Obama, Senate GOP meet as debt crisis looms
May 12th, 2011
11:53 AM ET
4 years ago

Obama, Senate GOP meet as debt crisis looms

Washington (CNN) – Can Democrats and Republicans agree on terms to increase the amount of money the federal government is allowed to borrow, before Washington defaults on its financial obligations?

That question - dry perhaps, but important to your bottom line - will take center stage once again Thursday as President Barack Obama meets behind closed doors at the White House with Senate Republicans.


Filed under: Budget • President Obama
soundoff (32 Responses)
  1. Democrat Class Warfare - Destroying the economy, destroying the country

    Obama and the Democrats have shown they are incapable of controlling or cutting spending. If they refuse to agre to specific spending cuts AND ARE HELD TO THEM then increase it SLIGHTLY. If they do not agree to cuts, then NO DEBT LIMIT INCREASE. Force them to either cut or try and raise taxes. One way or another this country must learn to learn within its means and stop selling future generations down the tiolet.

    May 12, 2011 11:57 am at 11:57 am |
  2. ConservaFASCISTS

    Any negotiations with republicans can't be a good thing. The last negotiated deal with these scumbags was during the lame duck back in December when those fascists republicans held our national security hostage just so they can keep their tax cuts.

    May 12, 2011 11:59 am at 11:59 am |
  3. Democrat Class Warfare - Destroying the economy, destroying the country

    How about we cut spending to make up half of the deficit and tax the 50% of the people in this country that pay no taxes to make up the other half? If you live in this country then you need to help support this country. Why are these politicians refusing to see and act on the obvious tax imbalance in this country?

    May 12, 2011 12:05 pm at 12:05 pm |
  4. Rudy NYC

    One way or another this country must learn to learn within its means and stop selling future generations down the toilet.
    ---------------------
    The Clinton administration already did that.
    Now the Obama administration must fix up it again.
    When America wants to spend, they put the Rs in charge.
    When America wants to trim, they put the Ds in charge.
    It has worked that way for over 100 years.

    May 12, 2011 12:07 pm at 12:07 pm |
  5. Dominican mama 4 Obama

    Mr. President you have a treasure trove of "information" on those attending this meeting. Why don't you give them a peek at their own "resume" before the start of negotiations, it might help break through some of the b.s. and cut through the crap so that everyone can really get down to business, and negotiate for the good of the country NOT their Party and corporate sponsors.

    May 12, 2011 12:07 pm at 12:07 pm |
  6. PalmReader

    The Bush Administration raised the debt ceiling 7 times during his Administration ... without cutting spending. Indeed, Bush added 11T to the deficit in 2008 alone - the last time the deficit was raised by Bush. One assumes that these same GOPers now pushing for spending cuts are the same folks who voted WITH Bush to raise it during his tenure. Get the thing raised FIRST, and then we'll debate cutting spending ... starting with oil and big business tax indexes.

    May 12, 2011 12:14 pm at 12:14 pm |
  7. Democrat Class Warfare - Destroying the economy, destroying the country

    The Clinton administration already did that.
    Now the Obama administration must fix up it again.
    When America wants to spend, they put the Rs in charge.
    When America wants to trim, they put the Ds in charge.
    It has worked that way for over 100 years.
    ================================================
    Newt and a REPUBLICAN CONGRESS controlled the spending that brought the budget back into balance. Clinton merely signed onto the plan. He gets 5% of the credit. It lead to economic properity. Another reason to serious consider Newt for President.

    Democrats controlled the Congress for over 40 years before Republicans took control in the 90's. During that time we got Medicare, medicaid and the Great Democrat Entiltement Society. All of which are now bankrupting this country. Thank you Democrats for your efforts to crush the country with debt and unsustainable social welfare programs.

