(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
If the Republicans are irresponsible what was Obama when he voted against raising the debt limit under GWB? Can we say hypocrite!!! For all u fools saying we need to tax the rich, have u looked at the economy lately? The top 10% earners pay over 50% of revenues to IRS. check the IRS for that fact. We don't have a tax revenue problem, we have a spending problem. Do u increase your child's credit card limit when they spent it on a shopping spree for their friends? Perhaps u would if they threw a tantrum like this President?
Business don't add or eliminate jobs based on the tax they pay on profits; they adjust workers based on the work they can profitably do. More people who spend money -> more customers -> more work for companies -> more jobs. So eliminating tax loopholes for corporations (anybody remember GE's tax bill for 2010??) and extending unemployment benefits creates jobs. The opposite destroys jobs.
I don't think the President is being bi-partisan since he keeps using words like "us" and "they". He needs to drop the yoke of the Democrates and Republicans and start acting like a President that is looking out for all Americans, including those that fly jets. Get off the campaign trail, and do his job.
If the President don't want to rise any tax until 2013. Than what Is the Problem with the Republican. Let get a deal done ,It sound to me the Republican won In one way they are not going to be Rise for two years what else do they want blood. The Republican need to start and Compromise. I just listen to the President on TV and what he say make alot of since to me. The hole time the Republican keep saying no rising of taxes. But the President doesn't want to rise any until 2013. I would say that a fair deal. they need to start to Compromise and get a deal done be for It to late.
complex issues require complex solutions. thank God for ofloopa-care. thank God someone is willing to take on these outrageous insurance companies and other big businesses standing up for the common man and the common good. guess some would rather keep the status quo where the rich continue to get richer and the poor get poorer
Why didn't Obama tax the rich, close the loopholes (he created with Stimulus) etc when he had controlled of Congress since 2007 with a filibuster proof majority Jan 2008 -Jan 2011?
Republican leaders have made recent statements that say they want to resolve the debt crisis and are receptive to SCALING DOWN THEIR SPENDING CUT DEMANDS but NOT THEIR DEMANDS FOR NO INCREASE IN TAXES TO THE WEALTHY. Their priorities are once again obvious: protect the wealthy at all costs and get whatever you can elsewhere – and give the majority subterfuge as you take them for granted. Without even judging the merit of the details their self-serving and irresponsible positions become totally apparent.
Fair is Fair wrote:
Hmmmm... I wonder what Obama means when he says "democrats are going to have to be willing to compromise on their priorities"?
It means that some people do not recognize the President is calling the GOP's bluff. He put the difficult items on the table, and now it is time for Republicans to show up with their own baggage. They haven't brought anything to the table except rhetoric. The American people will blame the Republicans in overwhelming numbers if the debt limit crisis becomes a financial disaster.
Americans recognize that it is the House GOP that is unwilling to compromise. Americans recognize the Constitution calls for the President to mediate, not legislate. They recognize that the GOP has no desire to be mediated. The GOP has stated as much on a daily basis.
Republicans have huge short position on treasurys and benefit from carnage
Invoke 14th amendment and get it over with ugly show of ignorance by GOP
Why must the US bail out the world from every kind of disaster? How many Billions have been spent? It's obvious now that we haven't been "blessed with the means to pay for it"! And where's the reciprocity? We haven't exactly seen the world lining up to help US with our disasters like 911 or Katrina. In fact we've been taken for chumps/suckers as in Afghanistan our "ally in the war on terror" collecting Billions while providing safe haven for Bin Laden! There are countrys in Africa taking our money intended for the masses and it ends up in the banks of a few wealthy individuals. I'm not suggesting isolationism, but we can't afford to be the world's "Daddy".
Why have you done NOTHING about imposing a wndfall profits tax on the oil companies, like yiu SAID you'd do when you were running for office?
And why have you done NOTHING about lowering the cost of oil and gas so if anyone DID get a job they could afford to drive to work?
The only things Americans hear from our legislators and YOU, are things that will hurt us all.............INCLUDING YOUR FAMILY!!!
Obama makes most republicans sound like neanderthals! It's so nice to have an educated, articulate president who is willing to make sacrifices for the good of America. Now if we can get the greedy and self-righteous righties to come on board the America's best interest boat!
