Obama sees progress in federal budget talks - KWWL - Eastern Iowa Breaking News, Weather, Closings

Obama sees progress in federal budget talks

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WASHINGTON, D.C. (KWWL) -

President Barack Obama says there has been progress in budget talks to find spending cuts to accompany legislation allowing the government to continue borrowing to finance its operations and avoid defaulting on U.S. bonds.

The president also said in an interview with NBC's "Today" that he's "absolutely confident" that a budget agreement can be achieved in talks led by Vice President Joe Biden and that an agreement won't require radical change if "everybody makes some sacrifices."

The Biden talks are paving the way for a higher-level negotiation that will involve Obama and House Speaker John Boehner of Ohio.

The negotiators face an Aug. 2, deadline to raise the so-called debt limit.

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