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.
Add "corporate jet owners".
Why don't the pubs ever mention that one BIG corp making millions and billions, specifically, GE, paid NO federal income taxes last year?
I got a feeling he won’t be using the word “I” very much today. Probably be using the words, “they”, and “those people”,
/I crack myself up sometimes.
This is really crazy. Why don’t the republicans in the house simply pass a bill that cuts spending and raises the limit? Send it to the senate. Volley the ball into their court.
Done. It was called the Ryan budget.
The press has side tracked the issue. The issue is not the money, the issue is time. Putting the reductions in the out years is having no reductions in spending.
No reason for apologIes; your post was accurate. With Obama, the truth simply isn’t in him.
I’m actually surprised to hear Boehner grow a bit of a spine and I hope he doesn’t cave. This is a new trend for him since the last election during which time he’s been a weak and whiny leader (”only one of 1/6” and so on). Did someone sit him down and make him listen to Rush or something? So fuBar’s going to tattle on him to the nation in a couple of hours and I hope the country replies, “Nuts to you! You can keep your change.”
And now word Tiger Woods to make a “special announcement”on The Golf Channel at 11. Maybe they’re trading places?
My Thumbs Up to your post...most definitely: “Something Wicked This Way Comes!”
O M G he is going to do it. Obama is really going to do it. He is going on TV to try and snooker Americans into believing that the Republicans are trying to bring down the system.
Make no doubt about it - Obama has the Republicans right where he wants them. The fact that the Republicans basically walked out the other day is EXACTLY what Obama wanted.
Now Obama has the ammo and is going to come on television and FOOL the American people - who are obviously FOOLS because they elected this man to be President.
Most Americans are too clueless to know what is going on - they have the attention span of a green bean.
Obama is actually going to pretend he is working hard for a deal.
The reality is all of this is interfering with Obambi’s vacations and lazy lifestyle. He wants a deal and he wants a deal now - so he can move on.
He will raise taxes MORE than ever.
I see this ending VERY badly.
Y-a-w-w-n-n-n-nnnnnn... another “major speech” z-z-z-z-z-z-z-z....
Today’s drinking game buzzwords (feel free to add):
bipartisan
unsustainable
urgent
crisis
monetary
I
revenue
agreement
Great, another infomercial.
This is all well and good that we’re standing our ground; but, standing our ground without educating the masses leaves the mis-education to the MSM and they’ll be successful in demonizing unless Boehner gets some educational sound bytes in there. So far, I’ve not heard much from our side except, “No”...that doesn’t educate the 8th grade level masses who listen to the MSM.
As soon as I’d read The O had scheduled it for 11am, I cracked up. No one on his staff pointed out he couldn’t possibly win a ratings war with Tiger Woods?
Umm you forgot unprecedented
No conflict.
Woods will speak at 11 and Fauxbama won't bother to show up until 11:30 or so, which is MO, at least 30 minutes late, for appearing anywhere.
Good point. The ultimate act of rudeness.
So how late will Obama be for this public teleprompter reading? And why was Tiger Woods allowed to make a public statement at the same time that Obama scheduled his?
Who gets more viewers at 11AM?
Obama whine fest or Tiger’s “special announcement?”
I’d rather watch Tiger.
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