parties “came here in a spirit of compromise.” In a post-meeting press conference, Obama noted that while he and GOP leaders are “still far apart on a wide range of issues,” work would continue throughout the weekend, including another meeting on Sunday, Politico reports. “Everybody acknowledged that there’s going to be pain involved politically on all sides,” he said, noting that a deal is needed before the Aug. 2 debt ceiling deadline.

John Boehner, meanwhile, says that “everything is on the table except raising taxes on the American people." But the House speaker would be willing to discuss other forms of revenue increases, insiders said. At the meeting, Boehner said he believes Obama’s latest plan was designed to test how far Democrats are willing to go on entitlements. Nancy Pelosi, for her part, says she’ll back only changes “that strengthen Medicare and Social Security.” It will become clear within the coming days whether an agreement is ahead, Boehner said. (More President Obama stories.)