America’s debt crunch Near the end of his meeting with members of Congress last Wednesday, Barack Obama snapped at Eric Cantor, the House of Representatives majority leader who has been pressing the Republicans’ hardline position against any revenue increases in talks over the national debt, writes Richard McGregor.

“I’ve reached my limit,” the president said before abruptly getting up from his seat to leave the meeting, according to an account given by Mr Cantor’s office. “This may bring my presidency down but I will not yield on this.”

The president has earned his label “no-drama Obama” through a brutal campaign to win the presidency in 2008 and rolling crises in office since then. But his cool demeanour has been stretched to the limit in the nerve-racking budget negotiations.