Obama: Will be open to talks once default threat removed

President Barack Obama told Republican Speaker of the House of Representatives John Boehner on Tuesday he would be willing to negotiate with Republicans once the US government is re-opened and the threat of a default is lifted, the White House said.

"He noted that only Congress has the authority to raise the debt limit and failure to do so would have grave consequences for middle-class families and the American economy as a whole," the White House said in a statement. Obama will hold a press conference at 6 pm GMT. (Reuters)