NEW : White House spokesman says all the leaders in the talks agree on the need for a deal . CNN 's Ted Barrett , Kate Bolduan , Candy Crowley , Ana Sebescen , Deirdre Walsh and Jessica Yellin contributed to this report . Comment: Obama will veto the GOP `` cut , cap , and balance '' plan if it reaches his desk . The United States must raise its $ 14.3 trillion debt ceiling by August 2 or risk a default .
NEW : White House spokesman says all the leaders in the talks agree on the need for a deal . Comment: Obama will veto the GOP `` cut , cap , and balance '' plan if it reaches his desk . The United States must raise its $ 14.3 trillion debt ceiling by August 2 or risk a default .