House Speaker John Boehner, R-Ohio, plans to go to today's White House meeting on the debt ceiling armed with a letter from 150 economists who back his call for spending cuts that exceed any increase in the debt limit.
The letter is signed by Nobel Prize winner Robert Mundell, who won in 1999 for his analysis of different currency exchange rates as well as other prominent economists, former Secretary of State George Schultz and two former directors of the Congressional Budget Office.
The economists say in the letter that, "an increase in the national debt limit that is not accompanied by significant spending cuts and budget reforms to address our government’s spending addiction will harm private-sector job creation in America."
Obama has invited all House Republicans to the White House for a meeting on Wednesday. House Democrats will met with Obama on Thursday.