Skip to comments.'Címon, Man!' Exclaims VP in Deficit Meeting. 'Letís Get Real!'
Posted on 07/11/2011 4:35:32 PM PDT by MissesBush
Officials familiar with the negotiations say todays meeting began with President Obama asking House Majority Leader Eric Cantor, R-Va., to lay out what was agreed upon in the deficit reduction talks led by Vice President Biden.
Cantor outlined around $2 trillion in deficit reduction over the next decade: $11.1 trillion in discretionary spending; $200 billion in mandatory discretionary spending (such as civilian military retirement and farm subsidies); $200 billion in Medicare and Medicaid; and roughly $200-300 billion in saved interest on the debt.
After Cantors presentation, the President said the two sides might be able to reach consensus on roughly $1.7 trillion, though there were still some issues to resolve.
House Speaker John Boehner, R-Ohio, has said the amount they agree to in deficit reduction needs to be equal to if not more than the amount they agree to raise the debt ceiling.
How much is that? There seemed to be consensus in the room that the amount by which they need to raise the debt ceiling is $2.4 trillion.
That would get the government to February or March 2013. Why that date? No one thinks a lame duck Congress should take this on from November-January 2012/2013 and that would allow the new Congress and maybe a new President to get his or her sea legs before addressing this again.
So tomorrows homework assignment, the president said, is for the congressional leaders to figure out how to get from $1.7 trillion to $2.4 trillion.
Republicans are still insisting on no new taxes. Democrats say they need some revenues a balanced approach to get Democratic votes. As House Minority Leader Steny Hoyer, D-Maryland, said today, Republicans must be prepared to make concessions of their own and not put the entire burden on seniors, the middle class and the most vulnerable among us."
Congressional leaders will need Democratic votes not only in the Senate but the House as well. Youve got the (Michele) Bachmann Caucus that has made it clear they wont vote for anything, one Democratic official said.
Boehner said at one point that its clear to all of us how big this spending problem is. Congress keeps voting for programs we cant pay for. But look, entitlement cuts arent easy for us to vote for either. Our guys arent cheerleading about cutting entitlements.
Your guys already voted for them, the president said, referring to the budget offered by House Budget Committee Chairman Paul Ryan, R-Wisc.
Excuse us for trying to lead, Boehner said.
The president today continued to make the case for a big deal, arguing that if theyre going to draw heat for the deal, they should at least do more than make a down payment on the deficit they should get the country on sounder financial footing and begin to seriously bend the deficit cost curve.
During another exchange, Republicans were going through proposed tax increases as bad for jobs.
"Cmon, man! Vice President Biden exclaimed, lets get real!"
The Vice President argued that their opposition isn't economic, it's ideological, that no real economist thinks they're "job killers."
In terms of the big deal President Obama and Speaker Boehner discussed in the past for around $4 trillion in deficit reduction --, Democrats say the Republicans walked away from major spending cuts, entitlement reform, and tax reform, all because part of the trigger mechanism if the tax reform was not achieved by the end of 2012 was the risk that the Bush tax cuts on the wealthiest Americans would have expired. Democrats insisted that one commitment for tax reform needed to be that the new code needed to be at least as progressive as the current tax code.
Ronald Reagan would have accepted this plan, one of the Democratic officials said.
The meeting broke after about an hour and a half.
Well meet tomorrow at the White House at 3:45, the president said.
A.M. or P.M.? Senate Majority Leader Harry Reid, D-Nev., joked.
It may come to that, the president said.
In the end we will get pretend cuts “over a decade” in exchange for the higher debt ceiling.
and the GOP will do a victory dance.
What happened to Nancy Pelosi?
I thought Hoyer was the Minority Whip?
One of the defining moments in history is Rick Santelli’s rant that led to the Tea Party Movement. If we hadn’t gotten control of the House we would be a serious trouble. As it is, if it wasn’t for the pressure from the American Public ...Republicans would have already caved.
2 Trillion over the next decade???? Is he crazy! how about 4 trillion next year???
DO NOT let this be an issue that is moved passed the next election!!!!!!!!!!!!!!!!!!!!!!!!
Dear God please give the GOP courage to stand firm at long last.
“In the end we will get pretend cuts over a decade in exchange for the higher debt ceiling.”
And higher taxes immediately.
I still think it's a mistake to bypass the Senate Democrats and take this directly to Obama.
Anything Obama agrees to still has to pass the Senate, which has not even passed its own budget resolution yet.
