President Obama said USA TODAY Hold New Debt

President Obama said today he'll talk with Republican and Democratic leaders Thursday for the debt ceiling dispute, urging these phones "do something big" to lessen the country's red ink with "a balanced approach" that addresses both taxes and spending cuts.

"It's my hope that anybody will leave their ultimatums at the door, that we'll all leave our political rhetoric with the door," Obama said during brief remarks within the White House press room.

Obama said he and aides met with lawmakers on the July Fourth weekend making some progress, though he added," I don't want to fool anybody. We still have to function with some real differences."

The brand new round of meetings will need place because clock ticks for the government's $14.3 trillion debt ceiling. The Treasury says and also able to pay every one of the government's bills after Aug. 2, creating the chance of a default.

"This should not conclude the last second," Obama said.

Obama rejected the idea of a temporary boost in the debt ceiling while the parties continued debating taxes and spending cuts. He was quoted saying, "I do not think the American people sent us here in order to avoid tough problems. That's, actually, what drives them nuts about Washington."

That's greeted positively by House Speaker John Boehner, who said a big deal is better -- but not one that includes tax increases.

"I'm pleased the president stated today we need to address the big, long-term challenges facing our country," Boehner said. " Our nation's long-term future requires presidential leadership to address those challenges."

But, he said, tax increases of the kind Obama is seeking won't pass Congress. "I'm pleased to discuss these problems in the White House, but such discussions will probably be fruitless until the president recognizes economic and legislative reality," he was quoted saying.

With a news conference a week ago, Obama criticized Republicans for objecting to proposals to bring in more government revenue by closing tax loopholes and ending regulations for wealthy Americans, whilst he and the Democrats accept big spending cuts.

Obama spoke in more conciliatory terms in his brief remarks Tuesday, saying both sides must add up for the good of the nation along with the economy. "This will require all parties to get away from our comfort zones," he was quoted saying.

Senate Minority Leader Mitch McConnell, R-Ky., arguing that tax hikes would kill jobs and wouldn't pass Congress regardless, again invited Obama to meet with Senate Republicans.

"The simplest way to unravel this impasse is made for obama to listen to what should be done and exactly how we can take action," McConnell said. "Hear so what can actually pass in Congress."

Senate Majority Leader Harry Reid, D-Nev., postponed a scheduled vote around the Libyan military mission and said the chamber would focus immediately on the debt talks.

"Democrats are willing to compromise," Reid said. "But compromise does not mean allowing our Republican colleagues to place the wants of a few millionaires and billionaires prior to the needs of this nation and also the world."