(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
Obama stick to your guns and dont be bullied by the over powering nonsensical garble and dragon breath of the marionettes of the right.
They are totally controlled and financed by big corporates who put profit over people. They do not create but OUTSOURCE jobs, pay little or no taxes, receive not only tax loopholes but for the past ten yrs hugh tax cuts that resulted in only largesse for themselves.
They invest only in their own stock that will yield them dividends and pay only a small % for this benefit.
OBAMA-stank up for the folks that voted you in.
They invest only in their own personal
"THIS should have been taken care of BEFORE your Ofloppa-care."
It should have been taken care of BEFORE the GOP cut taxes in a massively inequitable manner in 2001 and 2003. So much for their claims of being "fiscally responsible." Last I checked, deciding to forgo necessary revenue BEFORE cutting your spending is about as IRRESPONSIBLE as it gets. But hey, that's why those of us without the blinders on recognize that it is prima facie evidence that THE GOP INTENDED TO CREATE THE CURRENT DEFICIT PROBLEM ALL ALONG. How else would they get the opportunity to run around rtearing their hair out and riling their base arguing that cutting and eviscerating Medicare, SS and the rest of the societal safety net was necessary and justified?
Right lets just get Erskine Bowles as the Treasury Secretary and let him sort this mess out with what ever power he needs because the Debt Commisions plan was widely accepted by both parties! Anyways hes a great choice being a Clinton Democrat! ClintonDemocrat(n): A democrat who can get on with a Republican Congress like its just a normal day in the world!!!!
Just send me a check for all the money I've put into Social Security since the Feds dipped into this years ago. Corporate jets? How about Nancy Pelosi's jet?
The problem is Obuma, worst president ever, get rid of Obuma, problem solved!!!!
I really believe that Mr. Obama should try to pass a law to FINE all these companies that have more than lets say 100 employees in other countries. So that they can start bringing back some of these good paying JOBS back to the continental USA. They talk about everthing but that. It should be priority.
how can negotiate with someone bent on destroying the economy to gain leverage in election.
Hope independents wake up to this ugly show
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 media to push him out. (Oh...and remember the SNL skits with Dana Carvey?) Well – WHO IS LAUGHING NOW?
Business will not expand their business based on Tax Cut, but based on consumer reaction. Good business man will pay more on rent or advertising if it has traffic on it because it is their daily job. of course they will get mad for tax increase but they still do business. Where is Republican patriotism? I know they are mostly very rich and do any political statement to have tax cut.
I feel that people should get over themselves! The President can not do anything without the consent of Congress. Without the support of the House od Senate he is limited in his abilitiy to follow through on his promises. Second all of you so down on Obama's health care find a solution for all of us hard working folks that can't afford or in my case can't even qualify for affordable medical care and insurance due to medical conditions.Give me an better solution on how to get medical care! I work hard and still can't afford medical care in America and I pay my taxes!
I love how obama can increase the deficit to 1.5 trillion and then say its a 'vast' improvement to get it to 750bil a year.
All of you who think tax increases are so good think about how better your life is WITHOUT the government.
Let the politicians make some real cuts to their own paychecks and healthcare entitlements. I can't believe their selfishness, let them struggle for 6 months or so on unemployment, then let us know about programs they want to cut, after most of them were onboard the train that sent our jobs and money to other countries. How come some one isn't being prosecuted to losing millions of dollars slated for Iraq? I think the FBI should be conducting investigations into alot of the politicians lives just to see how righteous they really are.
But when it comes to cuts to entitlements, if you are going to make those cuts you need to have major reform that accompanies those cuts and you also need to take a hard look at our Free Trade Agreements with countries that hate us like Venezula and China! We cannot afford to let them just take all the profits for selling their crap over here! Protectionism is the future of this Country!
Sell us into slavery. The debt isn't ours. They put a black man in the big house so that we would take it lying down. In the name of "hope" and "change". Derivatives are a financial fraud wrought by design on the American people to destroy our solvency, and destroy our sovereignty. A once powerful nation-state grows weaker. Impeach the FRAUD, who calls himself OBAMA, and follows the orders of the United Nations, as opposed the wishes of the electorate.
We set back and watch wondering what is going on. To me it seems like everyone has a good idea one way or another. It seems that we are not looking at all the issues. I only see half truths being presented. Leadership starts at the top. That means the cuts should start there. I am not just talking about our Government but every major company/industry/etc. Us blue shirts'workers need to see that we have true leaders.
Been watching Bozobama's news conference. What planet is he on? What a buffoon!!! What part of NO TAX INCREASES doesn't he understand? He isn't a leader, he doesn't have a clue... all he can do is whine. 558 days until this idiot is out of office.
the PONZI system that is the world economy being exposed.....
Boehnor is two faced politician following ideologues from teaparty
They will never see any good coming out of this for them although it is good for this nation
Pres. Obama is sincerely trying to get things done and even prepared to take heat from his party. A republican President wouldn't have compromised.
The politics on Boehner's side are difficult because his constituents have enough money to buy and sell elections and EVERYONE in Washington DC knows this.
How high will.they have to set a debt ceiling? Debt keeps rising fast, really fast. Won't we just hit a new higher ceiling and have lost all these cuts already?
Spending cuts AND tax raises have to be part of the solution. I'm sorry, but I am not willing to take drugs and medical care from our seniors and give the savings to the rich. The President has shown the most courage here by how much he is willing to compromise. The Republicans have shown That they do not know the meaning of compromise. They simply want to make the rich richer, and just forget all about the middle and working classes. I am so happy that I'm a Democrat; I could never be a Republican.
Too bad the trickledown economics don't flood us with cash and jobs as quickly and efficiently as water does in a flooding situation. Why didn't they just disburse the $850 billion dollars to schools, and the people not making over $250,000 dollars a year and not tax us on it as well. We might have been able to cause a descent stimulus in our own households. It is terrible that politicians throw around the words billions and trillions like they're 10 and 20 dollars bills. They should have mathematicians present to calculate the sums they are discussing.
The DEMS are trying to lure the GOP into a Bush Sr. moment. "Read my lips, no knew taxes" Give in and they'll use it against you in the next election.
Incidentally. Eric Cantor stands to profit financially from stocks he purchased in December if the US defaults on its debt. His position is betting against the US' best interest for his own financial interests. Is anyone really surprised, then, that Republicans aren't budging on the debt deal???