Talks in Washington are growing increasingly contentious as Democrats and Republicans seek a budget deal that would raise the federal debt limit before an August 2 deadline. On Wednesday, President Obama reportedly walked out of a meeting with House Republicans after the two sides made no headway on an agreement. According to Reuters, Obama said, “I’ve reached my limit. This may bring my presidency down, but I will not yield on this.” Republicans are pushing for massive spending cuts while rejecting Democratic calls to increase revenues in part by raising taxes on corporations and wealthy households. Republican leaders have also begun internal debate over a proposal from Senate Minority Leader Mitch McConnell to raise the debt ceiling by requiring President Obama to seek congressional approval for up to $2.5 trillion in three installments. House Republicans say the plan would erode their leverage to ensure spending cuts, while supporters say it would spare Republicans of blame for a perilous credit default before the 2012 elections.