Republicans Reject Debt Ceiling Increase, Huddle with President

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In an urgent need for compromise, House Republicans are meeting with President Barack Obama this morning, as the nation comes perilously close to its $14.3 trillion debt ceiling.

Idaho Representatives Raul Labrador and Mike Simpson joined their Republican brethren and 82 Democrats last night to reject a proposal to raise the ceiling by another $2.4 trillion. The vote wasn't even close, with only 97 in favor and 318 against.

"The failure of this bill to pass demonstrated that many on both sides of the aisle agree with me and disagree with the president's call for a 'clean' debt ceiling vote," said Labrador.

"The days of record deficits and soaring debts must end," said Simpson. "Congress needs to meet this challenge and take another step toward lasting fiscal security for this country."

Treasury Secretary Timothy Geithner has warned that if Congress fails to approve a boost in the debt ceiling by early August, the federal government will find it very difficult to maintain normal operations.