(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
Pres Obama should have quoted Ronald Reagan's warning to the Country in a November 1983 letter that without a higher debt ceiling, the country could be forced to default for the first time in its history. “The full consequences of a default – or even the serious prospect of default – by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar.”
Tax increases on the "rich" are futile. Even if you taxed the top 1% of the population 100% of their income, you wouldn't reach 300 billion, which is peanuts compared to the TRILLIONS of debt we are in as a nation. Medicaid and Social Security need new rules and regulations, with stipulations as to who qualifies and for how long. No one should be granted a never-ending cash cow courtesy of the 53% of the United States that actually pays taxes. The "wealthy" pay 35% in income tax already, in addition to state taxes, sales taxes, captial gains taxes, etc. This often eats nearly 65% of their total income. How much more do you think is "fair" for them to pay? It is outrageous to say that this is fair. A flat tax would help our situation by drastically expanding the base that pays.
any debt deal must include obama being replaced or he will simply go right back to his disgraceful spending..clearly after close to three years of doing nothing obama is not capable of being a president and america is not capable of surviving much more of his failure.....
If they want to hurt people on ssi etc. Why in the world don't they start with themselves like paying for their planes stop their pensions cut salary stop the pork and bonuses they get. All the parties cars whose pockets are they in. Maybe they should come down to earth and live like people that have to on ssi. Do that for two three years
This entire process is nothing but posturing on both sides. Change...does anyone see anything that remotely resembles any thing but business as usual. I voted for President Obama but am very ambivalent as to whether i will again in 2012. I have so disappointed in his failure to take stances on the big issues, instead caving to the republicans. As one of those standing to gain from the Repulicans insistence on no tax increases I am prepared to take the hit if it were for the betterment of the country. the notion that jobs want be produced is bogus. The tax cuts have been in place for 4 years now and there are no new jobs! What makes folk believe that if given more breaks the wealthy will produce jobs. I think they will take the money and run,,look at BP trying to get out of paying for the oil spill. The game is get as much as you can and to hell with the good of the nation. I think the president needs to call out these thugs however he is far too gentile. I want a street brawl .
To John McCain and the rest of your republicants who claim the American people DONT WANT ANYBODYS TAXES RAISED. YOU ARE LIERS!! The MAJORITY of AMERICANS DO WANT THE RICH TO BE TAXED to pay their fair share! I do think the amount should be raised to $500.000. to help the true small business owners who are truly job creators. Obama has also placed several tax breaks for these businesses such as hireing the unimployed getting affordable healthcare etc. Do you realize that those idiots consider the Koch Bros small business? Wake up AMERICA! Tax the rich help the poor the old the sick our vetrens our children and our country! If u rich bastards on Capital Hill dont want to tax your rich bosses then how about giving the real taxpayers a break and give up half your salaries your pensions and pay for your own damn health care! President Obama STAND STRONG! WERE BEHIND YOU!
Your asking a man or the "divine one" to do something that he has never had the responsibilty for in his entire career...manage or develop a budget that he is responsible for. No he has never had to be accountable for any money that he has spent. Where is his budget proposal or debt reduction plan...Oh yea..he presented a budget which was shot down – he did not recieve one vote.....he's over his head. Simple – provide a plan with a balance budget...then work back from there with the necessary spending cuts and addtioinal revenues required. The man is a joke, along with all of them, both Rep and Dems....
Why is our government using DoubleSpeak? Increasing revenues is the same as raising taxes when it comes out of Pres. Obama's mouth. I don't trust him or the Repubs to find a real solution. They are all jockeying for the 2012 election.
BHO, has demonstrated no ability to negotiate with the house or senate. With a super majority during his first two years he accomplished very little. WIth oposition he will get nothing done. Good presidents are able to work with both sides. Obummble has done nothing but insult the opposition. Now he has backed himself and the nation into a corner with the debt ceiling and budget. The cowtowing and buttkissing should have begun 8 months ago, when it was clear his vision was not shared by most. Time for a strong democrat to step up and oppose him in the primary.
We continue to criticize the people on Capitol Hill (as they deserve) but take a look at some of the things being said in this blog! The problem seem to be a national issue; this division among us doesn't help anything except to fuel the division on capitol hill. Obviously there needs to be a compromise, so let's get on with it!
How do cuts help unemployment? Cuts put people out of jobs, in inflates the unemployment rate. That is what happened recently. Governors across the country (mostly Repubs) are slashing budgets and laying off workers. Then they blame Obama for the rise in unemployment. These Republicans know exactly what they are doing - trying to insure that Obama becomes "a one term President."
Why don't we cut the politician salary in 1/2 and use that to pay off our debt rather than increase the ceiling?
Wow.. the presidency AGES you. Look at him compared to two years ago.
