(CNN) - President Obama will hold a news conference Monday morning to give an update on the efforts to reach an agreement on the debt ceiling negotiations. Check back below for live updates and read the full story here.
12:02 p.m. ET – @LisaDCNN: DEBT BOTTOM LINE – post Obama newser: Obama says "no path to a deal" unless GOP budges. #tcot #tlot #p2 #teaparty
12:00 p.m. ET - On CNN: @WolfBlitzerCNN said Obama's "got an enormous problem with his liberal base, by even putting Social Security and Medicare on the table."
11:59 a.m. ET – @HornickCNN: Obama says U.S. needs to get debt problem off the table by acting now. Translation: Obama wants big deal, GOP seems to want short term deal.
11:55 a.m. ET – @LisaDCNN: OBAMA NEWSER: Just ended. About 40 min. Took high road, sd both sides must give up some sacred cows. GOP politics "difficult" for Boehner.
11:55 a.m. ET - Press conference concludes with a question yelled at him by reporter while leaving: "Will we see you every day?"
11:51 a.m. ET - Obama: "This unemployment rate has been really stubborn."
11:49 a.m. ET - Obama: "This recession has been hard on everybody, but it's harder on folks who've got less," adding that he is "obsessed" with all the families in the county who are doing the right thing every day and feel like "they're falling behind no matter how hard they work."
11:48 a.m. ET - Q: How do you feel about the burden on lower-income families?
11:46 a.m. ET - Obama said he's not going to comment on his relationship with his caucus, but that in his experience, the speaker is a "good man who wants to do right by the country."
11:46 a.m. ET - Q: Is Boehner in charge of his caucus?
11:45 a.m. ET – Obama: "We will get this done by August 2nd."
11:44 a.m. ET - Obama said they are hesitant to weigh in publicly because they don't want to make anybody mad.
11:43 a.m. ET – Q: Have you spoken to business leaders as part of these negotiations?
11:43 a.m. ET – @BryanMonroeCNN: Obama to reporter asking abt deal: "I might enjoy negotiating with you, but I don't know how much juice you have in the Republican caucus."
11:42 a.m. ET - Might be smart to do something now to strengthen social security as part of this deal. Would not discuss further details.
11:37 a.m. ET - Obama said he is convinced the steps in the recovery act saved or created a "whole bunch of jobs." He said he won't get exactly what he wants in a deal because he is operating with some political constraints, give the deal will have to pass through the House of Representatives. He said payroll tax cuts are on the table.
11:36 a.m. ET – Q topic: Unemployment
11:34 a.m. ET - @ShepherdCNN: @YellinCNN is the only woman in the front row of President Obama's news conference.
11:33 a.m. ET - Obama said the reason to address Social Security is to make sure the benefits are there for seniors. "If you're going to do a bunch of tough votes, you might as well do it now," Obama added.
11:32 a.m. ET – Q: Clarify Social Security position?
11:31 a.m. ET - "It is hard to persuade people to do hard stuff that includes trimming benefits and increasing revenues<" Obama said. "Reason we have a problem now is people keep avoiding hard things."
11:29 a.m. ET - Obama said he believes House Speaker John Boehner is sincere about "doing something big," but that the politics on his side of the aisle are difficult.
11:28 a.m. ET - Q: Get a $4 trillion deal?
11:28 a.m. ET – Obama said the leaders in the room have to step up and do the right thing despite what those outside the room are saying.
11:26 a.m. ET - "I feel pretty confident" Americans don't want U.S. to default on its debts, Obama said. He said some of the professional politicians know better than to say we shouldn't raise the debt limit.
"This isn't something I'm making up," Obama said. "I'd rather be talking about stuff everybody welcomes like new programs or the NFL season getting resolved. Unfortunately this is what's on our plate."
11:25 a.m. ET – @LisaDCNN: OBAMA – GOP MUST MOVE: I don't see a path to a deal if they don't budge, period. They must compromise as we have.
11:24 a.m. ET – Q: Isn't the problem that you and others have failed to convince the American people we need to raise the ceiling?
11:22 a.m. ET – @LisaDCNN: OBAMA-TAXES: Nobody has talked about increasing taxes now or next yr. We have talked about closing loopholes in 2013.
11:21 a.m. - @LisaDCNN: OBAMA answer 1: I won't sign a short-term deal. Closer to election, this will get harder. Let's do this now – pull off the bandaid.
11:21 a.m. ET - Obama said nobody is talking about increasing taxes now, or next year. They are talking about closing loopholes for "corporate jet owners" and revenues for higher income earners.
11:20 a.m. - Obama said he will not sign a 30, 60 or 90 day approach. "If not now, when?," Obama said. "Lets step up, lets do it."
"I'm prepared to take on significant heat form my party to get something done," Obama said.
11:18 a.m. - Obama said he is open to all proposals but will not consider a deal that lasts for a month or two. "We will resolve this for a reasonable period of time," he said.
11:17 a.m. - Obama said there is resistance from Democrats on entitlements and from Republicans on revenues. "The American people want to see something done."
11:16 a.m. ET - Obama said the group has agreed to cuts that will make the government "leaner, meaner, more effective, more efficient."
11:15 a.m. ET - @BryanMonroeCNN: Obama: "Now is the time to deal with these issues. If not now, when?"
11:13 a.m. ET - President Obama said the good news is everyone agrees we should use this as an opportunity to do "something meaningful on debt and deficit." "We cannot threaten the United States' full faith and credit," Obama said.
