Debt Ceiling Deadline Looms: Obama Says Budget Deal Must Be Reached In 10 Days

WASHINGTON -- President Barack Obama says he and Congress "need to" agree on a budget deal in 10 days in order to meet an Aug. 2 deadline to increase the nation's debt ceiling and avoid a potentially calamitous government default.

Obama spoke as he and the eight top House and Senate leaders assembled at the White House for a rare Sunday session to negotiate the terms of a deficit reduction package.

The meeting came a day after House Speaker John Boehner abandoned efforts to bargain for a $4 trillion, 10-year debt trimming agreement. Boehner said a smaller deal that would reduce the deficit by about $2.4 trillion over the next decade was more realistic.

During the 90-minute session, Obama pressed for the $4 trillion deal that congressional Republicans have rejected, arguing that a more modest approach would be equally hard to negotiate.

Republicans insist that any deal include no tax hikes. Democrats oppose Obama's plans to cut government aid to seniors and poor Americans.

Obama plans to hold a news conference on Monday, and the group of eight lawmakers plans to meet at the White House every day until a deal is struck, officials said.

Comments

[standridgedar]

03:14 PM on 08/01/2011

I said I would be willing to bet 14 trillion that Obama would cave on raising revenues. ( See my post below )

I was right.

[blandinbasement]

03:29 PM on 07/13/2011

The government has two credit cards. One it uses to pay our enormous bills and spending, and the second credit card we are using to pay the payments and interest. What would be an orderly approach to solving this problem if faced by the average American household:

1. We stop spending on things that aren't ABSOLUTELY necessary--because we are paying interest and we will only have to pay it back--we downsize to a small apartment, sell our nice cars--cut coupons and 'eat our peas'--like EVERYONE eats their peas, not just the rich people
2. Increase our income--and here is where liberals suddenly have a brain hemmorhage
A. Household 'revenues' rely completely on how many jobs there are, how much those jobs pay. i.e.--government revenu relies COMPLETELY on the private sector, and it's health--not on China's ability to buy our bonds :)
B. Expecting the bread-winner to walk to work, without any shoes on--in 100 degree weather, taunted by passers-by and demonized by his stay-at home wife for being a loser who only cares about himself (or partner for the more modern, sexually liberated folks) is probably not the best approach to increase household income..i.e. taxing to high heaven (which has been proven time and time again to not increase revenues), demonizing and penalizing productivity, and refusing to downsize is adding to the already incredible burden the private sector is facing.

[HandEgrams]

05:41 PM on 07/12/2011

to be honest! I think the Ceiling is about to cave as it is now at at standing point - almost hope it all cave in on top of the lot of them - what goes around comes around! with the loss of them all and the saleries we pay them should pay of the debt in the long run! Is their saleries really worth the price we are paying?

[HandEgrams]

05:20 PM on 07/12/2011

Obama is using this as a threat - bluffing so he can get his way - if he cuts the soc sec checks on the 3rd of Aug. how many that live month to month won't be able to pay their rent, bills, buy groceries - not much left over to play on that is for sure - just putting more people on the street - but then where will that money go? into the pocket of those that want to kill of soc sec, medicare etc - but that is what the govenment wantsI don't see color in the people choice and I don't see much a man in office either - Demo's, Rep's or GOP or should it be GOOP's - we need some changes but not at the cost of the people of the USA - people that do pay Soc Sec etc.

[watchingduck]

01:52 PM on 07/12/2011

The true solution to the so called budget crisis is to learn to live without war. That is why we cannot allow republikans and blue dogs to run the government.

[craigermt]

09:09 PM on 07/14/2011

Let's see, WW1, WW2, Korean war, Viet Nam war, Bosnian war. Yep, darn republicans.

[stumanchu35]

10:08 AM on 07/12/2011

By law, you have to pay on our debt, deal or no deal. We would be better off with no deal because then barry would have to cut spending and choose where.

"We have to eat our peas." First off, I like peas. 2nd. This is the Harvard grad everyone is getting gaga over? Stick to the teleprompter barry, you look like a dope when you stray from it.

[MKWaters esq]

11:36 PM on 07/11/2011

Roadrevolution - what are you personally willing to give up if the government can't spend? Your Medicare? Your social security? I think not! Your talk cuts offyour nose to spite your face.

[MKWaters esq]

11:19 PM on 07/11/2011

The 14th Amendment is right there Mr. President. Please use it!

[J- A]

03:16 AM on 07/12/2011

I almost hope he gives the ultimatum that he will get all that he wants and they will get half of what they want, today. If they wait till tomorrow they won't, but he will still listen to suggestions. Then If that doesn't happen He can just do it by fiat and let the Supreme Court rule on the constitutionality of it. In, what, five or so this Court might very well have The GOP back. By then it won't matter anymore for a hundred reasons of several thousand possible.

[J- A]

03:18 AM on 07/12/2011

Sorry should be "in, what, five *years*..." Sorry. Tired.

[richard bergman]

09:25 PM on 07/11/2011

Obama! Or Else What!?

[RoadRevolution]

05:49 PM on 07/11/2011

What part of, we don't have the money does Congress not get? What part of, the buck stops here don't they get? What part of the American people have had enough, don't they get? What part of lets get this done now, so we don't suffer even more so down the line? We are tired of the posterizing of Obama against successful people, and stealing from people to throw it away down a black hole. Democrats never address the problems of government and its interference in commerce which "is" a magor problem! What part of, we can't afford it now, but that doesn't mean that we can't fit it into the budget in the years to come...."IF" the government could be frugal and responsible with the money it is given!? When is government going to start being frugal with the money it is given, be efficent and watchful of fraud, and eliminating programs, pet projects, and repetitive research that is not worthwhile or needed as a function of government? I wish I had the power to eliminate waste, just do it, be done with it, and move on. All this teetering and tottering that is going on makes me livid. Government created this problem, so many progams are expendable and not needed. When and if there comes a time when the government shows some fiscal responsiblity, then some of these projects can come back, but not now. Government takes the hit first.... time for them to DO WITHOUT!!!!!!