Extreme market fetishism is killing the economy. Real capitalist textbooks recognize that markets are not always the best way to allocate resources. In real capitalist market theory, perfect markets produce zero profits, becuase profit means room to lower prices. When certain coporations are making obscene profits, and CEOs are getting an average 23% increases while the rest of us are working harder for less, those markets are broken. Capitalist textbooks recognize that only government can step in to broken markets and fix them.
The theory that tax cuts and reckless deregulation are good for the economy crashed the economy in 1929 and 2007. We need to take cash from the transnational corporations (which have no loyalty to the U.S.) and use it to create jobs.
Since 1980 U.S. productivity has increased dramatically, average pay has remained almost flat, and certain people have manipulated broken markets to steal the difference.
Democracy is supposed to be one person one vote, not one dollar one vote. If you are not making $10 million or more a year you need to use your vote to protect your interests, the mega rich have plenty of lobbiests and lawyers to protect their interests.
Stop the political nonsense and look at what's worked before and what hasn't worked in the past and proceed accordingly. Reagan pulled us out of a recession, Clinton stemmed the tide of a recession. It can be done, it needs to be done, use their models and get the damn job done! I'm looking for an adult here and all I see are a bunch of kids in the sandbox trying to play with a single bucket.
Hey, Obama. Try cutting spending. Might work. Sure as heck would make it easier to get more revenue via higher taxes, if you try cutting spending first.
This is the best President we've had since Clinton. He CARES about this country. He is Right and trying to Compromise- which is hardly what Republicans ever consider. The rich are Greedy; and getting Greedier. We don't need a new President, we need the Republicans who won't work with him, out of the way.
We need to give Paris Hilton and Lady Gaga more money to creat jobs! If Paris Hilton and Lady Gaga get more money through tax cuts, they will be able to go shopping on Rodeo Drive and buy a new pair of shoes(togeter probably have a 1,000 pairs of she), then we social security, Medicare, infrastructute repair and education. Is greater confusion possible?
How do the Republicans have any credibility left on this issue? Is cutting taxes on the rich a realistic answer to the debt problem? Of course not. What other suggestions have they made, save gutting medicare? The Bush tax cuts need to expire. It's not a tax raise to let them expire. All this populist anger directed against "tax and spend" is completely misguided, since Obama has shown more willingness to provide tax relief for the middle class than Bush ever did. There is a huge income inequality crisis in the US, unprecedented since the roaring twenties. Why don't you focus on that CNN, instead of the usual political horse-race coverage.
No additional taxes. We are already taxed too heavily, while the bottom 51% of income earners pay no income tax at all. Cut, Cut , Cut. End the wars, eliminate medicare part D, end obamacare, end birthright citizenship, make SS a personal saving/investment account instead of a Welfare program. Eliminate welfare, get rid of handouts to illegals. I can balance the budget and find a surplus. A lot of people will be forced to stand on their own 2 feet.
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.
So in your mind the Bush Tax cuts only affected the filthy rich? Actually, they reduced taxes for everyone who works and pays taxes. Everyone. And a growing economy and lower unemployment rate helps everyone. A smaller government helps everyone. But I do agree with you that we need a new Administration. Under the Obama Administration the only ones doing well are big oil, Wall Street, Banker and Bureaucrats. Everyone else gets promises and excuses.
 Exactly WHO ELECTED Grover Norquist ? One man extracting commitments from elected officials which are against the Will Of The People & counter to the success of the U.S. &  Tax the "job creators" who have created a significant net LOSS of jobs [since their taxes were reduced] at up to 10% more than current rates- and we will make up the deficit and balance the budget
Increase the debt limit with no strings attached just like the GOP has done for decades when they were in charge. They do not care are about the average American only about tax cuts for their Millionaire and Billionaire friends. They do not believe in compromise but in capitulation. This is a total waste of time................MOVE ON.......
The President just has to stand firm $2 Trillion in spending cuts and an end to subsidies and some increased tax hikes on the wealthy. He has been more than reasonable with the GOP, even going as far as to put Medicare and Social Security on the table. Unfortunately the Republicans have not reciprocated, so if a default happens it will be the fault of the Republicans.
- Eliminate social programs for high-earners (SS benefits for people with padded 401ks... they don't need it)
– Stop unnecessary spending across the board (including wasteful spending in Defense and other areas)
– Eliminate fraud in social programs ... believe me, there is ALOT of it going on
– Eliminate the out-of-control projects that are way over budget and put controls in place to penalize contracts that don't deliver.
– Obama-care needs to be restructured entirely
– Don't raise taxes (close loopholes and go with flat-tax... net result, higher return on taxes)
– Challenge department heads with identifying 5-10 % of wasteful spending in their departments and recommend cost savings.