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Obama To Address Nation At 11:00 AM, Announcing Lack Of Agreement On Debt Ceiling...
Zero Hedge ^ | 07/10/2011 | Tyler Durden

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.


TOPICS: Breaking News
KEYWORDS: 57states; bhoeconomy; bhofail; bhofascism; bhopeaspresser; bhopresser; bhotaxes; commiesraus; debtceiling; debtdeal; deficit; democrats; fail; govtabuse; liberalfascism; obama; obamadepression; obamanomics; redistribution; socialism; socialistdemocrats; taxcheatparty; taxes; taxincreases; totus; tyranny; youlie
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1 posted on 07/10/2011 6:09:13 PM PDT by The Magical Mischief Tour
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To: The Magical Mischief Tour

Let the games begin. Obama is a Socialist out of OPM.


2 posted on 07/10/2011 6:11:14 PM PDT by screaminsunshine (Socialism...Easier said than done.)
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To: The Magical Mischief Tour

Obama = Epic Fail


3 posted on 07/10/2011 6:13:51 PM PDT by TexasFreeper2009 (Obama = Epic Fail)
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To: The Magical Mischief Tour

Not another TV address!


4 posted on 07/10/2011 6:14:35 PM PDT by calex59
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To: The Magical Mischief Tour

4 billion in cuts coupled with no debt ceiling increase might actually make a small start in the problem.


5 posted on 07/10/2011 6:14:35 PM PDT by Ingtar (Together we go broke (from a Pookie18 post))
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To: The Magical Mischief Tour

More Kenyan whining. (((YAWN)))


6 posted on 07/10/2011 6:15:17 PM PDT by FlingWingFlyer (When the going gets tough, the tough check themselves into "rehab".)
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To: The Magical Mischief Tour
Last April, black male unemployment hit the highest rate since the government began keeping track in 1972. Only 56.9 percent of black men over age 20 were working, compared with 68.1 percent of white men.

Another new economic record for the Baraqqi Regime!

7 posted on 07/10/2011 6:15:30 PM PDT by nascarnation
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To: The Magical Mischief Tour

Phooey on the tax man!


8 posted on 07/10/2011 6:15:45 PM PDT by conservativeimage.com ("Uh, let me be clear. Uh." - President Barack Obama)
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To: The Magical Mischief Tour

Yet another televised Obama whinefest with ratings in the toilet. He’s adamant he wants to spend, spend, spend and tax, tax, tax. May God help protect us all from Obama, his democrats. and liberal media poised to rebuke republicans and conservatives because he’s not getting his way. Wah wah, wah.


9 posted on 07/10/2011 6:17:29 PM PDT by MamaDearest
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To: calex59

Maybe someone will get sneaky and load a resignation speech into his teleprompter.


10 posted on 07/10/2011 6:17:42 PM PDT by Ronin ("A society of sheep must in time beget a government of wolves" -- Bertrand de Jouve)
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To: The Magical Mischief Tour

At 11 am on July 11 of 2011, 0bama will demand something be done by 11 days later. His ‘birthday’ is also on the 11th.


11 posted on 07/10/2011 6:18:05 PM PDT by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto.)
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To: Ingtar

The way I understand it he wasn’t cutting 4 billion he wanted to get the money in tax increases with the promise of tax cuts later. Reagan fell for that one once and said he would never do it again.


12 posted on 07/10/2011 6:18:12 PM PDT by calex59
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To: The Magical Mischief Tour
Margret Thatcher:
And I will go on criticising Socialism, and opposing Socialism
because it is bad for Britain — and Britain and Socialism are not
the same thing. (...) It’s the Labour Government that have brought
us record peace-time taxation.

They’ve got the usual Socialist disease —
they’ve run out of other people’s money.


13 posted on 07/10/2011 6:18:25 PM PDT by Uri’el-2012 (Psalm 119:174 I long for Your salvation, YHvH, Your law is my delight.)
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To: The Magical Mischief Tour

Shut down the government. All this talk about the Fed defaulting is a bunch of scare tactics. The government was shut down before under Clinton and it didn’t default and there was no panic.