Furthermore, this just gives Obama another platform to look "presidential" going into the 2012 election. It also gives the MSM another issue to pound Republicans with until they cave in to pressure.
Republicans instead should have put the pressure on Harry Reid to get the Senate to go on record with a budget plan of their own, and continue to make Obama look like the bystander that he really is.
This is his starting point? After the way the Democrats have run up spending, it should be $2 trillion in TWO years!
Let’s not pre-judge this. So far they’re holding the line against the media’s bombardment and against the Democrats’ lying demagoguery and “economic armageddon” b.s. spew. Give them some credit for holding up against the onslaught. Let’s see what comes of this before assuming defeat. We shouldn’t get so cynical that we assume we’ll always be betrayed nor that the Democrats will always win. If the GOP holds the line against tax cutting and this is all done by making budget cuts, trust me, their side is not going to be popping any corks. Indeed, their could well be talk on that side of putting Obama through a primary. Buck up.
Adjunct Professor Obama is back to barking out orders for the children in Congress.
Is ole Slow Joe calling this the The Summer of Recovery 3.0?
Let’s remember we don’t control the Senate and White House. Let’s get control of those, then we can talk about bigger things. We can only do what we’re realistically capable of getting done. The rest will come later.
He has a superiority complex to make Al Gore and John Kerry cringe.
Excuse us for trying to lead, Boehner said.
This was a nice retort.
Can a man with bad hair plugs talk about getting real?
I'm sure there are at least a dozen republican challengers to democrat encumbent senators that would love to see their future opponent twisting in the wind for supporting tax increases.
If you cut the spending, why increase the debt limit?
Furthermore, Obama spent $3.5 trillion in two years. What's up with a cut over 10 years?
Boehner is an idiot. Then again, he's speaker of The Stupid Party.
If the idiots had any clue about those Shared sacrifice words they blather around they would be talking about tax reform to incldue the Fair Tax, Medicare reform to include vouchers and social security reform by letting people keep their FICA tax to invest in their own personal retirement accounts.
Any one of these things would be a boon to the economy, all three would release such drastic growth in America we could right our ticket for the next 200 years.....
The President is involved because Harry Reid passed, asking Obama to lead the negotiations.
Harry doesn't want his Senate Democrats to have any part of the trainwreck which is coming down the road.
He may have no choice, however. Because, even if there is no agreement, Boehner's House will pass a bill before the deadline...and leave it on the Senate's doorstep.
This is Biden's starting point.
Well, that was a balanced report.
Repubs second mistake: The dumb-ass republicans actually think democrats act in good faith.
“and not put the entire burden on seniors, the middle class and the most vulnerable among us.”
Those people do not pay income taxes. Your voters, at least the vast majority of them (47% of all income earners) do not pay ANY income taxes. Sure they pay plenty of other taxes, but we are not discussing that.
You keep talking about freakin’ Millionaires and billionaires, but you want to increase taxes on individuals who make $200K. They are not billionaires, idiot.
Sure he can.
Whether he should or not, well, that’s a different question.
Boehner should be saying that the proper place for these discussions is the the House-Senate Budget Reconciliation process -- you know, the one they used to force ObamaCare on us.
Where's that budget reconciliation now, Harry?
Then let's start acting like they're the problem. "Being reasonable" now will only get us hosed later.
What is this? Interest that would have been if no cuts are made??? How can they count that as a cut??
I am beyond speechless.
Lets get real Joe ! These budget cuts don’t add up to squat.
The article says Cantor agreed to it.
Here is a post of mine from 2009 showing Harry Reid's history of reneging on deals.
Specter suggests Reid reneged on word.-PJ
Newly-turned Democrat Arlen Specter today hinted that that Senate Majority Leader Harry Reid reneged on his word to allow Specter to keep his seniority on committees on which he sits. "Sen. Reid assured me that I would keep my committee assignments, and that I would have the same seniority as if I had been elected as a Democrat in 1980," Specter said in a written statement today.
And they undoubtedly have the Rasmussen survey results in the back of their minds as they consider their reaction to Majority Leader Reids broken promise to confirm three appeals court nominees before the Memorial Day recess, as well as Reids sure-to-be-broken earlier promises to meet the historical average (17) for appeals court confirmations in a presidents final two years. With just a couple of months left in the confirmation window, Reid is less than halfway to meeting that average.
