Obama Op-ed On Debt Ceiling: 'Do Something Big And Meaningful'

Amid contentious negotiations taking place in the nation's capital to raise the debt ceiling, President Barack Obama is taking his case on the significance of tackling the fiscal issue to the American people.

In a USA Today op-ed published online on Thursday, the president insists talks to raise the deficit limit give him and Congress "the opportunity to do something big and meaningful" to reduce the government's long-term deficits.

Obama says he is willing to cut "historic amounts of spending" and says that should be coupled with more revenue from "fundamental tax reform.

The AP reported last weekend:

In his weekly radio and Internet address, Obama said the wealthiest must "pay their fair share." He invoked budget deals negotiated by GOP President Ronald Reagan and Democratic House Speaker Tip O'Neill – which included a payroll tax increase – and Democratic President Bill Clinton and Republican Speaker Newt Gingrich.

"You sent us to Washington to do the tough things, the right things," he said. "Not just for some of us, but for all of us."

The president communicates a similar message in his op-ed.

"This debate offers the chance to put our economy on stronger footing, restore a sense of fairness in our country, and secure a better future for our children," he says. "I want to seize that opportunity, and ask Americans of both parties and no party to join me in that effort."

According to the Treasury Department, the United States is set to begin the process of defaulting on its debts on August 2.

Click here for the latest developments to unfold in the debt ceiling debate.

Comments

[bacaja]

05:00 PM on 07/22/2011

When 70 million consumers cant' consume, the economy will thrive. As Cantor he'll tell you!

[bacaja]

04:58 PM on 07/22/2011

Here's the deal:
For a relative few it's ALL or a little less.
For the vast majority it's LITTLE or nothing.

[goldengoph3r]

03:12 PM on 07/22/2011

Once again: Mr. President, the UK went big on Austerity last year. How's that going? Let's just say it's produced the diametric opposite of "confidence" in the British market, and is doing nothing to cure their budget deficit. Now you are sadly eager to repeat their mistake and our own mistakes of 1937 and constrict the economy, which will not create jobs, not create confidence, not cure the deficit, but will give the Republicans political cover for their crazy ideas, AND diminish Democratic ideals just in time for the 2012 election season. Saying you will "take heat" amongst your party for the unpopularity of your compromises only burnishes your reputation if what you do helps the economy. It will not.

[rosychick]

03:07 PM on 07/22/2011

Looks like republican White Fox will put enough pressure on black lamb-President to bow down to their dictates in coming hours or days. Whatever few Demos cry or bark, the President will once again offer a best possible deal to greedy and hungry millionaires and billionaires and their agents at the cost of millions of poor who live on lifeline for the last few years and soon will come out in Church food line every where in the USA. Rather than America provides foods to the world hungry people, the effluent world has to donate foods to hungry America.

[jstreet]

05:14 PM on 07/22/2011

That would be "affluent" I believe. "Effluent' as written changes the meaning of your sentence considerably. Although perhaps not such a stretch; the people of the world would probably be happy to give the USA some crap. Balance of trade I suppose.

[didyouseethat]

02:39 PM on 07/22/2011

Mr. President,

The biggest "big thing" you can do for the country is immediately resign and let the next smartest man in the room, Vice President Biden step into the Oval Office.

[DonnaLA]

03:59 PM on 07/22/2011

Ridiculous!

[Joel Tyberg]

02:25 PM on 07/22/2011

This all makes me sick. The debt ceiling debate has never gone this far. And I don't think it's because all of the sudden Repugnathins are concerned about our debt (3 wars and tax cuts for the wealthy anyone?). No, they just want to hold out to make our president look bad. Damn the populations that will suffer for their ideological tactics! The rich need more and more in order for less and less to trickle down, can't you see? How can our country run itself without a source of income? Where else is the government supposed to raise funds than from taxes, eh? Should it sell off its natural wonders? How about "The Pepsi Grand Canyon," "Invesco Fields at Yellowstone," "Capital One's Mt. Rushmore," or "Chase Great Falls on the Potomac?" Wake up America, the repugs are trying to pull one over (again...again...again...again...ad infinitum...)

[TnTweekinGirl]

11:15 AM on 07/22/2011

Hey all!! I saw an editorial in the paper, about the debit ceiling being raised in short term increments solely and ONLY to reduce the Gross National Debt. We all have to decrease our debts or pay them off during a certain amount of time to protect our credit from dropping or going into the bad credit range. If our credit goes into the bad, the banks and mortgage companies, etc. refuse to give us loans. It should work the same for Obama and the Federal gov't. with our taxpayers money.

I also believe that the wealthy should be taxed the same as those living in Poverty. It's the only fair & just thing to do? We all pay our income taxes & FICA taxes as the American worker, so don't MESS with the elderly and/or disabled workers SSA, SSDI, Medicare &/or Medicaid & don't mess w/Military paychecks of servicemen/women who sacrifice daily to keep the USA citizens and America FREE. Please!

I hope I didn't ruffle any feathers with today's topic. Thank you.

[emmanuel kalu]

02:43 PM on 07/22/2011

what you fail to realize that the debt ceiling is used to pay for past money spend. it is not give the govt more money, it is for them to borrow to pay for all the wars, tax cuts and big pharma bill. i think the tea party understanding of the debt ceiling amount to a clear ignorant and lack of ability of do the job you are paid for.
we need a balance approach to our debt. however using the debt ceiling as a weapon is surely going to destroy this country.

[Dither Software]

11:06 AM on 07/22/2011

Default is inevitable. The only question is: Who will get stiffed?

Printing money to pay the bills, as is happening now and will continue to happen after the debt ceiling is raised, is a form of default. The non-elites get stiffed. The money in their wallets and in their bank accounts buys fewer and fewer goods and services.

