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.
A 12% mortgage is pretty unforgettable.
Ok, I am coining a new FR term. The Oblidiot. The Oblidiot is anyone stupid enough to believe a thing Obama says.
The Chief Oblidiot is of course Obama himself, who has bought so far into Oblidiotism he thinks that firefighters and other muncipal employees are losing their jobs because taxes aren’t high enough, that in order to jumpstart the economy we have to take more money from more people.
I mean hello, when you take money from people, they have less to spend. Is that REALLY so hard to understand?? Really?
I love peas.....what’s he got against ‘em?
This is actually the longest I have ever listened to Obama since he was elected.
I am not impressed.
How’s that for understatement of the day?
Almost lunch time and peas are not on the menu.
He continues to talk - loves hearing himself talk talk talk talk talk talk
Have you worked with business leaders? was asked
Obama said...
“Business leaders want to see a resolution...they are hesitant to weigh in.”....not being straight forward”
“Business mindset is why we never get things resolved”
Did he really say that?!?!
Of course, if (GOD forbid) he gets reelected next year I'd probably agree with him, at least about the dunces part.
The reporters all look so serious and grumpy.
They must be coached to avoid the cheerleading look.
“We are going to get this done by August 2nd.”
[Pubbies just need to hold firm, force the issue until August 2nd. Or is that just wishful thinking?]
He said he talked and talked to CEOs and business leaders, too bad he didn’t listen to them.
They do not respect our money or the freedom to make money and keep it.
Totals Stimulus Package Cost To Broadband Rural Areas: $349,000/ home. $7,000,000/home In Montana!
The Other Side are unpatriotic for not giving Obama the new taxes errr revenues and a higher debt ceiling.
It’s just a bunch of hot air crap....
“Everybody needs to get in the boat at the same time so the boat doesn’t tip over”
American Urban Radio Networks
(Baraq’s base is here!)
I can see that here... Seriously, he would actually be making more sense if he just stuck to “Uh... Uh.... Let me be clear... Uh.... Uh... Umm...” He is simply diging himself deeper into Oblidiot-land.
Then again, you really could not set up a scenario better for the sweeping conservative take-over in Nov. 2012.
Go go Oblidiot Mushmouth!
Last question.
[That’ll give Rush a bit of time to prepare his lambasting remarks. lol.]
I think that I shall never see
A poem lovely as some peas.
A pea whose hungry mouth is prest
Against the earth’s sweet flowing breast;
A pea that looks at God all day,
And lifts her leafy arms to pray;
A pea that may in summer wear
A nest of robins in her hair;
Upon whose bosom snow has lain;
Who intimately lives with rain.
Poems are made by fools like me,
But only God can make some peas.
Time to eat our peas.
We’re way past tipping over, he’s working on sinking her.
He got a letter from a woman........
All the jobs lost before I took office.....
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