A good GOP Senate source reports today that Minority Leader Mitch McConnell addressed the entire Republican Conference about the judge-fight issue. McConnell is said to have been very insistent that he would not let Majority Leader Reid's broken promise go unpunished He would not tell the Conference exactly what action he was planning, but he did say it would be very firm, and that all concerned would know it when we see it. Quin Hillyer (5/21/08)
While Sen. Lott overcame numerous obstacles to get Paez and Berzon confirmed, Sen. Reid has looked for excuses to renege on his pledge.
GOP senators are understandably angry that Sen. Reid broke the golden rule of senatorial honor by reneging on his commitment.
To ease passage of the public lands measure, Reid promised Coburn the chance to offer a limited number of amendments.Reid: No Vote On Lifting Drug Import Ban Before Health-Care Bill
But after the majority leader objected to a Coburn proposal that would have eased restrictions on firearms in national parks, the package stalled for months, prompting Coburn to charge that Reid reneged on their agreement.
Coburn eventually got to offer four amendments all of which were defeated but not the guns measure.
Republicans accused U.S. Senate Majority Leader Harry Reid, D-Nev., of reneging Tuesday on a pledge to allow a Senate vote on a measure lifting an import ban on pharmaceutical drugs before lawmakers take up health-care legislation.
The development, supported by major drug makers, comes as the Senate is moving to craft the politically delicate compromises needed for the broader health care overhaul bill.
In a letter to a bipartisan group of senators that have been pushing for the import ban to be scrapped, Reid said there wouldn't be time in the busy legislative calendar for full consideration of legislation lifting the long-standing prohibition now.
"He did commit to us and obviously that commitment is not going to be kept," Senator John McCain, R-Ariz., said Tuesday evening.
Republicans might as well fold right now.
Their demands are laughable.
$2 trillion over ten years is chicken feed.
The expnditures are already approaching $5 trillion a year. At the current rate the ten year budget total will no doubt be far more than $50 trillion.
What will a cut of $2 trillion off that accomplish?
Obama will give more than that to the muslims in half that time.
The republicans minimum demand should be $1.5 trillion per year.
No true Scotsman is an intentional logical fallacy, an ad hoc attempt to retain an unreasoned assertion Alice: All Scotsmen enjoy haggis. Bob: My uncle is a Scotsman, and he doesn't like haggis! Alice: Well, all true Scotsmen like haggis.
Great leaders rise to the occasion to inspire millions with a courage and defiance than transcends the passage of time.
German: General McAuliffe, we demand your surrender.
General McAuliffe: "C'mon man, let's get real."
Persians: Spartans, lay down your arms!
Spartans: "C'mon man, let's get real."
British: Do you have any last words Mr. Hale?
Nathan Hale: "C'mon man, let's get real."
British: Surrender your ship Captain Jones!
Captain John Paul Jones: "C'mon man, let's get real."
Is it just me, or was anyone else surprised to find out this guy was let in the meeting?
Spend trillions - more than we have and more than we can borrow for.
Then, with a straight face, exclaim that to get on the right track, tax increases are needed.
Bullshet. Cut the crap from the last few years.
It is called showboating.
the question the WH still hasn’t answered is: WHY do we have to raise the debt ceiling “2.4 trillion more” ? and until I hear a perfectly valid reason, I cannot see raising it one red cent
“Lets remember we dont control the Senate and White House. Lets get control of those, then we can talk about bigger things. We can only do what were realistically capable of getting done. The rest will come later.”
I disagree. The House is where all spending and revenue is generated. On top of that there alot of Senate Democrats that will vote with GOP because they can read the tea leaves. Pun intended.
House needs to stick together and Obama will fold like a cheap suit.
Exactly. Constitutionally, the House has the power over spending and taxing. The only reason that they are worried is that the Mediacracy (MSM) has had more power than the government to define the debate.
The conservatives have some media now, but the sources that most politicians are familiar with and most accustomed to kowtowing to, are all MSM.
The House GOP should simply pass their budget...with a commensurate cap increase...and GO HOME for normal recess.
I think Joe just made up that argument and probably has no facts to back it up. I know of numerous economists who think high marginal income tax rates are job killers. Here's an example of some of this economic research: The Small Business Tax Hike and the 97% Fallacy
Link to this editorial here:
Then, why did Cantor famously walk out of the Biden meetings?
Likely, those were the cuts that Biden and the Republicans had agreed upon -- but the Republicans were shooting for twice that total and Biden would go no further.