Obama to the rescue!

WASHINGTON — President Barack Obama will wade into the angry impasse over raising the US government’s borrowing limit next week, hosting meetings with rival Senate Republican and Democratic leaders.

Obama’s intervention follows a Republican walkout from crucial talks on the issue and warnings by top party leaders that they will not accept White House demands to close tax loopholes and hike rates on the wealthiest Americans.

The collapse of the talks on Thursday sparked fears that Congress will fail to raise the $14.29 trillion debt ceiling by an August 2 deadline and force the United States into a default which would trigger global economic shockwaves.

Obama will meet separately at the White House on Monday with Democratic Senate Majority leader Harry Reid and Republican Minority leader Mitch McConnell, who has accused the president of a dereliction of leadership on the issue.

From last night: Dem Rep. James Clyburn: Obama Has “Much More To Do With His Time” Than To Handle Debt Talks