Obama Says Biden Debt Ceiling Talks Making Progress Toward Budget Deal

WASHINGTON -- President Barack Obama said Monday that there has been progress in budget talks to find spending cuts to accompany legislation allowing the government to continue to borrow to finance its operations and avoid defaulting on U.S. bonds.

The president also said in an interview with NBC's "Today" that he's "absolutely confident" that a budget agreement can be achieved in talks led by Vice President Joe Biden and that an agreement won't require radical change if "everybody makes some sacrifices."

"I am absolutely confident that we can move forward on a plan that gets our debt under control, gets our deficit under control," Obama said in an interview to air Tuesday morning. "There is a way of solving this problem that doesn't require any big, radical changes. What it does require is everybody makes some sacrifices."

The Biden-led talks are paving the way for a higher-level negotiation that will involve Obama and House Speaker John Boehner of Ohio.

House Majority Leader Eric Cantor, R-Va., who's representing House Republicans in the talks, said Monday that it's possible to find trillions of dollars in spending cuts so that lawmakers wouldn't have to revisit the politically poisonous topic before next year's elections.

Cantor and Boehner are insisting that the amount of deficit savings exceed the accompanying increase in the nation's debt limit. It would take a $2.5 trillion or so borrowing increase to keep the government afloat until early 2013.

Biden has only said that it's looking like the negotiations will produce more than $1 trillion, and he pressed Republicans last week to consider revenue increases such as limiting the value of tax deductions taken by the wealthy. That's a non-starter with Republicans.

The negotiators face an Aug. 2 deadline to raise the so-called debt limit. The group's seventh session is slated for Tuesday.

"We've seen some progress," Obama said.

Comments

[Joe Hyjek]

09:13 PM on 06/26/2011

Here is a very clear cut idea for welfare expenditures, "If you don't work, you don't eat" All individuals receiving welfare reciprocate the government with fair hours of community service that politicians and community agencies think seriously through and through. This way taxpayers will receive something worthwhile from politicians and welfare recipients. Any abled body who receives unemployment can and must participate inorder to do away with laziness and abuse of all sorts. Instead of calling "MARVIN' once a week they will punch a clock and produce!

[AxelDC]

12:16 PM on 06/14/2011

Why are Republicans the only ones allowed to have "non-starters"? Obama needs to start listing a few "non-starters" of his own.

[liberalandloveit]

11:06 AM on 06/14/2011

Obama confidant of agreement if "everbody" sacrifices. Translation: bend over Dems, here comes another Obama "bipartisan" agreement.

[amontillado]

10:46 AM on 06/14/2011

Slight of hand? or just flat out lying? The President offers no solutions worthy of consideration. I wonder, for whom does he work? certanly not the American People. There is no recovery, there never was any recovery, and there never will be a recovery. Why? Because a return to sound banking is not offered out of his mouth. HR 1489, now on the desk of every congressman and signed by 15 members from both parties, is what Mr. Obama fails to support. HR 1489 is the return to Glass-Steagall and the only way that this nation will recover. If you want to see economic recovery then Glass-Steagall must be passed befor the fiscal year expires. Moniterist usery and unregulated speculation on all sorts of nesassary basic commodities will continue to suck out the life blood of America as long as Glass-Steagall is off the books. you can help by putting uneasing pressure on your Reps in the US House to pass HR 1489 ASAP. Forget Obama, he lies and he needs to go. The economic recovery of the Nation will not come from the policies of Mr. Obama.

[AxelDC]

12:18 PM on 06/14/2011

After nearly every major financial meltdown in world history, per John K Galbraith, the respective government has attempted to prevent its repeat through legislation. The US suffers its second worst banking meltdown in history and it's met with a deafening non-response from the government other than a multibillion bailout and no attempt to bring irresponsible lending speculation under control.

[Patriot86]

10:00 AM on 06/14/2011

If the Dems agree to cuts with not revenue ...then they are fo_ols...first of all cut will cost jobs and Obama will be blamed...hope the Dems do not play into the GOP hands.

[AxelDC]

12:19 PM on 06/14/2011

The entire point of Republican deficit talk is to destimulate the economy and cost Obama his job. Romney's first campaign ad is about jobs, not about balancing the budget.

[blackranger]

09:36 AM on 06/14/2011

No cutting the tax subsidies (and that is what the tax loopholes are) for the rich. Not worth considering according to the republicans. Everyone needs to sacrifice except those who have the most and can afford it with the least pain. Throw these bums out.

