Obama continues debt talks with Democrats, then Republicans
July 20th, 2011
03:00 PM ET
3 years ago

Obama continues debt talks with Democrats, then Republicans

Washington (CNN) - President Barack Obama began holding separate meetings Wednesday with top congressional Democrats and Republicans as part of ongoing talks on a measure that would raise the nation's debt ceiling by August 2 to avoid a government default.

Top Democrats from both chambers began their meeting with the president just before 3 p.m., according to a White House official speaking on condition of not being identified. Later, the top two House Republicans - Speaker John Boehner and Majority Leader Eric Cantor - will meet with Obama at 5 p.m., White House Press Secretary Jay Carney confirmed.

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Filed under: Congress • Debt • Deficit • President Obama
soundoff (13 Responses)
  1. Rudy NYC

    Republicans. This is the same party that avidly voted for deficit spending during Reagan's first term. He doubled the deficit, which would be equivalent to a $20T debt today.

    They raided Social Security so severely that they had to "fix it" in 1983.

    Amazingly but not really, Reagan was re-elected using fear tactics and by the time he finished his 2nd term he had tripled the national debt, which we be equivalent to $30T today.

    Just in case you have noticed. Republicans did pretty much the same thing during the GWB administration. They doubled the national debt and left us with an a trillion dollar annual deficit. The majority of people no longer buy into the conservative arguments anymore.

    July 20, 2011 12:21 pm at 12:21 pm |
  2. Four and The Door

    Rudy NYC
    ...Just in case you have noticed. Republicans did pretty much the same thing during the GWB administration.
    __________________________________________________________________________________________
    Do you also drive your car out of the rear-view mirror? My point is, we should be more worried about the future than the past. Looking at poor decisions in the past does not justify poor decisions now. We are on a path to a point where in 20 years all working Americans will need to be taxed at close to 80% because of the debt we are running up today and the programs you say are sacred. This is obscene in its irresponsibility. Looking at the past does not help alleviate that situation. We have got to look ahead and make decisions based on that.

    July 20, 2011 12:35 pm at 12:35 pm |
  3. Lynn Indianapolis

    The whole concept of not raising taxes on the weathly because they are the ones that "create" jobs is a TOTAL JOKE –
    they have had these tax breaks and loopholes for almost 8 years now and all we see is more and more jobs going overseas to factories that have been built over there – NOT HERE – with the tax breaks given to rich people. Americans need to WAKE UP and see that the whole concept of not raising taxes on the weathly is BS. Republicians would rather hurt the elderly, the disabled and children in poverty than they would heaven forbid raise taxes on their high dollar friends.

    July 20, 2011 12:43 pm at 12:43 pm |
  4. Rudy NYC

    Four wrote:
    .... We have got to look ahead and make decisions based on that.
    -------------
    Sorry. Forgetting the details of past Republican policies is what got us into our current mess. Besides, how do we know where we are going if we do not know where we came from.

    Intelligent species like humans learn from their past mistakes. Only creatures like an octopus abandon their past and live only for the future.

    July 20, 2011 12:48 pm at 12:48 pm |
  5. Sniffit

    "My point is, we should be more worried about the future than the past. "

    Depends on what we're talking about. If the GOP wants to run around pulling it's hair out and pinning the entire deficit, the entire debt, etc....ALL of it...on Obama, then by necessity peolpe are going to have to continue trying to correct that becuse it's nothing more than a giant misinformation campaign and blame-shifting game. If the GOP wants to talk about how to fix the future, they also need to recognize, admit, accept responsibility for and show a willingness to atone and learn from the mistakes of the past that THEY made. Enacting massive tax cuts that vastly and inequitably benefitted the weatlhy over the middle-class BEFORE cutting any spending: BIG FAT MISTAKE. Expecting said tax cuts to create jobs, prevent a recession, fix a recession, create jobs during a recession, etc.: BIG FACT MISTAKE. Blowing through a surpluys with tax cuts and irresponsible spending: BIG FAT MISTAKE. Enacting a massive prescription drug program for Medicare without enacting any revenue increases or finding some other means of paying for it: BIG FAT MISTAKE. Starting two wars in Afghanistan and Iraq without raising a war tax to pay for them, which was the first time it was not done in our history, and then borrowing the country into oblivion with the Chinese to pay for it: BIG FAT MISTAKE. Deregulating Wall Street and pretending that to the extent it wasn't deregulated lax oversight could function as de facto deregulation: BIG FAT MISTAKE. Holding all business of Congress hostage in order to force the Obama administration to accept an extension of the Bush tax cuts through 2012, on the theory that it would help with recovery and help create jobs, which it didn't: BIG FAT MISTAKE. The list goes on and on and on.