[daradams]

06:58 PM on 07/11/2011

Road - FANNED AND FAVED #2

[RMForbes]

11:01 PM on 07/11/2011

Every thing you just wrote is the polar opposite of the truth. America is not broke. Taxes are not a black hole. In a recession government spending has always been increased to make up for the loss of spending American families caused by the economic downturn. Cutting government spending costs American jobs in both the private and public sector. When a public employee loses their job, they no longer support their neighborhood businesses and become consumers of government services. You want to remove an entire sector of our economy and put them on the dole. That will not help our economy in the least. The government programs you would force to cut will cost you and your family far more than you realize. What would help everyone would be the removal of the 22, 000 new tax loophole that benefit only the very wealthy and the largest corporations added to the federal tax code by the Bush tax cuts. These loopholes make it more profitable to invest in the Wall Street casino than investing in main street businesses which create jobs and lower demand for government services. One loophole that allows investment bankers and hedge fund managers to defer most of their income for 20 years or more and to pay just 15% capital gains taxes on any income they take now. Do you really believe that these billionaires deserve to pay much lower tax rates on their profits than small business owners (actual job creators) pays on their profits.

[RoadRevolution]

09:00 PM on 07/15/2011

You don't get it.... economics doesn't work like that. Government is not a business.... it wants to be, it tries to be, but it isn't.... it is a massive school of overachievers who are all viving for position and coming up with policies and wish lists, and wild ideas to try out and why not? They have all the money coming in to play with. Government is not frugal, it doesn't know what a budget is, they never fire incompetent people but find another department to put them in, and they think they have all the answers, but never can address any problem without years of study...LOL The fact of the matter... we the people are being used and abused for the pleasure of a few. Now it is time that the government take the first hit, layoffs, reduced salaries, closed offices... ect. This is the reality of what politicians have done..time for the deficiet to be wraped around their necks and see how the burden feels like. Once they feel it, maybe they will learn from it and not let this happen again. And time for the government to not play the 'class warfare card" it doesn't work with race, it certainly won't work with the classes. We are all equal. Jealousy of another possessions is an unseemly and barbaric characteristic, don't you think???

[pumzee]

05:22 PM on 07/11/2011

http://www.huffingtonpost.com/2011/07/10/debt-ceiling-deadline-obama_n_894219.html?icid=main%7Chtmlws-sb-n%7Cdl1%7Csec1_lnk1%7C218535

[RBlatman]

05:19 PM on 07/11/2011

The Repulicans want to cut Medicare, Medicaid, Social Security benefits and if they get the chance, eliminate medical benefits for all Americans. Do you reall believe the Democrats would think to eliminate their retirement of full salary and go to Social Security like the rest of the retired Americans, the answer is no. How about eliminating health care (100% at no cost) and join the rest of the Americans who have to pay for health care or can't afford it. The Republicans have no balls to get the job done. Why is 2 Trillion OK but 4 Trillion a bad move. Is it because the Democrats or Obama thought of it and the Repubicans did not. I just wish they would all pull their heads out from where the sun does not shine and move on and get the job done. Time for all of the cry babies to wipe the tears and step up to the plate and take care of America. Quit sending Billions of dollars to other countries. Lets start taking care of our own. Lets start building infrastructure, create jobs, feed the hungry, help the poor, build schools for education or better yet quit firing teachers because we cant affor to pay them to educate our children. It's time to cut off the hands that steal from us with nothing in return. Wake up America, no, wake up Congress before the hanging party begins...

[daradams]

04:52 PM on 07/11/2011

Moderators - please do your jobs - moderate Lies and Damn Lies - he is calling names and being awful -- please.

[johnblack53]

05:57 PM on 07/11/2011

Truth hurts don't it?

[Running With Scissors]

07:55 PM on 07/11/2011

daradams --- When Libs lose an argument they will call people names, claim to be so much smarter than everyone else, or point out a typo, they can't help it ---- inbreeding I guess.

[daradams]

08:24 PM on 07/11/2011

Thank you - I thought they had rules for this type of thing - I have reported him - but they let his filthy words through -- It seems the mods only monitor non - liberals. I am disappointed - I really wanted to post and read to learn other points of view and I am recovering from surgery and have time on my hands. Thank you for taking the time.
I appreciate.

[Carroll27]

04:49 PM on 07/11/2011

Cmon now -- both sides must give something.

[LIES AND DAMN LIES]

04:22 PM on 07/11/2011

KOCHS HAVE THEIR SUCKERS ON THIS THREAD WORKING OVERTIME

[daradams]

04:31 PM on 07/11/2011

So does Soros --

[MovieGuy2010]

11:38 AM on 07/12/2011

http://www.alternet.org/story/151213/devos,_koch,_scaife,_walton,_alec,_afc:_the_corporate_royalists_and_right-wing_groups_propelling_the_gop's_assault_on_the_middle_class?page=entire

[daradams]

04:49 PM on 07/11/2011

so does multi-millionare media mogul S*r*s - Ring any bells?

[LIES AND DAMN LIES]

04:51 PM on 07/11/2011

SOROS.....DRINK!!!!!