President Barack Obama talks with senior advisors in the Oval Office to discuss ongoing efforts in the debt limit and deficit reduction talks, Sunday, July 31, 2011. Pictured, from left, are: Vice President Joe Biden; Rob Nabors, Assistant to the President for Legislative Affairs; OMB Director Jack Lew; Pete Rouse, Counselor to the President; and Senior Advisor Valerie Jarrett.

President Barack Obama talks with senior advisors in the Oval Office to discuss ongoing efforts in the debt limit and deficit reduction talks, Sunday, July 31, 2011. Pictured, from left, are: Vice President Joe Biden; Rob Nabors, Assistant to the President for Legislative Affairs; OMB Director Jack Lew; Pete Rouse, Counselor to the President; and Senior Advisor Valerie Jarrett.