Liveblog: Obama addresses the nation on debt
July 25th, 2011
08:54 PM ET
3 years ago

Liveblog: Obama addresses the nation on debt

Washington (CNN)President Barack Obama addressed the nation on the debt ceiling seven days before the nation is forecast to reach the debt limit of $14.29 trillion dollars. Lawmakers must reach an agreement before August 2 to increase the amount of money the nation can borrow and avoid the possibility of default. Republican Speaker of the House John Boehner delivered a response to the address following the president's remarks.

11:18 p.m. ET
  @EWErickson Boehner's plan is best called "Punt, Kick, & Pass." Punts to another commission, kicks the can & passes more debt onto future generations.

11:00 p.m. ET
@ChuckSchumer Time for @SpeakerBoehner to lead his caucus; right now, extreme bloc in House is leading him instead

10:13 p.m. ET @PressSec Jay Carney (EOP) As #POTUS said, Americans are "fed up with a town where compromise has become a dirty word." Rs & Ds need to come together, and act.

10:00 p.m. ET @KyungLahCNN What do you think? #Japan's yen now below 78, big concerns in Tokyo of impact to Japan from lack of #debt ceiling deal. Who do you blame?

9:53 p.m. ET
@CoryBooker Obama agrees with Reagan (and every other president over the past 30 yrs). it is outrageous not to raise debt limit and pay our obligations.

9:46 p.m. ET @JeffFlake President wants a balanced approach? How 'bout agreeing to sign cut, cap & balance.

9:45 p.m. ET
@DanaPerino I think potus could help himself if next appearance included Bo the dog – dogs can help sell anything!

Read the full liveblog after the jump.


9:35 p.m. ET @JonHuntsman @BarackObama's call for tax increases and his own politically convenient timetable are misguided and reckless

9:35 p.m. ET @LisaDCNN OBAMA v BOEHNER political bottom line: Tonight was time travel from #debt debate to opening shots in 2012 election cycle.

9:32 p.m. ET @rolandsmartin It's time for YOU to ride Congress to get a deal. In the morning, CALL 202-225-3121 & BLOW UP the lines of ALL members of Congress! RT!

9:29 p.m. ET @LarrySabato Dems think Obama did well. Rs think Boehner did well. And in a nutshell there's the problem.

9:28 p.m. ET @PJCrowley The world is indeed watching. We must live within our means, but #America also has national and global interests that default would harm.

9:26 p.m. ET
@EWErickson Boehner's speech was right on. The problem is Boehner's plan doesn't cut enough to avoid a credit downgrade.

9:23 p.m. ET @LisaDCNN Boehner yet to answer president's charge that his bill would just "kick the can" to next year and rattle the markets.

9:22 p.m. ET Speaker Boehner: This debate isn't about President Obama and House Republicans … it isn't about Congress and the White House … it's about what’s standing between the American people and the future we seek for ourselves and our families.

You know, I’ve always believed, the bigger government, the smaller the people. And right now, we have a government so big and so expensive it’s sapping the drive of our people and keeping our economy from running at full capacity.

The solution to this crisis is not complicated: if you’re spending more money than you’re taking in, you need to spend less of it,

There is no symptom of big government more menacing than our debt. Break its grip, and we begin to liberate our economy and our future.

We are up to the task, and I hope President Obama will join us in this work.

God bless you and your families, and God bless America.

9:21 p.m. ET Speaker Boehner: You see, there is no stalemate in Congress. The House has passed a bill to raise the debt limit with bipartisan support. And this week, while the Senate is struggling to pass a bill filled with phony accounting and Washington gimmicks, we will pass another bill – one that was developed with the support of the bipartisan leadership of the U.S. Senate.

Obviously, I expect that bill can and will pass the Senate, and be sent to the President for his signature. If the President signs it, the ‘crisis’ atmosphere he has created will simply disappear. The debt limit will be raised. Spending will be cut by more than one trillion dollars, and a serious, bipartisan committee of the Congress will begin the hard but necessary work of dealing with the tough challenges our nation faces.

The individuals doing this work will not be outsiders, but elected representatives of the people, doing the job they were elected to do as outlined in the Constitution. Those decisions should be made based on how they will affect people who are struggling to get a job, not how they affect some politician’s chances of getting reelected.

9:19 p.m. ET @LisaDCNN BOEHNER: President Obama wants business as usual, a routine increase in the debt. GOP will say "not so fast".

9:18 p.m. ET
@LisaDCNN BOEHNER: Introduces himself. He is the speaker of the "whole house".

