Now-or-never negotiations on the debt ceiling, budget deficits, and, possibly, new taxes started today when President Obama received the leading congressional representatives from both parties at the White House.

The deadline is August 2, but the White House has said that a settlement must be in place by July 22 to meet the deadline.

American economic prosperity is at stake. The chances for a deal within the next 48 hours are 50-50, according to Speaker John Boehner in a report in the National Journal’s online edition.

Such a compromise is expected to be broad and comprehensive – perhaps budget cuts totaling four trillion dollars and include some kind of income enhancement measures, in spite of the repeated no’s from the Republicans to any talk of new taxes.

All talk of temporary solutions has been rejected by Obama and the Democrats. Now or never appears to be the motto. We’ll see.