14 posted on 07/10/2011 6:18:57 PM PDT by freedom1st
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To: The Magical Mischief Tour

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.


15 posted on 07/10/2011 6:19:40 PM PDT by Former Proud Canadian (We .. have a purpose .. no longer to please every dictator with a vote at the UN. PM Harper)
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To: The Magical Mischief Tour

If only the GOP leadership had this kind of backbone when they controlled the presidency and both house and senate. We might have gotten real reform, a flat tax, elimination of the education and energy departments and saved our republic from economic disaster.


16 posted on 07/10/2011 6:19:40 PM PDT by StolarStorm
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To: Ronin
Maybe someone will get sneaky and load a resignation speech into his teleprompter

I bet the dumb SOB would read it before realizing what it said.

17 posted on 07/10/2011 6:19:58 PM PDT by calex59
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To: The Magical Mischief Tour
Oh just great.

I invested 48K of inheritance money the beginning of this month.

His talking ought to make the market drop another 100 or so.

18 posted on 07/10/2011 6:20:55 PM PDT by mware
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To: The Magical Mischief Tour

From a leaked copy of the remarks:

“Let me be clear: Republicans love private jet owners and hate puppies, grandmas and everything bright and beautiful.”

“We, uh, need more stimulus spending to get out of debt. And internets.”

“I, me, my, me me my my I I yadda yadda.”

“Social security checks will not arrive in September.”

“And now I’m off to the links.”


19 posted on 07/10/2011 6:21:52 PM PDT by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: The Magical Mischief Tour

No one is listening, Zero.


20 posted on 07/10/2011 6:22:24 PM PDT by Huskrrrr
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To: calex59
Why don't they give this marxist pretender freak, nobama, his own network? Then you could be sure you don't watch him drone incoherently on and on and on and...
21 posted on 07/10/2011 6:23:09 PM PDT by hal ogen ( of Rights.)
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To: combat_boots

Only a few can appreciate the significance.


22 posted on 07/10/2011 6:23:37 PM PDT by GourmetDan (Eccl 10:2 - The heart of the wise inclines to the right, but the heart of the fool to the left.)
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To: The Magical Mischief Tour

Obama is a rockhead. Speeches are not the same thing as governing. What’s important is the future of the country, not Obama’s ability to fool the public.


23 posted on 07/10/2011 6:23:37 PM PDT by popdonnelly (Democrats = authoritarian socialists)
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To: conservativeimage.com

It would be nice if people on this forum who were screaming needlessly last night would now admit that Boehner was on firm turf when he rejected the larger deal: it contained a HUGE tax increase and phantom spending cuts.

So now BO is going to try to raise the stakes and demagogue the entire issue, play the class warfare game. Boehner should tell BO to either STFU or he won’t even schedule a vote on any debt limit increase.

Best realistic scenario: call the Dems bluff and hold out for a $2 trillion deal that is almost exclusively spending cuts, including an immediate down payment of $500 billion in FY 12 alone.

We are all going to have to stick together and back Boehner and McConnell, because the Beltway MSM is in a panic that the GOP will hold firm real for spending cuts, and they are livid.


24 posted on 07/10/2011 6:24:09 PM PDT by mwl8787
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To: The Magical Mischief Tour
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."

Getting rid of corporate jets and reforming the patent process will take care of it. Yeah, that's the ticket.

25 posted on 07/10/2011 6:24:09 PM PDT by CedarDave
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To: The Magical Mischief Tour

The Republicans have not been able to explain to the sheeple that we will not default unless the Executive Branch chooses to. People actually think a default is real and pending. Given that, I see two options. Either the Republicans will cave in the face of what they perceive as overwhelming public pressure (invented by the MSM) or Obama/Geitner will force a default until they cave. A default is right out of the communist playbook of orchestrated crisis (thank you Yuri Bezmenov). Never let a crisis go to waste.