9:17 p.m. ET House Speaker John Boehner response
: Good evening. I’m John Boehner. I serve as Speaker of the whole House - of the members of both parties that you elect. These are difficult times in the life of our nation. Millions are looking for work, have been for some time, and the spending binge going on in Washington is a big part of the reason why.

Before I served in Congress, I ran a small business in Ohio. I was amazed at how different Washington DC operated than every business in America. Where most American business make the hard choices to pay their bills and live within their means, in Washington more spending and more debt is business as usual.

I’ve got news for Washington – those days are over.

President Obama came to Congress in January and requested business as usual - yet another routine increase in the national debt limit - we in the House said 'not so fast.’ Here was the president, asking for the largest debt increase in American history, on the heels of the largest spending binge in American history.

Here's what we got for that spending binge: a massive health care bill that most Americans never asked for. A 'stimulus' bill that was more effective in producing material for late-night comedians than it was in producing jobs. And a national debt that has gotten so out of hand it has sparked a crisis without precedent in my lifetime or yours.

The United States cannot default on its debt obligations. The jobs and savings of too many Americans are at stake.

What we told the president in January was this: the American people will not accept an increase in the debt limit without significant spending cuts and reforms.

And over the last six months, we’ve done our best to convince the president to partner with us to do something dramatic to change the fiscal trajectory of our country. . .something that will boost confidence in our economy, renew a measure of faith in our government, and help small businesses get back on track.

Last week, the House passed such a plan, and with bipartisan support. It’s called the ‘Cut, Cap, and Balance’ Act. It CUTS and CAPS government spending and paves the way for a Balanced Budget Amendment to the Constitution, which we believe is the best way to stop Washington from spending money it doesn’t have. Before we even passed the bill in the House, the President said he would veto it.

I want you to know I made a sincere effort to work with the president to identify a path forward that would implement the principles of Cut, Cap, & Balance in a manner that could secure bipartisan support and be signed into law. I gave it my all.

Unfortunately, the president would not take yes for an answer. Even when we thought we might be close on an agreement, the president’s demands changed.

The president has often said we need a 'balanced' approach - which in Washington means: we spend more. . .you pay more. Having run a small business, I know those tax increases will destroy jobs.

The president is adamant that we cannot make fundamental changes to our entitlement programs. As the father of two daughters, I know these programs won’t be there for them and their kids unless significant action is taken now.

The sad truth is that the president wanted a blank check six months ago, and he wants a blank check today. That is just not going to happen.

9:15 p.m. ET
President Obama: History is scattered with the stories of those who held fast to rigid ideologies and refused to listen to those who disagreed. But those are not the Americans we remember. We remember the Americans who put country above self, and set personal grievances aside for the greater good. We remember the Americans who held this country together during its most difficult hours; who put aside pride and party to form a more perfect union.

That’s who we remember. That’s who we need to be right now. The entire world is watching. So let’s seize this moment to show why the United States of America is still the greatest nation on Earth – not just because we can still keep our word and meet our obligations, but because we can still come together as one nation. Thank you, God bless you, and may God bless the United States of America.

9:13 p.m. ET
President Obama: Congress now has one week left to act, and there are still paths forward. The Senate has introduced a plan to avoid default, which makes a down payment on deficit reduction and ensures that we don’t have to go through this again in six months.

I think that’s a much better path, although serious deficit reduction would still require us to tackle the tough challenges of entitlement and tax reform. Either way, I have told leaders of both parties that they must come up with a fair compromise in the next few days that can pass both houses of Congress – a compromise I can sign. And I am confident we can reach this compromise. Despite our disagreements, Republican leaders and I have found common ground before. And I believe that enough members of both parties will ultimately put politics aside and help us make progress.

I realize that a lot of the new members of Congress and I don’t see eye-to-eye on many issues. But we were each elected by some of the same Americans for some of the same reasons. Yes, many want government to start living within its means. And many are fed up with a system in which the deck seems stacked against middle-class Americans in favor of the wealthiest few. But do you know what people are fed up with most of all?

They’re fed up with a town where compromise has become a dirty word. They work all day long, many of them scraping by, just to put food on the table. And when these Americans come home at night, bone-tired, and turn on the news, all they see is the same partisan three-ring circus here in Washington. They see leaders who can’t seem to come together and do what it takes to make life just a little bit better for ordinary Americans. They are offended by that. And they should be.

The American people may have voted for divided government, but they didn’t vote for a dysfunctional government. So I’m asking you all to make your voice heard. If you want a balanced approach to reducing the deficit, let your Member of Congress know. If you believe we can solve this problem through compromise, send that message.

