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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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