President Barack Obama reached his breaking point yesterday and told legislators that they have until Friday to come up with a debt-limit deal.

Reuters.com reports that the president ended a tense debt-limit meeting Wednesday night by walking out. A Republican aide said that before he left, the president said that he was tired of yielding to every demand made by Republicans—even if it cost him his job.

"I have reached the point where I say enough," President Obama reportedly said. "Would Ronald Reagan be sitting here? I've reached my limit. This may bring my presidency down, but I will not yield on this."

The president stormed out after a blowout between himself and House Majority Leader Eric Cantor. Eric said the parties are too opposed to each other to reach a deal, adding that he would consider backing  a short-term debt limit, if it's attached to smaller budget cuts. 

According to Politico.com, the Virginia Republican threatened that if the president didn't agree to his party's terms that he would present his arguments "to the american people." President Obama warned, "Eric, don't call my bluff."

Before the meeting wrapped, however, President Obama reportedly told legislators that they had until Friday to hammer out a deal on the budget.

Essentially, the country is trying to find places that it can save money in order to better pay off its debts.  However, spending cuts offered by the Obama administration have been dismissed by House Speaker John Boehner as nothing more than gimmicks and accounting tricks.

Republicans and Democrats have been arguing for weeks over whether to raise the debt ceiling, which determines how much the United States can borrow to pay off its debts. Experts at Poltico.com have said that the country currently owes 40 cents on every dollar that it's spent on various programs and initiatives. Both sides of the fence must come together on a decision before the U.S. defaults on its loans on August 2.

President Obama told CBS News earlier this week that he's looking to save money by making "substantial cuts" in discretionary and defense spending. However, he's also proposing "substantial changes to entitlements like medicare and social security that would stabilize those programs and make them available for the next generation."

"What I am asking in returns from Republicans," President Obama said, "is that people like myself, who can afford it, put a little bit of revenue in so that we don't end up having to put the entire burden of dealing with this debt on the backs of middle-class families and seniors and students and poor kids."

He added, "Doesn't it make sense for oil and gas companies, for example, who made tens of billions of dollars because gas prices have been [high], to pay a little more?"
 

—Sonya Eskridge

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