America, after all, has always been a grand experiment in compromise. As a democracy made up of every race and religion, where every belief and point of view is welcomed, we have put to the test time and again the proposition at the heart of our founding: that out of many, we are one. We have engaged in fierce and passionate debates about the issues of the day, but from slavery to war, from civil liberties to questions of economic justice, we have tried to live by the words that Jefferson once wrote: “Every man cannot have his way in all things…Without this mutual disposition, we are disjointed individuals, but not a society.”

9:10 p.m. ET
@AriFleischer I guess O forgot he voted against raising the debt limit when he was a senator. Not so routine then I guess...

9:10 p.m. ET
President Obama: And Republican leaders say that they agree we must avoid default. But the new approach that Speaker Boehner unveiled today, which would temporarily extend the debt ceiling in exchange for spending cuts, would force us to once again face the threat of default just six months from now. In other words, it doesn’t solve the problem.

First of all, a six-month extension of the debt ceiling might not be enough to avoid a credit downgrade and the higher interest rates that all Americans would have to pay as a result. We know what we have to do to reduce our deficits; there’s no point in putting the economy at risk by kicking the can further down the road.

But there’s an even greater danger to this approach. Based on what we’ve seen these past few weeks, we know what to expect six months from now. The House will once again refuse to prevent default unless the rest of us accept their cuts-only approach. Again, they will refuse to ask the wealthiest Americans to give up their tax cuts or deductions. Again, they will demand harsh cuts to programs like Medicare. And once again, the economy will be held captive unless they get their way.

That is no way to run the greatest country on Earth. It is a dangerous game we’ve never played before, and we can’t afford to play it now. Not when the jobs and livelihoods of so many families are at stake. We can’t allow the American people to become collateral damage to Washington’s political warfare.

9:08 p.m. ET
@LisaDCNN Getting lots of tweets from you guys that this sounds like a campaign speech.

9:08 p.m. ET President Obama: Now, what makes today’s stalemate so dangerous is that it has been tied to something known as the debt ceiling – a term that most people outside of Washington have probably never heard of before.

Understand – raising the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has always passed it, and every President has signed it. President Reagan did it 18 times. George W. Bush did it 7 times. And we have to do it by next Tuesday, August 2nd, or else we won’t be able to pay all of our bills.

Unfortunately, for the past several weeks, Republican House members have essentially said that the only way they’ll vote to prevent America’s first-ever default is if the rest of us agree to their deep, spending cuts-only approach.

If that happens, and we default, we would not have enough money to pay all of our bills – bills that include monthly Social Security checks, veterans’ benefits, and the government contracts we’ve signed with thousands of businesses.

For the first time in history, our country’s Triple A credit rating would be downgraded, leaving investors around the world to wonder whether the United States is still a good bet. Interest rates would skyrocket on credit cards, mortgages, and car loans, which amounts to a huge tax hike on the American people. We would risk sparking a deep economic crisis – one caused almost entirely by Washington.

Defaulting on our obligations is a reckless and irresponsible outcome to this debate.

9:07 p.m. ET @cnnbrk #Obama on what default could mean: "Interest rates could climb for everyone who borrows money" #debt http://t.co/3ilpiFX

9:06 p.m. ET President Obama: Because neither party is blameless for the decisions that led to this problem, both parties have a responsibility to solve it. And over the last several months, that’s what we’ve been trying to do. I won’t bore you with the details of every plan or proposal, but basically, the debate has centered around two different approaches.

The first approach says, let’s live within our means by making serious, historic cuts in government spending. Let’s cut domestic spending to the lowest level it’s been since Dwight Eisenhower was President. Let’s cut defense spending at the Pentagon by hundreds of billions of dollars. Let’s cut out the waste and fraud in health care programs like Medicare – and at the same time, let’s make modest adjustments so that Medicare is still there for future generations. Finally, let’s ask the wealthiest Americans and biggest corporations to give up some of their tax breaks and special deductions.

This balanced approach asks everyone to give a little without requiring anyone to sacrifice too much. It would reduce the deficit by around $4 trillion and put us on a path to pay down our debt. And the cuts wouldn’t happen so abruptly that they’d be a drag on our economy, or prevent us from helping small business and middle-class families get back on their feet right now.

This approach is also bipartisan. While many in my own party aren’t happy with the painful cuts it makes, enough will be willing to accept them if the burden is fairly shared. While Republicans might like to see deeper cuts and no revenue at all, there are many in the Senate who have said “Yes, I’m willing to put politics aside and consider this approach because I care about solving the problem.” And to his credit, this is the kind of approach the Republican Speaker of the House, John Boehner, was working on with me over the last several weeks.