    So you see, in order for the intelligent portion of America to combat the constant barrage of misrepresentations about Obama and the Dems and where the deficit and debt problems come from, how they occurred, how they work and how they should be solved, the GOP makes it an absolute necessity that discussions like Rudy NYC's take place. Moreover,if the GOP truly wants to "move on" and think about the future instead of the past, one would think that it would behoove the GOP to do some serious soul searching (if they indeed have them) and introspection, admit where they've gone wrong, adapt their ideology and policy positions to the facts, evidence and historical record, and stop trying to rewrite history and the effect it had on our current circumstances.

    July 20, 2011 12:52 pm at 12:52 pm |
  6. SPENDMO

    Cogburn can work until he is 70, but I ain't. You won't live long enough to collect your benefits. Then, there will be more momey to steal. If compromise means making a deal to screaw seniors I'm against.

    July 20, 2011 12:52 pm at 12:52 pm |
  7. Rudy NYC

    Four wrote:
    We are on a path to a point where in 20 years all working Americans will need to be taxed at close to 80% because of the debt we are running up today and the programs you say are sacred.
    -------------
    You have never once read where I called entitlements sacred, and you never will.

    We are on a path laid out for us by Republicans and their massive deficit spending and 'trickle-down' tax cuts. (Did you know that 'trickle down' was first coined by Reagan's advisors?) The conservative war on the middle class is about to come to an end. If the rich do not like the policies, then they can pack it in and move to the third world country of their choice. I don't think liberals are going to let them turn the USA into a third world style plutarchy. (Look it up if you don't know what it means.)

    July 20, 2011 12:56 pm at 12:56 pm |
  8. Four and The Door

    Lynn Indianapolis
    The whole concept of not raising taxes on the weathly because they are the ones that "create" jobs is a TOTAL JOKE –
    they have had these tax breaks and loopholes for almost 8 years now and all we see is more and more jobs going overseas to factories that have been built over there – NOT HERE – with the tax breaks given to rich people.
    ________________________________________________________________________________________________
    Small businesses hire Americans to work in America. Large businesses have to compete and operate in a global economy. I suppose your next argument will be about all of the foreign companies that build factories here taking advantage of American labor to send their profits overseas?!?! It makes sense for everyone that companies do their production where the customers, materials, support structure and best labor values are. Believe me, you personally benefit significantly when you spend your money to buy the things you need.

    The challenge for our government is to do what they can to make manufacturing in America a good decision instead of a bad decision. High taxes and excessive regulation have a price. We still have the largest economy in the world and we are a manufacturing powerhouse but there are plenty of things we can do to give advantages to our competitors. With some of the decisions coming out of the Obama Administration, expect things to get worse before they get better.

    July 20, 2011 12:56 pm at 12:56 pm |
  9. Rudy NYC

    "The whole concept of not raising taxes on the weathly because they are the ones that "create" jobs is a TOTAL JOKE."
    -------------
    What an understatement. I think it is one of Trump's greatest scams of all time.

    Every time we have had an aggressive round of tax cuts to help the 'job creators' create jobs. The jobs never ever materialize.

    The economic boom of the 1980s that conservatives attribute to Reaganomics was actually caused by the personal computer revolution and the support industries that rose up around it; like FedEx, Intel, and Microsoft.

    The massive tax cuts have always instigated a feeding frenzy in the markets until the influx of new cash runs out. These frenzies have *always* been followed by even longer recessions. Reagan did it twice, Bush-41 did it again, and Bush-43 has done it for the last and final time.

    July 20, 2011 01:03 pm at 1:03 pm |
  10. SPENDMO

    I hope Obama doesn't compromise like he did on the budget. They are wasting instead instead of making a Housing and Jobs Plan.

    July 20, 2011 01:10 pm at 1:10 pm |
  11. John, PA

    We are being "Weinered" by the "Gang of Six, Obama and all of the Democrats in Congress.

    "Weinered" = represents exactly what Obama and the Democrats in Congress are – LIARS. The Democrats will stand there and lie thru their teeth to achieve their agenda, no matter what it costs or affects.

    July 20, 2011 01:49 pm at 1:49 pm |
  12. Darko

    Rudy NYC – Deficit spending during Reagan's term was from the democrat led Congress. They failed to pass the promised spending cuts.

    July 20, 2011 02:35 pm at 2:35 pm |
  13. John

    Best Plan i heard at all. It fair for every body. So the Republican shouldn't have any Problem getting this pass ,since It was make up of three Republican and Three Democrats. It time to Compromise, and get a deal done Now.

    July 20, 2011 02:42 pm at 2:42 pm |