Mama, the middle class are the ones who will pay for all this debt no matter what. Its time to stop wasting our money and creating useless government jobs. For every dollar a program is budgeted, .80 cents is wasted on overhead. If you took all the money wasted and divvied it up amonst the people who truely need it, we would have a whole new class of rich people in this country. Instead we continue to let the political elites get richer, the middle class poorer and the poor continue to just get by.
Anyone else think that there wouldn't even be a 'debt crisis' if we had a Republican in the White House? If that were the case, the hot topic of the day would be abortion, or gay marriage, or some other nonsense. Republicans wouldn't give a second thought to raising the debt ceiling...........they never do when they are in power. The Dems are still the majority party, and they need to act like it. These T-baggers are a passing fad, and will fade away in time. We can't let such a small minority hold America hostage.
What do you mean the Rethugs do not want to raise taxes? They had no problem whatsoever raising taxes on the poor, elderly, retirees and the middle class in Michigan. All the while giving business a huge tax break. Rethugs are holding the other 98% hostage. Rethugs please do not raise the debt ceiling and I will see you at the bottom where I and the others are already at. I really have nothing to lose ( do you?) my portfolio was wiped out by the dot com era and what was left went with the mortage crisis. Like Hank Williams said " A country boy can survive" How about you political city boys?
Miss Laura, please write a letter requesting all your millionaire Democratic buddies in DC if they would kindly add 10% to their tax bill voluntarily. They are playing a shell game.
We, the people let our debt pile up over decades.
While Americans have bankruptcy laws, it is considerate a shame in other countries to fall so deep in debt.
Shame on us.
The only solution for our problem is, to pull our belt a little tighter and pay higher taxes.
No doubt about it.
We spared our “untouchable” big corporations and their upper management for far too long.
The excuse that will create lesser jobs does not fly anymore.
Where are the jobs they promised us while we spared them?
The GOP is grandstanding on thin ice and at the taxpayers' expense. Cut the BS and get it done!
I think the message is clear. While the President is willing to take heat from his own party to develop a deal on the debt ceiling and the budget, republicans are still holding out because they signed a pledge of no tax increases. Well, couple of things: closing loop holes is not a tax increase, it is ensuring that they pay what is due according to rules. Second, Eliminating Bush era tax cuts is not a tax increase but going to what the tax rates really are. remember, Bush era taxes were to expire at the end of 2010 but republicans did not let that happen, which is perpetuating the problem.
Therefore, it is high time that republicans grasp the reality and come out of denial to get to the real issues of increasing the revenue by closing the loop holes and cutting spending to decrease budget deficit and also raise taxes. If not, they are holding Americans hostage and if someone else did this, we would put them in jail as republican actions are tantamount o blackmail which is illegal any way you look at it.
So, wake up republicans, come out of your narrow shell and work out a deal for all Americans, not just to get you re-elected.
GOP: "We need to cut spending. We can't kick the can down the road. We need to do the right thing and get our fiscal house in order. The president needs to listen to his advisers. Even the Bowles-Simpson commission says we need to cut spending [of course, we'll leave out the commission also said we need to increase revenue]. The president has failed."
Obama: "Ok. Let's do it. I'm ready to cut spending. I'm ready to follow the advisers and the consensus on this. I'm ready to take huge political hit from my base and supporters. Let's go!"
GOP: "Um, we don't think now is the time to do big things. Let's do just enough to get by for now. [Let's kick the can down the road some more]. We're getting more than we asked for. [This could be a good thing. So we can't support it.]"
If Bohner and the gop/tp make any cuts in Americans payed for SS and medicare,I will never even consider voting right wing ever!!!! (I never have anyway) LOL If the Dems give in, they will loose my vote also.
They all need to work hard and fast on trying the major markets back to work...all sizes of businesses.
NOW....the delay is going to finalize the straglization(SP) of america
Reality is getting news and stats from fox news and that explains it
This standoff will go on until -
somebody accepts the fact they are serving their last term and caves for the good of the country. If we default, all it means is that politicians values their careers more than the country.
First, the problem with this President is that he thought he could work with the GOP. As he found out, he could not, and while I was a Hillary Clinton supporter, it seems as if she is the ONLY person with the AUDACITY OF HOPE, in this country, and I think it is time we draft her for 2012! Secondly, Mr. Obama felt that healthcare was more important than job creation as if you could feed your family wit healthcare....what joke that was. Now he wants to cut the unemployed's safety net? Thirdly, voting the GOP back, the people who gave you this Great Recession was, and is as dumb as Obama looks now! Draft Hillary 2012!!!