looking in to how to cut trillions more. mcconnell continues pressing for bolder change but is losing hope. the republicans are trying to persuade the president of the need for a course correction. but weeks of negotiations have shown his commitment to big government is simply too great to lead to the kind of long-term reforms we need. reporter: reid says lawmakers must find a solution. we ll stay in session every day, saturday and sunday until congress passes legislation to prevent the united states from defaulting on negotiation. reporter: in chicago, key ally expressed support for the mcconnell-reid plan. more work to be done. joint committee can tackle it but it s responsible way out of the crisis. reporter: lindsey graham favors constitutional amendment but there isn t enough support in the senate. we have the people behind us. 72% of the american people want balanced budget. reporter: the president called for shared sacrifice. i am still pushing for to us achiev
trillions more. mcconnell continues pressing for bolder change but is losing hope. the republicans are trying to persuade the president of the need for a course correction. but weeks of negotiations have shown his commitment to big government is simply too great to lead to the kind of long-term reforms we need. reporter: reid says lawmakers must find a solution. we ll stay in session every day, saturday and sunday until congress passes legislation to prevent the united states from defaulting on negotiation. reporter: in chicago, key ally expressed support for the mcconnell-reid plan. more work to be done. joint committee can tackle it but it s responsible way out of the crisis. reporter: lindsey graham favors constitutional amendment but there isn t enough support in the senate. we have the people behind us. 72% of the american people want balanced budget. reporter: the president called for shared sacrifice. i am still pushing for to us achieve a big deal.
the cut, cap and balance plan which is due to be voted on in the house tomorrow. fine-tuning continues on a bipartisan fallback plan in the senate. we re making progress. reporter: today, president obama offered that update on the debt negotiations. late sunday morning after church, the president met privately with speaker john boehner and eric cantor but no significant progress or agreement was reached. momentum appears to build around the backup plan. mitch mcconnell is fine-tuning with mary reed to allow the harry reid to allow the president to raise the debt ceiling three times for $2.5 trillion. allow republicans who oppose to vote in disapproval each time. it includes $1.5 trillion in spending cuts and creates a new congressional committee looking in to how to cut trillions more. mcconnell continues pressing for bolder change but is losing hope. the republicans are trying to persuade the president of the need for a course correction. but weeks of negotiations have
which is due to be voted on in the house tomorrow. fine-tuning continues on a bipartisan fallback plan in the senate. we re making progress. reporter: today, president obama offered that update on the debt negotiations. late sunday morning after church, the president met privately with speaker john boehner and eric cantor but no significant progress or agreement was reached. momentum appears to build around the backup plan. mitch mcconnell is fine-tuning with mary reed to allow the harry reid to allow the president to raise the debt ceiling three times for $2.5 trillion. allow republicans who oppose to vote in disapproval each time. it includes $1.5 trillion in spending cuts and creates a new congressional committee looking in to how to cut trillions more. mcconnell continues pressing for bolder change but is losing hope. the republicans are trying to persuade the president of the need for a course correction. but weeks of negotiations have shown his commitment to big