    May 12, 2011 12:15 pm at 12:15 pm |
  8. Four and The Door

    Obama will resist cutting spending with every ounce of his energy. He does not care one bit about the debt. He increased it by 40% just in his first 2 years. Just because Americans revolted and the Republicans won Big in 2010, Obama has not changed his love of spending. New trains are more fun than new cuts. His Democratic Congressmen will be much more supportive next year if he can put fast, shiny new trains in their districts. Let someone else figure out how to pay back the debt.

    May 12, 2011 12:19 pm at 12:19 pm |
  9. Rudy NYC

    How about we cut spending to make up half of the deficit and tax the 50% of the people in this country that pay no taxes to make up the other half.
    -----------
    I agree with your solution on people who pay no taxes. Very few in that group are middle class. Some of that 50% pay no taxes because they are poor. The rest pay no taxes mainly because of all of the tax loop holes for "small business owners" to stimulate jobs growth. Don't you remember your Bush Tax Cuts? He raised the basic rates, but increased the number of deductions "to stimulate investment."

    When your main export in capitalist economy becomes capital itself, that is called Imperialist Capitalism. Some Russian guy wrote a book all about it. He thought it was the greatest system in the world. He couldn't convince others of his vision, so he split the Russian Social Demcratic Party to go it on his own. It started a civil war called the Bolshevik Revolution.

    May 12, 2011 12:22 pm at 12:22 pm |
  10. Annie, Atlanta

    Democrat Class Warfare, etc. – that great Democrat entitlement society is paid for by this society. You don't think tax breaks for the rich during 2 wars added to the deficit. Or the two wars that were not paid for didn't add to the deficit. Or letting Wall Street gamble, keeping their winnings and socializing their losses (that means they got rich and we had to pay for it, in case you don't understand). How about house Republicans right now taking whatever they can get away with from the poor, middle class, elderly, and our vets to give to the rich, or for that matter all those Republican governors? You're entitled to your own opinions, certainly, but you don't get to make up your own set of facts. We're way beyond beliving this nonsense anymore. Thank goodness we're starting to pay attention.

    May 12, 2011 12:25 pm at 12:25 pm |
  11. cindy

    Good Luck Mr. President,"Dealing with these Corporate Run Idealist" They have made-up their "Feable" minds! Gop wants to "Screw the American People" Lets just hope the "Stupid Population" in the U.S. can figure it out? Good Luck!

    May 12, 2011 12:25 pm at 12:25 pm |
  12. cf

    The Republicans idea of "reducing spending" is to cut unemployment benefits in a tough economy that they created, cut funds for schools, hospitals and roads, cut medicare and medicaid and social security, cut aid to students, the poor, the elderly, the working man... all the while giving millionaires, billionaires, oil companies and corporations huge tax breaks and heaps of money.

    May 12, 2011 12:31 pm at 12:31 pm |
  13. Anonymous

    The Bush Administration raised the debt ceiling 7 times during his Administration ... without cutting spending. Indeed, Bush added 11T to the deficit in 2008 alone –
    ----------------–
    Bush added 11T to the deficit in 2008 alone, Really??? Bush increased the deficit drastically over his 8 years no doubt, but check the facts.
    National debt 09/30/2007 9 trillion
    National debt 09/30/2008 10.024 trillion
    National debt 09/30/2009 11.9 trillion

    I don't see 11 trillion in one year, in fact Bush's deficit over 8 years added more than 6 trillion, too much, but a far cry from 11 trillion. Also Obama took office in Jan 2009 and began stimulus packages and other spending to add to the deficit in 2009.

    May 12, 2011 12:33 pm at 12:33 pm |
  14. PalmReader

    "Newt and a REPUBLICAN CONGRESS controlled the spending that brought the budget back into balance. Clinton merely signed onto the plan. He gets 5% of the credit. It lead to economic properity. Another reason to serious consider Newt for President.

    President Clinton signed the Omnibus Budget Reconciliation Act in 1993 - before Newt was Speaker - raising taxes on all Americans, including the wealthiest. I suspect the surplus handed to Bush was a direct result of Clinton's Omnibus program. Fact is even Newt himself hasn't (and won't) be taking credit for raising taxes anytime soon. And would rather you didn't give him the credit either.

