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.
Given that: a: the stain's press conference isn't until 10:30 or so, and b: we all are fully knowledgeable about exactly what the stain has been told to say....how the stain inherited an economy in shambles, how the current crisis is all the fault of the republicans, that because of the republicans, there is no hope of a quick recovery...etc., etc., etc.
Why, oh why, isn't there a loud, strident, repub/rino/conserv/tparty voice out there NOW making attacks on the stain and his regime over the issue?
Why oh why must we always sit back and wait until the stain uses the "bully pulpit" to attack the conservative right with arguments WE KNOW he'll use?
Why must the right be constantly on the defensive? Why doesn't the right attack, attack, then attack again? Never ending, constant, loud, attacks. Attack all the time, without rest, without ceasing.
This really is a war. It is a war against rampant socialism, liberalism, a stain on the Presidency of the US, and the very real danger of the end of the US as we've known it. Yes, it is a WAR.
The rino party makes me sick.
Thanks. It’s so obvious.
GAWD I can’t stand this man
I can’t believe he is going to speak before the talks and act like he is going to solve anything.
GRRRRRRRR
In a somber tone, he’ll announce that he “regrets” the Republicans will not help him reduce the deficit with a “balanced approach” (more taxes) that asks for “shared sacrifices” (more taxes). The blame will be laid at the feet of John Boehner. The Democrats want nothing but good for the country and the GOP refuses to listen to reason. That’s the current spin.
At the last minute a “deal” will be made that includes some cuts in spending and a few increases in “revenue”. Obama will take all the credit and say he saved America. Just watch.
It’s 11, is it Obama, or Woods on TV. What time will he actually talk, under/over
He’s using this crisis of his making to score political points and that’s all IMO.
Hard to listen to him repeating his same points. I doubt he’ll have anything more to say then this isn’t his fault.
If it’s 11 then it is Woods. Fauxbama is always”fashionably late.”
Agree
The Republicans and Tea Partiers should be out - LOUD and CLEAR - rebuttal this guys stupid television antics
Makes us all so angry we could spit nails
FRUSTRATED
Has he gotten to the part about Republican eating live kittens yet?
Nothing...it's just if you repeat a lie enough times the fickle public believe it.
Baraq is dumping Biden and making TW his 2012 VP running mate!
As usual...included is the “wait” for Obama...some things never change. He enjoys this.
God forgive me for how much I loathe him. I say again: he’s pure evil.I get tires of saying that over and over but that’s the best description of him.
Standing by for the new BS
Same as the old BS
Obama don’t know Shinola.
BOOK IT!
FNC showing clips of Bachmann - yes!
Debt crisis in Europe spreading rapidly. Italy and Portugal may go under. Greece budget deficit widens.
American middle class financially destroyed.
(Just some of today's cheerful news on Yahoo Finance.)
FNC showing clips of T-Paw - not so exciting
...waiting...waiting...waiting...
I expect Palin will have something up on this one by this afternoon.
She’s the only one that has the media wattage to be heard.
I expect Palin will have something up on this one by this afternoon.
She’s the only one that has the media wattage to be heard.
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