The U.S. is already defaulting.

Raising the debt ceiling -- like bailing out Wall Street with TARP -- is a way to protect the interests of the power elite at the expense of everyone else. Whenever the interests of the power elite are threatened, the news media and both political parties close ranks. They scare the public with fear-mongering about "financial armageddon."

TARP saved Wall Street fat cats from a depression they could have weathered. The depression was transferred to the poor and middle class, who lost their jobs and homes.

If the debt ceiling is raised, the poor and middle class *will* face financial armageddon. The currency of their wages and savings will be destroyed. Those who are dependent on government programs like Social Security will receive their checks, but the money won't buy anything.

But the government and its owners will hold on to their power and money, and that's all that matters.

[garystartswithg]

04:57 PM on 07/22/2011

The boomers all want to retire before it hits. Best of luck to them. IMF taking over for the imcompetents would be good news for anyone under 30.

[joecan1]

10:39 AM on 07/22/2011

I for one am waiting to see the plan itself. I never cared for President Bush and thought he was one of the worst presidents in history. But if what's being said of this grand plan is true and it rolls back some of the safety nets that took 80 years to get into place and puts more on the backs of the working class (such as eliminating the deduction for home interest loans). Then what will we have to say about this president? The bottom line is we have to see the details before making a judgement.

[timberdoodle]

10:28 AM on 07/22/2011

The GOP have it figured out down to a science. If they do away with Medicare and Medicaid then they won't have to worry about the social security coffers being drained as most seniors won't live long enough to collect much of money once they can't get any medical attention.

[Dolmance]

10:24 AM on 07/22/2011

I don't get it - the richest Americans get a slight tax increase and this is offset by spending cuts on the poor, on children, the elderly, the middle class, the unemployed and on infrastructure.

It all balances out - and once again the usual losers underwrite the follies of the rich. End of story.

[tnjr]

02:32 PM on 07/22/2011

So let Obama present a plan instead of saying the Republicans are blocking everything. Republicans have presented plans and Obama and the Democrats say NO, So where is Obama's plan that he talks about. When he says millionaires, does he mean 200,000? Dems have not produced a budget since Obama has taken office, let them present their plan to the American people. BTW, if social security checks don't go out, it will be under Obama's watch and he can't blame Bush for this one.

[tempist771]

03:13 PM on 07/22/2011

I believe that the problem is not lack of a plan - it is lack of republican willingness to negotiate. Yes the democrats say no to one sided "plans", but they have offered a lot of budget cuts as a means of starting negotiations. What have the republicans given up on the debt negotiations? It is not even all of the republicans- only the tea party who supports the no negotiation stance.

[duriostellaj]

10:06 AM on 07/22/2011

Mir obama

You have gotten everything you wanted

You have put in place your liberal policies

You had a congress that for 2 years granted your each and every wish even when it was clearly defying the American people

Your liberal economic advisors have fled back to the protected halls of academia as they saw the failure of their cherished policies

You have continually said everything was an emergency

Yopu have continually blamed everyone and everything but your policies

THE AMERICAN PEOPLE ARE NO BUYING IT ANYMORE.

The sad thing is that you leave out that we have been told we will be downgraded without 4 trillion in CUTS but you leave that part out. Why? Suddenly you want 4 trillion in cuts? Only because you do not want to be the president who presides over - along with the rest of the mess that has been created largely in the last 2 1/2 years - the first ever downgrading of our debt. You have been told it is because of the spending in the last 2 years. Tell that to America and maybe they will support you one last time..

You and your admin have you screamed emergency so many times that like the boy that called wolf you will be eaten by the wolf because your credibility is about 0.

[tempist771]

10:16 AM on 07/22/2011

There are plenty of legitimate criticisms of Obama - but really? For future reference - if you want to argue your point of view -facts are a much more convincing medium for doing so..

[duriostellaj]

10:48 AM on 07/22/2011

OK name on thing that is not factual.

[reader110]

10:17 AM on 07/22/2011

What liberal policies? The GOP has been blocking progress in this country every step of the way.

I hope you're not referring to the healthcare issue - you know, Romneycare. Liberals wanted - and still do - single payer.

Pay attention to more than just Faux news and the talking heads of right wing radio. Perhaps then you won't be so clueless.

[duriostellaj]

10:52 AM on 07/22/2011

The GOP blocked things when the dems controlled all three branches of govt? That is the latest don't blame us line from the dems? Not going to fly, particularly in light of the fact that despite the massive efforts of the citizens of the country and the repubs obamacare was shoved through. Its laughable..

Yes I am referring to romneycare - its a failure in Mass and Americans did not want obamacare. If you recall obama himself said he modeled it after romneycare.

The lefts knee jerk fox news line is hilarious at all times but especially when you use it to imply someone gets their info only from Fox news WHEN THEY ARE ON A LEFT LEANING SITE. Can you not see the inconsistency?

[tnjr]

02:37 PM on 07/22/2011

We could hold of on Obamacare until the election. It would become a good debate, especially the part about if you like your insurance you could keep it. Don't be surprised if 30-40 percent of Fortune 500 companies drop health care coverage and give employees 5K to buy insurance from their state co-ops. That 5K + 2K government penalty is less then it would be to insure a person. Try reading a financial newspaper instead of the Times and CNBC.

[michael westman]

10:04 AM on 07/22/2011

Obama has upped the ante and the right has shown that it has testiclles made of jello

[tnjr]

02:47 PM on 07/22/2011

If Obama has upped the ante, where is his plan? He just says no and talks, and talk is cheap. Put something in writing, who gets taxed and where the cuts will come from. So far he just reads from his teleprompter, blame Bush, blame Bush, blame Bush as he clicks his ruby slippers.