(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
Revenue increases are needed. The Dems have shown a willingness to compromise and have shown the most flexibility in these discussions. The party of "no" does not represent the best interests of the US citizenry any longer. The arguments should be about "us" and "we" not the Republican's "I" and "me". The GOP needs to think about the country and not their wealthy donors
We need a new president BUT NOT A REPUBLICAN and here is why. Republicans are the worse thing to happen to the american people since forever. They only care about the filthy rich and will crash the entire economy to keep their masters money safe. But im tired of Obama constently by kind and saying kind thing about these people as they are calling him every name in the book and blaming him for their own partys mistakes. He appers weak and complient. He either starts attacking the republicans in every way he can or I will not vote for him in 2012.
Republicans raised the debt ceiling 7 times under Bush and 17 under Reagan. ... with no arguments at all. It's not like they're against doing this. But put it in the middle of an election cycle, and all he// breaks loose. Hypocrites grandstanding at the expense of the people – who needs 'em???
The debt ceiling was raised 6 times when Bush was president. Bush insanely gave three tax cuts in the middle of two wars! Bush took a 256 billion dollar SURPLUS. And turned it into 1.3 trillion DEFICIT. Remember Bush used some fancy accounting, blue smoke and mirrors not to add the cost of the wars into the budget. FACT: OBAMA DID NOT TRIPLE THE BUDGET DEFICIT. THE BUDGET DEFICIT AS A PERCENTAGE OF GDP HAS ACTUALLY GONE DOWN. WHEN OBAMA BECAME PRESIDENT, OBAMA INHERITED AN ECONOMY THAT HAD A 5 % NEGATIVE GDP!
These big American companies make all there profits off of the American consumer, but they don't spend a dime on American workers, they don't even want to pay taxes and get all the loopholes. something is wrong with that picture GOP.
Flat tax 10% across the board TO EVERYONE. No more tax refunds. Problem solved. Sadly, too many poor people will be up in arms about contributing their "fair share" even though they think others don't contribute their "fair share". The hypocrisy of liberalism is in action, enjoy!
Not raising the debt ceiling would be economic suicide for this country. Like it or not, that is reality.
I like how Obama said the American public isn't paying attention to this, because they have more important things to think about. True, but this effects every person in the US, and foreign countries, this is important. I hope he doesn't think people really don't pay attention and that means him and other politicians can pull a fast one on us.
iI think that all the foreigners that come to work here as seasonal or just a couple of years,wouldn,t mind paying a debt fee of a dollar a week out of their pay check to help pay down the debt. If I went to a diferent country it would not bother me to pay a dollar a week for that.
Too many cooks spoil the broth. To many GOPs spoil any deal.
Stopacting like babys and do your job. That's what we pay you for.
It's amazing how the GOP can convince 45-55% of the population that tax increases on the top 1% will hurt the economy.
Stupid voters deserve the stupid politicians they elect...
Once again our President appears to be the only adult in the room. It's time for the Republicans to step away from their corporate masters and do something for the people. It's time for the Democrats to understand that all entitlement programs come with a price tag. It's time to sink or swim.
i am a small business owner in a small town in the UP of MI, I try to take care of my own, i pay for my employees health ins. i do this because its the right thing, i dont make money off of it, i loose money. people need health ins., they need affordable ins., not ins. that increases 30% every year. we all know what is right, do the right thing. reganomics did not work quit beating a dead horse, help our huddling masses not the 2%. shame on all republicans
Boehner is going to deal but he has to make a show of resisting because of the people who put him into the speaker's role. He's in a tight place. So is Obama because there are Democrats who will have to be persuaded, too. I think on this issue, there will be an agreement because it is so vital to the country. I'm sure Boehner regrets siding with some of the more rabid of his party.
Quit supporting the rest of the world with our money!! Redist to the USA
When I hear President Obama, he strikes me as an intelligent man who explains himself clearly and objectively. Even if I don't agree with everything he says, I like that. That's what a good administrator is. When I hear any of the Republican politicians, all I hear is: "We offer you a world where the rich have all the benefits, the poor must endure and we all live under sixteenth-century Puritan laws."
Where is recognition and acknowledgement that Washington's $1 trillion stimulus has directly lead to the necessity to raise the debt limit. The only protection the people of the us have is the debt limit!!! Fascinating.
It seams like there are 2 kinds of people in this country right now those who wont the nation to fail, and those who wont it to succeed, those who have no faith in america to solve the problems that face it and those who do have faith in america.
Mr. President I voted for you-but the country has lost confidence in you AND I have too. We just don't trust you as a leader to be able to get things done. You are devisive not the person who could bring us together as you promised. Unemployment was not going to go over 8% if we passed your humongous stimulus-we did and now it is 9.2.
Out with the Republicans in 2012.
The only thing new that he offered was that business leaders he spoke to, don't want to say anything,because they don't want to jeopordize there deals with Congress. Hmmmmmmmm. doug.
@Reality – Need to go back to the tax rates of the Clinton administration first... Raising taxes in a recession is far better than cutting spending, at least from the standpoint of professional economists... I don't see facts dissuading the Republican party though.
@Honest Citizen – When are the Republicans going to apologize for the two wars and the unpaid-for Medicare Part D? Do you understand the history of your party from 2001-2009, or did you only get into politics after there was a Democrat in office? Medicare Part D was passed in the middle of the night. It was passed on party lines. It was a "15-minute" vote held open for HOURS, in violation of rules. Bush was on a cell phone being passed around the chamber trying to convince his party to pass that multi-trillion-dollar mess. It is the ESSENCE of this "crammed down our throats" nonsense you and your ilk keep whining about. So where's YOUR apology?
this debt thing is giving Obama lots of gray hair !!!!!
Oh how I enjoyed watching him throw the Republicans under the bus :D You watch, they'll now consider taxing the rich because he did that, which is what Boehner did when Obama threw them under the bus last time with them wanting their summer vacations, POOF next morning Boehner said no summer vacation, we're off til the 5th then back to discuss business LOL. What a joke