26 posted on 07/10/2011 6:24:28 PM PDT by Pan_Yan
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To: The Magical Mischief Tour

Ohaha is going to Narc on Boehner. LMAO

Mommy, Congressman Boehner won’t play fair.

We’re back on the nine year kick again, only this time I might lower the age to six, give or take a year.

Obama thinks he can pull a Reagan and go over Congress’ head directly to the public. Tomorrow afternoon the public is going to tell him to sit down, shut up, and get to work reducing spending.


27 posted on 07/10/2011 6:24:30 PM PDT by DoughtyOne (F me, you, everybody, the new Dem/Pubie compromise. No debt reduction, + wild spending forever...)
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To: Ingtar

4 billion?


28 posted on 07/10/2011 6:24:35 PM PDT by nikos1121
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To: GourmetDan

kinda creepy


29 posted on 07/10/2011 6:24:52 PM PDT by Principled
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To: UriÂ’el-2012
“No one would remember the Good Samaritan if he'd only had good intentions - he had money too” - Margaret Thatcher

This is my favorite quote from her.
30 posted on 07/10/2011 6:25:27 PM PDT by Renderofveils (My loathings are simple: stupidity, oppression, crime, cruelty, soft music. - Nabokov)
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To: The Magical Mischief Tour

Obama address to the nation: “I am not a dick”.


31 posted on 07/10/2011 6:26:14 PM PDT by dogcaller
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To: The Magical Mischief Tour

What parts of the Nation are home watching TV at 11 AM on a Monday morning? (Zero’s constituents mostly haven’t gotten out of bed and the rest of us will be working.)


32 posted on 07/10/2011 6:26:14 PM PDT by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: The Magical Mischief Tour
"He's not someone to walk away from a tough fight," White House chief of staff William Daley said.

Barack is politically

Photobucket

and Congress had better reply with anything the jacka$$ has to say with a solid

Photobucket

Because,

We have had enough of this crap as a paying nation:

Photobucket

33 posted on 07/10/2011 6:26:25 PM PDT by EGPWS (Trust in God, question everyone else)
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To: Former Proud Canadian

They will but need to hold this strategy for when things really get ugly with the MSM handmaidens for Obama.

If Obama is holding a press conference tomorrow b4 any bipartisan meeting, this means we are entering total war.

The next 3 weeks are going to be very ugly.


34 posted on 07/10/2011 6:27:32 PM PDT by mwl8787
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To: The Magical Mischief Tour
Republicans should be all over the admin propaganda organs morning news shows then!
35 posted on 07/10/2011 6:28:18 PM PDT by mrsmith
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To: The Magical Mischief Tour
Why don't the republicans turn the table on Obama. Insist on spending cuts now in return for the promise of tax increases in 2014, “if the economy can support them.” When Obama is thrown out of office, the republicans can forget about the promised future tax increases.
36 posted on 07/10/2011 6:28:38 PM PDT by LOC1 (Let's pick the best, not settle for a compromise.)
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To: The Magical Mischief Tour

Whatever else he whines about, he’ll also gripe about Texas putting down a Mexican 17 years after killing a 16-y.o. girl.


37 posted on 07/10/2011 6:29:42 PM PDT by theDentist (fybo; qwerty ergo typo : i type, therefore i misspelll)
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To: The Magical Mischief Tour
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."

Let's do the math, shall we? This year's deficit alone will be $1.5 trillion.

Bammy and Boner want to cut the deficit by (optimistically) $4 trillion over ten years. $1.5 trillion x ten years = 15 trillion - $4 trillion = $11 trillion in aditional debt over ten years.

So instead of $1.5 trillion in further debt every year, we'll only be $1.1 trillion in additional debt every year.

