Posted on 07/10/2011 6:09:09 PM PDT by The Magical Mischief Tour
After meeting for exactly 90 minutes, the president and members of congress achieved absolutely nothing except for what ZH readers already knew: that a debt deal has to be reached by July 22 or else. "President Barack Obama said Sunday that "we need to" work out a debt deal within the next 10 days as he convened a meeting with congressional leaders, aiming to fashion a deficit reduction package for the next 10 years. As the meeting opened, Obama and the leaders sat around the table in Sunday casual dress. Asked whether the White House and Congress could "work it out in 10 days," Obama replied, "We need to." Despite Boehner's preference for a smaller, $2 trillion plan for deficit reduction, White House aides said Sunday that Obama would press the lawmakers to accept the larger deal. Republicans object to its substantial tax increases and Democrats dislike its cuts to programs for seniors and the poor. The aides, however, left room for negotiations on a more modest approach." And just like on Friday when the president's appearance was heralded as a harbinger of a massive NFP beat only to be the biggest let down since Geithner's TV appearances in February which sent the market down by 10 S&P points each time, so the president will address the nation tomorrow. From Reuters: "U.S. President Barack Obama will hold a news conference at 11 a.m. EDT (1500 GMT) on Monday about the status of negotiations to cut the deficit and raise the debt ceiling, the White House said on Sunday. Obama met with congressional leaders for about 75 minutes Sunday evening and will meet again with them on Monday "to discuss the ongoing efforts to find a balanced approach to deficit reduction," the White House said, without giving a time for that session."
More from the AP:
"He's not someone to walk away from a tough fight," White House chief of staff William Daley said. "Everyone agrees that a number around $4 trillion is the number that will ... make a serious dent in our deficit." But embedded among the tough words was rhetoric that acknowledged the "big deal's" prospects had become uncertain at best.
"We're going to try to get the biggest deal possible," said Treasury Secretary Timothy Geithner.
It was an abrupt change from 24 hours earlier. Republicans late Saturday rejected the $4 trillion proposal, the largest of three under consideration, because its tax increases would doom it in the GOP-led House, Speaker John Boehner said.
The Ohio Republican informed Obama that a package of about $2 trillion, which bipartisan negotiators had identified but not agreed to, was more realistic.
Senate GOP leader Mitch McConnell of Kentucky left little doubt that the $4 trillion deal was dead.
"I think it is," McConnell said. Raising taxes amid 9.2 percent unemployment, he added, "is a terrible idea. It's a job killer."
The statements threw into question the extent to which the Sunday meeting, called for 6 p.m. EDT, would move the talks toward a resolution as an Aug. 2 deadline loomed. That's when the nation would begin to default on its debts, administration officials say, if no deal is reached to raise the borrowing limit from $14.3 trillion.
One thing is certain: with each passing day until July 22 or T-Day, the day by which Congress has to pass the debt ceiling legislation, of which there are precisely 10 working days, the market, which has so far completely ignored any concern about a failure in the debt talks, will start getting increasingly more nervous. As a reminder there is a 4 week Bill auction this Tuesday: the last one priced at 0.000%. If the logjam in DC continues after Monday, something tells us the government will not get ultra short-term funding for free.
As for the spin free interpretation of what the "deficit deal" means for America, read our previous observations on the matter here.
This dufass is attempting to “educate” us on how things work....when in fact he’s revealing that his ideas and take are not working.
He’s using the podium as a campaign speech....nothing more than this.
‘American people have other things [besides concern for the debt ceiling] on their plates.’
Peas?
Millionaires, billionaires, and corporate jet owners...OH MY!!!!
Here’s a question
Only 24% of the public want the debt ceiling reiased.
Bambi now saying the American people don’t understand. They need to leave it to the experts. Classic - and blatant
It got WORSE THAN THIS during the Carter years- before it got better
I remember gas lines a mile long
and 18% mortgage interest rates
We recovered just fine- LET IT HAPPEN AGAIN BOEHNER - DO NOT CAVE
Contact Boener - tell him to think what would George Washington, the Greatest President, think of this massive spending.
Then ask him whate would George Washington think of him crying and caving in to the WORST PRESIDENT - Obama.
BE A MAND AND MAKE YOUR MARK IN HISTORY AND GO DOWN AS A WASHINGTON OR AN AOBAMA-KISSER, BONER
contact Boehner here:
http://www.speaker.gov/Contact/
Contact him
LMAO
well done
“everybody welcomes new programs”.....idiot!
He would rather be talking about new progams and football! What a fool.
Professional politicians vs the American public?
It’s the American people that sends those professional politicians to Washington.
Obama’s forgotten how our system works.
Great question Chip Reid.
“I’d rather be talking about stuff...like the NFL season.”
Obama hates peas!!
He didn't really say that, did he? Please.
Agree. Obama has managed to do something to piss off virtually every voter in this process, left and right. Very amateurish. Shows a complete lack of critical thinking skills. Can't connect one dot to another.
This may be the most significant decision/strategy he's ever been cornered into making/forming.
WOW I can’t believe he just said that
:(
Sad sad evil little man
“I’d rather be talking about stuff...like the NFL season.”
Stop the press. A truth has been told.
“roads and highways”
Drink!
“The values we are about...the american dream...gov. has a role in that...if you care then you gotta be interested in how we pay for them”
‘...shot at the American dream .... for those who work hard ...’
Millions of unemployed at 9.2% might disagree with that assessment.
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