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Obama Moves to Resolve Debt Deadlock

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Posted on Jun 24, 2011
White House / Pete Souza

Vice President Biden and President Obama hold an economic meeting with senior advisers in the Roosevelt Room of the White House on Thursday.

After Republicans bailed on Vice President Joe Biden’s deficit talks Thursday, the government once again hit an impasse in resolving the burgeoning debt crisis, but by Friday, President Obama signaled his readiness to enter the fray. Republicans, meanwhile, signaled their ongoing displeasure over talk of tax hikes.  —KA


Obama will meet separately with Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) on Monday. The meetings follow the collapse Thursday of talks between Vice President Joe Biden and congressional leaders.

The sticking point, as expected, is taxes. Democrats argue that any deal to reduce the deficit and raise the country’s borrowing limit must include new revenues. Republicans say they won’t go there.

“The president is willing to make tough choices, but he cannot ask the middle class and seniors to bear all the burden for deficit reduction and to sacrifice while millionaires and billionaires and special interests get off the hook,” White House press secretary Jay Carney said Friday. That’s not “a fair and balanced approach.”

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Hulk2008's avatar

By Hulk2008, June 26, 2011 at 7:12 am Link to this comment

The Repugs have nothing to lose right now.  If they hold the debt limit hostage, they either get their way or the US defaults.  Either way the stock market will drop at least 1,000 the first day - and will roll down to where Bush left it.  Those on Soc Sec will miss multiple checks.  The Repugs will succeed in gutting both Medicare and Soc Sec.  The rich and powerful can afford to take a temporary hit until the rest of us cave in and let them take over completely. 

Welcome to Feudalism 2011.  The former middle class will be mere serfs doing the bidding of the corporate lords.  It matters so little who is President - the minority party is completely in charge in Washington. 

DO-NOTHING wins every time.

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Rigor's avatar

By Rigor, June 25, 2011 at 8:36 am Link to this comment

So now he decides to get involved? It’s only been 9
months since the Constitutional deadline for a budget
passed by, just for the 2011 year - gee, think of all
the fundraising & golf rounds that will be missed! He
sure does sacrifice so much for us little peoples don’t
And repubs can shut the hell up - they’re nothing but
pc correct wind-bags who say whatever will get them

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By Jim Michie, June 25, 2011 at 7:53 am Link to this comment
(Unregistered commenter)

Well now, since Obama is “getting involved” in the deficit-reduction “negotiations”, we obviously can expect him to belly-up, cave-in, equivicate and give up whatever his Republican friends demand.  So much for the middle class and the poor!

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By Beltwaylaid, June 25, 2011 at 7:26 am Link to this comment
(Unregistered commenter)

Tax political contributions 50%.  All problems solved.

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By surfnow, June 25, 2011 at 6:38 am Link to this comment

Well now, lets see, seeing as defense spending is always off the debt -cutting table, where can we cut from?  How about all of that unnecessary fluff like Midicare and social security?

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By TAR, June 25, 2011 at 5:55 am Link to this comment

Welcome to the inverse fascist state. It has
everything to do with two political parties owned by
corporations and very little to do with the American
taxpayer other than to unconsciously launder the
cash. Typically, they divide and conquer by using
social issues as a distracter. Please stop voting for
these two corrupt parties. Real legislation and
budget cutting must include the following:

Term limits for all federal politicians and
bureaucrats (3, 2 year terms in House, 1, 6 year term
in Senate)
Term limits for the Supreme Court (no more than 1, 8
year term, with public recall option after 4 years)
A 40% reduction in defense spending (focus actual
spending on special forces)
End occupations of Afghanistan and Iraq
Close at least 50% of all foreign military bases
—Utilize returning soldiers for: guarding of border,
security, infrastructure work, classroom instruction
Eradication of the Federal Reserve
Eradication of various cabinet level departments
Complete transparency of ALL federal and state
Eradication of the IRS and creation of a simple
taxation system
Investment in infrastructure
Investment in alternative energy
Drill for oil and natural gas in the U.S., but
maintain focus on alternative energy
Constitutional Amendment for a Balanced Budget

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OzarkMichael's avatar

By OzarkMichael, June 24, 2011 at 7:04 pm Link to this comment

I for one am surprised that Obama took time from his busy fundraising schedule and weekly golf outings to actually do some work.

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By the worm, June 24, 2011 at 5:36 pm Link to this comment

So, Obama and the Democrats pretend these are ‘earnest’ negotiations with the
Republicans. The Republicans are just pretend period.

So, the Democrats signal all their willing to give up (just like they were
negotiating in earnest). But, once the Republicans know what the Dems are
willing to give up, the Republicans will storm out and refuse to negotiate,
refuse any tax increases, etc.

But what the Republicans have ‘won’ is the knowledge of what the Democrats
are willing to give on: (1) the Dems will cut Social Security, (2) the Dems will cut
Medicare, (3) the Dems will cut social programs and eliminate social programs,
(4) the Dems will education assistance, and so forth.

The Republicans have positioned themselves for the next round of
‘negotiations’ and strengthened their hands because they know what the
Democrats will cave on ... And to find out, the Republicans have given nothing
but a little of their time.

Bottom line: The Democrats and especially Obama are ready to sell us down the
river. Obama has already twice ‘negotiated’ continuation of the Bush-era tax
cuts for the wealthy. So, look for more to come.

It’s time for third party. The so-called Democrats are only nominally
Democrats. They are Democrats in Name Only; they are Democrats without
Democratic principles. Obama is the worst.

Here is what Obama has done:

1. TARP & Financial Bailout: Over 70% of us opposed the bailout. Obama ?
accelerat­ed it with Geithner and Bernanke - both Bush carryovers embraced by

2 . Health Care: 72% of us supported “a government­administered insurance
plan - something like Medicare for those under 65—that would compete for
customers with private insurers.” Supporting Max Baucus, Obama blocked
hearings on single payer and chocked off true health care reform.

3. The Debt and Fair Taxes: Washington Post-ABC poll Washington Post-ABC ?
poll, Spring 2011: 72 percent support raising taxes on the rich including 68 ?
percent of Independents and 54 percent of Republicans. Obama twice ?
‘bargained’ to extend the Bush tax cuts for the wealthy.

4. Afghanistan: 64% of us opposed expanding the war in Afghanistan and
wanted to disentangle from Bush-era ‘War on Terror’ and ‘preventive war’ ?
policies. Today, over 70% of Americans oppose the war. Obama continues it.

The first two years of his Presidency, all this was done with a nominal majority
of pretend Democrats in both the House and the Senate. Absurd to keep voting
for the Democrats, only to become complicit ourselves in our demise.

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By rendit, June 24, 2011 at 1:24 pm Link to this comment
(Unregistered commenter)

this should be pretty classic,, lets see,, first move in negotiations..


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