    May 12, 2011 12:38 pm at 12:38 pm |
  15. Rudy NYC

    Newt and a REPUBLICAN CONGRESS controlled the spending that brought the budget back into balance. ent.
    --------------------
    "In charge" means in the White House. Look at what Reagan did to the deficit. He multiplied it by a factor of 10, despite having been forced to raise tax rates 9 times. He caused two recessions. The Great Communicator was terrible at economics. Even his own VP called "Trickle Down" "VooDoo Economics".

    Personal tax cuts to the wealthy do not create jobs. It siphons off capital that could create jobs. The cash gets invested, which does not create jobs. When Reagan took office the financial sector was 16% of GDP. By 2008, that number was 60%. We turned our main export into capital, which kills jobs.

    May 12, 2011 12:39 pm at 12:39 pm |
  16. PalmReader

    @ Anonymous - My mistake. I misread my facts. Thanks for the correction.

    May 12, 2011 12:48 pm at 12:48 pm |
  17. Rudy NYC

    "Just because Americans revolted and the Republicans won Big in 2010,"
    ------------------------------------
    The Republican party is driving a success straight into the ditch. They went and threw a Sucker Punch at the American people. Revolt? Republicans have started a grass roots revolt that has spread like wild fire. No amount of GOTP messaging will be able to put it out, either.

    May 12, 2011 12:50 pm at 12:50 pm |
  18. November 2010

    And everybody thinks the GOP is irrelevant.....LOL Wait until the price of a gallon of gas averages $5 and we'll see how popular the president really is.

    May 12, 2011 12:51 pm at 12:51 pm |
  19. Four and The Door

    Rudy NYC
    Personal tax cuts to the wealthy do not create jobs. It siphons off capital that could create jobs. The cash gets invested, which does not create jobs.
    ________________________________________________________________________________________________
    What school of economics did you go to which taught that invested cash does not create jobs?!?! I'm not kidding. This is exactly what you said. I suppose in your school money spent on unemployment benefits creates jobs? Money spent on entitlements creates jobs? Money given to big banks creates jobs? $100 million a month given to Pakistan creates jobs?

    May 12, 2011 12:54 pm at 12:54 pm |
  20. Oregon Calling

    How about ALL of our ELECTED officials take a PAY CUT?!?!? Why is this never on the table?

    Peace :-)

    May 12, 2011 12:58 pm at 12:58 pm |
  21. Mikey

    @ Class Warfare – how do you explain away the FACT that GWB and a Republican controlled Congress for SIX YEARS turned the only budget surpluses we have had in three decades into massive annual budget deficits? If GWB had kept the econimic policies he inherited from Bill Clinton, we would have just about paid off the national debit by now.

    May 12, 2011 01:06 pm at 1:06 pm |
  22. Stand Up

    Hey, ConservaFASCISTS.....into name calling I see. "scumbags", you call them? Well, like they say.... 'it takes a scumbag to know a scumbag'. Right, ConservaFASCISTS?

    May 12, 2011 01:07 pm at 1:07 pm |
  23. BeverlyNC

    Meeting with Repblicans is a waste of time. Republicans sole goal is to BLACKMAIL the President to get more of their extremist, anti-People social agenda passed. They don't care about the deficiit, the debt ceiling, jobs, or the economy. It's just a giant Republican lie. All the care about is themselves, their rich buddies and the corporations who buy elections for them. Republicans HATE the PEOPLE and have proven that for the past 2 years. DONE NOTHING, OFFERED NO REAL SOLUTIONS, NOT CREATED A SINGLE JOB, TRYING TO DESTROY MEDICARE AND SOCIAL SECURITY AND HEALTHCARE, AND PASSING LAWS IN REPULICAN STATES TO TAKE AWAY OUR RIGHTS AND FREEDOMS.