11:01 a.m. ET - @LisaDCNN: OBAMA: I'll tweet out the ?s and qk sum of answers but you can also watch on CNN. For those preferring Bravo repeats, I'll tweet.
10:57 a.m. ET - @David_Gergen: On #deficit, good news is that both sides want a deal. Bad news: someone has to cave. And so far, neither side ready for that. #debt
10:26 a.m. ET – @wolfblitzercnn: Heading to DC CapSet for our live #CNN special coverage of President Obama's newser starting at 10:50AM
I'm tired of hearing trying to work out a deal on this, put politics aside and work out a SOLUTION.
I'm tired of hearing about making a deal on this, let's make a solution to this.
Don't cave. Be firm.
Rethugs are NOT concerned about the middle class.
I'd rather watch and listen and make my own decisions. The problem with this nation is that too many people let others choose and decide for them.
GROW A BRAIN.
It was NOT forward-thinking for Republicans to sign a no-tax deal when they could not see into the future. For the welfare of the people of the United States to be held hostage because they did something to get elected is folly. They NEED to raise taxes to pay their bills.
The debt ceiling is my comment. The Republicans have stated how great it will be for the country to cut spending and not raise taxes. If this is so great then lets only cut funds going to those House districts for Republicans congressman. They say they are listening to thier local voters so they should have no problem going home with that as a huge victory for them. We can do really large spending cuts that way 4 trillion or 6 trillion. This should make thier districts really prosper if they believe what they are saying. If it is not good enough for your community then how can it be great for the country. I think if the debate gets put in these terms I think we will be able to get a balance approach. This way the people who voted for thier elected officials can feel the effects of thier vote. As a member of the House you represent your district so let your vote only effect your district.
Hmmmm... I wonder what Obama means when he says "democrats are going to have to be willing to compromise on their priorities"?
aHA – the loopholes wouldn't close until 2013.
If the republicans are SO SURE they will win, why not go along and then change it immediately upon taking office?
(Guess they aren't so sure after all).
Just go back to the spending levels of the Clinton administration. Problem solved.
Note he says we need to find a solution to the debt and deficit – not spending. Our problem has never been a revenue issue, it's that no matter how much tax collections go up, spending goes up even faster. Why should we allow the govt to keep borrowing if it can't demonstrate how it can balance its finances? We'll just be right back here in short order.
You mean NOW that you have spent the trillions that YOU want to spend.
THIS should have been taken care of BEFORE your Ofloppa-care. You want to show us that you want to save money? Recall Ofloopa-care FIRST! Second apologize for pushing it off on us. Third, deport all 12 million illegals as they are a drain on tax payers.
please do close those loopholes in the tax system.
The problem is that there is no "real" solution. What is apparent is that the people that represent us in D.C. do not really represent us. Yuppie scum that think they are better than the rest of us, just because they are taking care of "America's business". Until the two-party system goes away, this is what we have to look forward to.....
Just go ahead and cave Mr president, the rich will win in the long run anyway- why not just exempt anyone who makes over 500,000 from paying any taxes? As for corporations, why not let them vote in elections- give them as many votes as they have stockholders. Or, maybe give the poor and middle class only 3/5ths of a vote like the constitution intended? Better yet, get rid of democracy and go to a corporate state lie Mussolini had!
It is easy to undersatnd when we observe what is happening. Republicans want to criticize the President about the dificit while simultaneously blocking him from repairing it.
Attention to both parties, we want a solution NOW, even if it hurts my SS, not that I need because I am a small business owner!
Were going round and round with the same stuff and nothing is geting done. Its time for obama to grow a pair and stand up to these bullys. get a deal done today your the president for goodness sake’s.
How about make cuts to those who really can afford it as opposed to those who jave to live paycheck to pay check. Also make health insurance affordable. Lower gas prices so "lower" class individuals can go get jobs.
I'm with u mike. Can both parties stop all this child's play and get people back to work and this country back on the right track. Please.
Honest citizen, do You really think obama care is a reason This mess happened? This crap took years. Its Not a party issue, either John mccain or president obama could've fix it. This is What sickened me about this nation and emotional voters.
I really don't get it. It appears to me that the Republican party would rather slash social security, eliminate health care, slash funding for public schools than give up tax breaks for the rich. They say, "it will hurt job creation." That is a load of CRAP! Here is an idea, give a tax break to all the companies that keep jubs in the U.S. Did anybody notice how gas prices increased when the President talked about closing loopholes for the gas companies?
You can raise taxes but those affected the most will either hide their money with good CPA's or leave the country. Th U.S. must cut spending dramatically, especially in democratic districts because that is where the money is used to buy their votes.
Obama can take the heat because he is a one term president anyway.
I'm a Democrat and I'm willing to compromise big time if this moves us forward. So Republicans–what are you willing to compromise on? I gather pretty much nothing. You talk talk talk about cutting spending. Ok. I'll agree to that but we also need to raise revenue. You know that. Cutting alone will not solve the problem. It will hurt the middle and working class. Why not let the rich suffer a bit as well? Why are the Republicans against sharing the pain?
Its real simple.
Kill Medicare, social security, Medicaid.
Give more tax breaks to oil companies and major corporations.
Isn't this what Ross Perot warned us of a few elections back. He was our last opportunity to get our fiscal house in order. The American people allowed the F'NG media to push him out. (Oh...and remember the SNL skits with Dana Carvey?) Well – WHO IS LAUGHING NOW?