White House: 'Significant' deal on debt possible

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WASHINGTON (AP) -- The White House says a "significant" deal on cutting government spending and raising the nation's debt limit is still possible as President Barack Obama steps into the negotiations.

Obama spokesman Jay Carney says the president had a "constructive" meeting with Senate Majority Leader Harry Reid at the White House Monday morning. The president will meet separately with Republican Sen. Mitch McConnell early Monday evening.

While Carney projected confidence, it remained unclear how Democrats and Republicans would resolve their differences. Carney says the White House continues to support a plan that includes tax increases or the elimination of tax breaks for big companies and wealthy individuals.

Republicans are insisting there be no tax increases.