    Extremist anti-abortion laws which the majority of Americans are against, destroying public education and giving all their funding to corporations, reinstating child labor in Maine and Michigan and not even requiring children to go to school! (are we back in the 1800s again?), taking away worker rights to negotiate for safe working conditions, a fair wage they can live on, and retirement benefits for working their whole lives loyally for a company, taking away our voter rights to make it very hard for YOU to vote (my state has done it, you should check what all the hoops are now in place for you to be able to vote in your state now), taking away womens rights, and even creating dictatorships for their Governors where they can go in and solely make the decision to take over a town, throw out all the elected officials from the Mayor down to the school board and do whatever they want with NO input or NO right to oppose it by the citizens of that town and the Gov of Michigan has already done this to one town with 23 more on his list. He hires a corporate manager to run the town who can do anything he wants and the PEOPLE there have NO VOTE, NO RIGHTS, NO SAY in anything. What happened to DEMOCRACY within the Republican Party?
    President Obama saved this nation from another Great Depression, has put stability back into out economy, has created jobs every single month for more than a year, saved GM – a true AMERICAN company on our soil- who now is making record profits and is ready to hire another 4200 workers. Republicans are actually criticizing that! Republicans would not even give President Obama the credit he was due for the brilliant operation that took out Osama bin Laden and netted us incredible inside intelligence on Al Qaeda operations and plans.
    Republicans have done NOTHING for America and do not deserve our support, respect, or votes come 2012. Let them go get jobs from their corporate buddies and bosses. Maybe they can find something useful to do for them because they certainly are doing NOTHING for the PEOPLE, JOBS or the ECONOMY sitting in Congress. NO MORE REPUBLICANS in 2012.

    We need ALL DEMOCRATS so we can keep up the work rebuilding our nation, creating jobs, handling foreign security issues, and making America a nation for its PEOPLE again, rebuilding our DEMOCRACY, and the "American Dream" for ALL AMERICANS. Thank you President Obama for working so hard for us and shame on you Republicans for doing everything you can to spread hate, lies, racism, and destruction throughout our wonderful nation.

    May 12, 2011 01:08 pm at 1:08 pm |
  24. Sniffit

    And CNN will studiously ignore the fact that numerous businesses and trade groups, including the U.S. Chamber of Commerce (of all things), sent a letter to Congress pleading with them not to play games with the debt ceiling and not to attempt to use it as leverage in their ongoing political battles over the budget. The business community is in partial freakout mode because the GOP claims it can hold the nation's credit rating hostage in order to force a dismantling of the very programs and rights that created the middle-class in the first place. The effects would be world-wide and devastating to all but the richest few. The letter bluntly states:

    "[We] respectfully urge you to raise the federal debt limit...We strongly agree that the failure to increase the statutory debt limit in a timely fashion could have a significant and long-lasting negative impact on the U.S. economy."

    Anyone who thinks the GOP is doing anything other than bluffing and pandering when they claim to be drawing a line in the sand on the debt limit issue needs their head examined, stat. The Dems have them in a corner on this issue and they're simply trying, desperately at that, to create enough of a misinformation narrative that people walk away from the it after the debt ceiling gets raised thinking it was somehow horribly irresponsible to do it. It's not. What's horribly irresponsible is pretending it's a political football. It is, in fact, the responsible thing to do to raise that limit, get the issue out of the way, and then begin talking about how to fix the budget in a rational manner....something the GOP wants to put off as long as possible because they're stuck on irrational.

    May 12, 2011 01:11 pm at 1:11 pm |
  25. Tony

    Congressmen and Senators have all complained that we have to stop spending, Republicans have blamed high gas prices on President Obama. Democrats blames Republicans
    The Speaker asked to have Ohio exempt from the Pentagons hit list again. They have voted to keep subsidizing the oil industry at the expense of the us. It is obvious that the only thing they are really interested in is getting re-elected.

    May 12, 2011 01:17 pm at 1:17 pm |
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