UPDATE: Obama and GOP fail to reach deal on shutdown and debt limit

Updated 7:30 p.m. EDT | The New York Times has stepped back on its initial report that Obama rejected House GOP’s short-term proposal. The report now says that Obama and GOP “fail to agree.”

BREAKING: Majority Leader Cantor: White House meeting useful, 'we expect further conversations tonight'

— The Associated Press (@AP) October 10, 2013

Despite House Majority Leader Eric Cantor’s insistence that the White House meeting with President Barack Obama was “useful,” The New York Times has reported that the president rejected House Republicans’ proposal for a short-term debt limit plan.

The White House also released a statement saying that “after a discussion about potential paths forward, no specific determination was made.”