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Obama Holds 'Hoagie Summit'

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Posted 3:27 PM 5/16/2012 : Obama holds 'Hoagie Summit'

(NBC) - President Obama lunched with Congressional leaders at the White House Wednesday with the hope of avoiding a repeat of last summer's fights that trashed the nation's credit rating.

Short term deals on spending and tax cuts expire in December.

Prior to the "hoagie summit" President Obama vowed to avoid another showdown with Congress.

Right now he wants tax cuts for small businesses that hire more workers, saying the recovery can't wait.

"One of the ways we can sustain momentum is for Congress to take some actions right now even,though its election season, even though there's gridlock. Even though there's partisanship," Mr. Obama said.

That was countered by House Speaker John Boehner, who blasted the call for another program that would increase the deficit.

"Where's the president's plan to tackle our looming debt crisis?" Boehner asked.

Can a major long term deal on spending and taxes be reached before the elections?

Political pundits are betting against it.

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