President Obama declares ‘enough is enough’ on debt ceiling, demands solution by end of the week

President Obama and congressional leaders continued their deficit-reduction talks in the Cabinet Room of the White House on Wednesday, negotiating for two hours and butting heads over various solutions that have been proposed.

Obama is said to have abruptly exited Wednesday’s negotiations when House Majority Leader Eric Cantor urged him to consider a months-long plan instead of one that would last through next year’s presidential elections.

“He became very agitated, said, 'Ronald Reagan wouldn’t sit here. You either have to compromise on the dollar figure or the grand bargain,’” Cantor said of Obama. “He said, ‘Don’t call my bluff. I’m going to the American people on this.’”

One House Democrat disputes Cantor’s version of events, claiming Obama left the negotiating table when the House Majority Leader “rudely interrupted the president three times” as he attempted to conclude the meeting.

With the continuing impasse casting a dark cloud over the looming August 2 deadline for action, Moody’s Investors Services has announced that they will review the U.S. government’s sterling credit rating, because the ongoing stalemate is increasing the probability that it will default on its debt.

“I’ve reached my limit,” Obama said, a Republican source tells CBS News. “This may bring my presidency down, but I will not yield on this.”