President Obama made a brief statement after wrapping up debt talks with Senate and House leaders held this morning. The President said "people were frank," but that both sides came to the meeting with attitudes of compromise.
"Everybody acknowledged that we have to get this done before the hard line of August 2," he said. "Everyone acknowledged there would be pain involved."
However, Obama also said nothing had been agreed to and that talks will continue through the weekend. He will meet with Senate and House leaders again on Sunday to "engage in the hard bargaining necessary to get things done."