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Congressional Leaders to Work on Debt Legislation Following Meeting

ROBYN BECK/AFP/Getty Images(WASHINGTON) -- Congressional leaders have announced that they will draft new deficit chopping legislation following a brief meeting with President Obama on Saturday.

President Obama met with Congressional leaders for about 50 minutes Saturday morning. The meeting came after Obama declared in a terse press conference Friday evening that, "we have now run out of time."

Republic Senate leader Mitch McConnell said in a statement Saturday that "new deficit reduction legislation" will be written this weekend.

When asked if a framework could be created by Monday, Democrat and former House leader Nancy Pelosi said, "I certainly would hope so."

Copyright 2011 ABC News Radio

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