[kellywelch]

09:17 AM on 06/14/2011

It's politics. If he says things are progressing then it makes it sound like everyone is giving a bit. Then, when the republicans dig in their heels about raising taxes on the rich, it will make them look bad. That gives the picture that democrats are flexible and republicans are not.

Sadly, that may actually be the reality too since republicans will have a hard time now accepting any tax increases since that has been their stand for way too long.

[duriostellaj]

10:16 AM on 06/14/2011

I have no problem raising taxes on EVERONE. You can not single out one group - particularly when almost 50% of all Americans do not pay income tax - they are net takers. Everyone needs skin in the game - it is so easy to vote for someone who will give away hard earned taxpayer money if you pay 0% of the bill;.

[AxelDC]

12:24 PM on 06/14/2011

The rich need to get hit the hardest because they got 5x the tax cut everyone else did. The median family got a 2% tax cut from Bush/Obama, while those making over $500k got a 5% cut. Those making over $1 million got a 10% cut, or 5 times what everyone else got. Sounds fair? As for your ridiculous assertion that people don't pay taxes, every working adult pays 12% of his/her income with no deductions to pay for entitlements that are shoring up the deficit and artificially keeping income tax rate low. Everyone, that is, except for those making $106k or more who have a 0% marginal tax rate. Add in income tax and payroll taxes and most Americans pay 27-37% of their paycheck in Federal taxes, compared with only 35% for those making $400k or more, and that money can easily be sheltered with a plethora of deductions. Those making between $70 and $100k pay a 38% marginal rate that falls by 12 points once you get in the payroll tax-free zone of the upper middle class.

[nothingchanges]

09:09 AM on 06/14/2011

Everybody has to sacrifice.

The poor have to sacrifice family planning..........

The middle class have to sacrifice their jobs, medicare, social security..................

Our congressional representatives will a have to sacrifice their integrity (what little remains)

And the rich?.................................................................................................................

Three out of four ain't bad? This is what government by corruption and special interests looks like. It's also a portrait of a failing democracy.

[Patriot86]

10:01 AM on 06/14/2011

Fanned

[boston996]

10:24 AM on 06/14/2011

Remember, Obama extended the tax cuts for the rich.

[nothingchanges]

10:49 AM on 06/14/2011

I remember, and President Obama may yet regret that decision.

Let us also remember who proposed the "tax cuts for the rich" and got them passed through congress. George W. Bush

Who is more at fault, the party that created the legislation that is driving us into bankruptcy, or the party that "went along" with it?

Neither of them are covering themselves with glory. They're more interested in covering up their inadequacies, and covering their behinds.

Give me the option, and I will vote for someone that will represent my best interests, and those of middle class Americans in general. Without that option I am left with voting for the lesser of two evils, and right now that appears to be the Democrats.

It's hard to cast a ballot with one hand, when you have to hold your nose with the other.

[AxelDC]

12:25 PM on 06/14/2011

Because Boehner held his breath and threatened to cut off unemployment benefits until he did.

[leftyirishwoman]

08:55 AM on 06/14/2011

Assume that most of what we see is political theatrics, with the Democrat appeasing their left and the Republicans offering burnt sacrifices to their crazed Teapartiers.

Vice-President Biden is a congressional insider, yet he is not the full weight of the Administration. This type of negotiation is all or nothing, and the goal is probably to find a political compromise to get them through until 2012, without losing too much face.

The Democrats are in a better position than the Republican, because the GOP has gone so far right. At this point, the Democrats only have to not destroy Social Security and MediCare.

President Obama will look very good if he holds the Republicans from gutting MediCare, and the Republicans will look good if they don't raise taxes through 2012. If you gut the defense department and cut corporate subsidies, I am happy, but I am not the average American voter.

[Countess]

08:50 AM on 06/14/2011

Tax cuts for the wealthy, unpaid for wars and high crimes on wall street followed by a too small stimulus, weak regulatory reform and the elephant in the room in the form of the worst and most costly health care system in the western world even with the reforms. Now we have the disgusting spectacle of both parties begging the industries they are supposed to be regulating for campaign money. Anything good that comes out of such a corrupt system is totally accidental.

[blackranger]

09:39 AM on 06/14/2011

The system is not the failure. Our founding fathers said that only by voters taking their responsibilities seriously, only by sending moral and responsible representatives to Washington, would this system work. Voters are sending who and what to congress? Voters don't even get the basic concept that the representatives are not supposed to do what individual voters demand, but what works best for most of the people, a concept that seems way over the heads of the ignorant.