38 posted on 07/10/2011 6:30:57 PM PDT by mojito
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To: The Magical Mischief Tour

Blah Blah Blah Bush’s fault,evil rich, the republicians I I I Me Me Me. FUBO


39 posted on 07/10/2011 6:31:00 PM PDT by bikerman (Where Has My America Gone?)
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To: StolarStorm

The GOP work for the bankers just like the Dems. The banks want ever expanding debt because it is a necessity in a debt based money system. That is why the GOP has not and will never reduce the size of government.


40 posted on 07/10/2011 6:31:37 PM PDT by FightThePower! (Fight the powers that be!)
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To: The Magical Mischief Tour
a debt deal has to be reached by July 22 or else.

That gives the GOP 12 days to fold. I am not optimistic.

41 posted on 07/10/2011 6:32:30 PM PDT by Oatka ("A society of sheep must in time beget a government of wolves." –Bertrand de Jouvenel)
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To: The Magical Mischief Tour

Hopefully, he will finish before Rush starts.


42 posted on 07/10/2011 6:35:06 PM PDT by HotKat
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To: The Magical Mischief Tour

Hopefully, he will finish before Rush starts.


43 posted on 07/10/2011 6:35:25 PM PDT by HotKat
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To: The Magical Mischief Tour
Time for a Fast and Furious impeachment.
44 posted on 07/10/2011 6:35:58 PM PDT by cruise_missile
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To: The Magical Mischief Tour

There can be no tax increase, no debt increase, no further growth of government, no more continuing resolutions, no more funding of unlawful military actions, no perversion of God given rights, no caving and no compromise in Congress without the aid and assistance of the REPUBLICAN party. It will be interesting to see who the Repubs will represent.


45 posted on 07/10/2011 6:36:15 PM PDT by Vigilance
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To: calex59
President Bush 41 did so also.

There was an agreement for major spending reductions if Bush 41 agreed to tax increases.

The taxes went up, but the Democrats who controlled Congress thumbed their noses at the President and there were no spending cuts.

Then they used 41’s words “read my lips, no new taxes” to run him out of the WH> Generally speaking the Republicans do not do well when negotiating with the dems.

46 posted on 07/10/2011 6:36:29 PM PDT by elpadre (AfganistaMr Obama said the goal was to "disrupt, dismantle and defeat al-Qaeda" and its allies.)
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To: Pan_Yan

We will never get help from the MSM, so we must tell every friend, relative, neighbor and co-worker that the govt will have billions of dollars flowing into Treasury to cover debt payments, defense spending, social security, and Medicare. Obama and the MSM are counting on the ignorance of the American people, and it is up to us to spread the truth.

Earlier this year the House already passed a bill to prioritize all revenues to cover the priorities noted above. Reid buried the bill in the Senate. However, at the correct moment, the House can re-pass this bill, send it to Reid, and dare him to try to bury it. Reid has too many RAT senators from red states who must face the voters next year, and he will not be able to hold the dam. So the SS game will not work unless we allow it to.

The GOP is holding four aces and the RATS are in total denial that Keynesian economics are dead.


47 posted on 07/10/2011 6:37:12 PM PDT by mwl8787
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To: mwl8787
The next 3 weeks are going to be very ugly.

gosh...I hope so.
48 posted on 07/10/2011 6:37:12 PM PDT by novemberslady
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To: The Magical Mischief Tour

I do not understand why the Progressive’s are all wee wee’d up.
Obama agreed to keep the Bush tax rates to the end of 2012 (agreement struck Dec 2010)
Obama agreed to NO NEW TAXES, NOT EVEN THE “RICH”
And, the debt ceiling is capped.

Obama, the decider, will have to make decisions on how to spend the current incoming revenue. Congress ought to demand we pay the interest on the debt, followed the Military.
Then, Timmy can wind up the printing press to cover all of the T_Bills bills the SS Fund will need to sell to cover SS payments to seniors


49 posted on 07/10/2011 6:37:42 PM PDT by Steven Tyler
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To: The Magical Mischief Tour

I hope he remembers to roll up the sleeves on his golf shirt.


50 posted on 07/10/2011 6:38:38 PM PDT by COUNTrecount (Barry...above his poi grade.)
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