[OldTart]

10:09 AM on 06/14/2011

Voters don't have lobbyists with unlimited funds to buy legislation!

[MeinNH]

08:18 AM on 06/14/2011

I don't know about anyone else, but I am sick of sacrificing...

[RedSox61]

08:05 AM on 06/14/2011

If the GOP won't increase taxes on the rich - - don't cut .01 cent in the budget.......

[duriostellaj]

10:18 AM on 06/14/2011

Ok and raise taxes on you as well and EVERYONE - you can not have a country where 505 pay no income tax and are net takers. It will collapse inevitably as you are starting to see.

[NotesFromME]

10:37 AM on 06/14/2011

If 50% of the population makes so little money that they owe no income taxes whatsoever, THAT is the crime, and it says a lot about the failure of our economic system. Unfortunately, that number will continue to increase as long as jobs are shipped overseas, corporations offshore their investments, and investors sock their money away in exotic debt instruments instead of investing in Americans businesses. Taking money away from people who can not feed their families or pay their rent in order to give massive tax cuts and exclusions to the idle rich is the height of immorality.

[RedSox61]

11:27 AM on 06/14/2011

I vote for those that will raise my taxes - given my income - i have no problem with it

[themodernleader]

08:00 AM on 06/14/2011

The traditional American virtue of personal responsibility for one's self and his family is only possible under a government that denies the license of a few to own and to create monopolies that handicap and erode the opportunity for ordinary citizens to work, learn and advance as opportunity presents itself. Where opportunity is structured such that all citizens may find jobs and support their families the organization produces prodigiously, the citizens perform with ever increasing self-esteem, equilibrium, confidnece and competence In our predatory capitalism welfare for the many has replaced opportunity. Personal responsibility has become a state responsibility. The people have turned to fanatically held doctrines and faith as their opportunity and meaningful work has been replaced by computers and machines or outsourced. The great leader organizes such that opportunity is ever present in the affairs of every citizen and is equitably managed. It was once called "full employment" policies.

[OldTart]

10:10 AM on 06/14/2011

Excellent! Greed has undone what was once a truly great country.

[Rosalee Harris]

07:58 AM on 06/14/2011

I saw this interview on Today's show. I liked the questions that Curry asked but I do wished she had stayed away from the Wiener nonsense. Obama's response to that question was great when he said I have better things to do and more important things to worry about it was a hint to the media move the hell on. This also apply to those on the left who are spending their time DEFENDING Weiner. It bugs me when I have sift through defense of behavior thats wrong. Behavior that shows a disrespect of women. If you cant respect the woman you claim to love you dont respect women.

This interview also provided a contrast with the debate I mean here they are vying to see who is the biggest Obama hater thats basically the premise of that debate. If you didnt know Obama you would expect him to be someone with horns growing out of his head. Yet when you hear him he NEVER Demonized the republicans. We have a President woh is a grown up and those that are vying for his job are acting like children and why are they acting like children you ask because 75% of republicans think that hatred of Obama is the most important factor in a Presidential candidate. The contrast is amazing to me this country has lost its soul. If I didnt believe it before I DO NOW.

[janedorothy4]

08:59 AM on 06/14/2011

Thats right.Obama continuously keeps successfully weakening and dismantling America as we know it but while he destroys our country he is very sweet and softspoken doing it.

[Rosalee Harris]

04:26 PM on 06/14/2011

Stop being st upid you KNOW who was the one that destroyed this country. It was the id iot that gave Obama 750,000 people UNEMPLOYED the previous month when he came into Office thats the America DESTROYER. Thats the MOST Job lost since the recession and it was George Bush's watch. So please go peddle your lies to someone d umb enough to believe them.

[innerpuppie]

07:27 AM on 06/14/2011

"There is a way of solving this problem that doesn't require any big, radical changes. What it does require is everybody makes some sacrifices."

Read: I'm having my speech writers get something ready for me so I can explain to middle America why I caved on Medicare and that, overall, it is good for them. (Heck, it worked when I bailed on the tax welfare for the rich.)

[Iammadashell]

08:00 AM on 06/14/2011

I am afraid you are right, I can feel it in my gut; why would he do it ?

[Kate Zeiss]

08:06 AM on 06/14/2011

Sounds more like teeing up tax reform and getting rid of the Bush Tax Cuts, to me . . .

[Patriot86]

10:06 AM on 06/14/2011

I hope you are right...because Medicare and Social Security are unacceptable.