The only reason this balanced approach isn’t on its way to becoming law right now is because a significant number of Republicans in Congress are insisting on a cuts-only approach – an approach that doesn’t ask the wealthiest Americans or biggest corporations to contribute anything at all. And because nothing is asked of those at the top of the income scales, such an approach would close the deficit only with more severe cuts to programs we all care about – cuts that place a greater burden on working families.

So the debate right now isn’t about whether we need to make tough choices. Democrats and Republicans agree on the amount of deficit reduction we need. The debate is about how it should be done. Most Americans, regardless of political party, don’t understand how we can ask a senior citizen to pay more for her Medicare before we ask corporate jet owners and oil companies to give up tax breaks that other companies don’t get. How can we ask a student to pay more for college before we ask hedge fund managers to stop paying taxes at a lower rate than their secretaries? How can we slash funding for education and clean energy before we ask people like me to give up tax breaks we don’t need and didn’t ask for?
That’s not right. It’s not fair. We all want a government that lives within its means, but there are still things we need to pay for as a country – things like new roads and bridges; weather satellites and food inspection; services to veterans and medical research.

Keep in mind that under a balanced approach, the 98% of Americans who make under $250,000 would see no tax increases at all. None. In fact, I want to extend the payroll tax cut for working families. What we’re talking about under a balanced approach is asking Americans whose incomes have gone up the most over the last decade – millionaires and billionaires – to share in the sacrifice everyone else has to make. And I think these patriotic Americans are willing to pitch in. In fact, over the last few decades, they’ve pitched in every time we passed a bipartisan deal to reduce the deficit. The first time a deal passed, a predecessor of mine made the case for a balanced approach by saying this:

“Would you rather reduce deficits and interest rates by raising revenue from those who are not now paying their fair share, or would you rather accept larger budget deficits, higher interest rates, and higher unemployment? And I think I know your answer.”

Those words were spoken by Ronald Reagan. But today, many Republicans in the House refuse to consider this kind of balanced approach – an approach that was pursued not only by President Reagan, but by the first President Bush, President Clinton, myself, and many Democrats and Republicans in the United States Senate. So we are left with a stalemate.

As a result, the deficit was on track to top $1 trillion the year I took office.

9:05 p.m. ET @AriFleischer As a senator, O supported an even more expensive, bigger Medicare drug program, which wasn't paid for.

9:03 p.m. ET @LisaDCNN OBAMA: so far, saying I inherited the deficit and then the economy tanked.

9:02 p.m. ET @EWErickson The President starts out blaming the GOP. Hey GOP, guess what he'll do if Boehner's plan passes and we lose our credit rating?

9:02 p.m. ET
President Obama: To make matters worse, the recession meant that there was less money coming in, and it required us to spend even more – on tax cuts for middle-class families; on unemployment insurance; on aid to states so we could prevent more teachers and firefighters and police officers from being laid off. These emergency steps also added to the deficit. Now, every family knows that a little credit card debt is manageable. But if we stay on the current path, our growing debt could cost us jobs and do serious damage to the economy. More of our tax dollars will go toward paying off the interest on our loans. Businesses will be less likely to open up shop and hire workers in a country that can’t balance its books. Interest rates could climb for everyone who borrows money – the homeowner with a mortgage, the student with a college loan, the corner store that wants to expand. And we won’t have enough money to make job-creating investments in things like education and infrastructure, or pay for vital programs like Medicare and Medicaid.
9:01 p.m. ET Note: Standing off to stage right in the East Room: Chief of Staff Daley, fellow Chicagoan Valerie Jarrett, Press Secretary Jay Carney.

9:01 p.m. ET President Obama
Good evening. Tonight, I want to talk about the debate we’ve been having in Washington over the national debt – a debate that directly affects the lives of all Americans.
For the last decade, we have spent more money than we take in. In the year 2000, the government had a budget surplus. But instead of using it to pay off our debt, the money was spent on trillions of dollars in new tax cuts, while two wars and an expensive prescription drug program were simply added to our nation’s credit card.

8:41 p.m. ET
@David_Gergen In past, Presidents usually give emergency speeches about someone outside hurting USA. This is a self-inflicted wound!

8:36 p.m. ET @ErinBurnettCNN Source who met w/S&P says SIZE of Boehner plan is the problem.MIGHT not be enough to avert downgrade,needs to be closer to $3TR all at once.

8:35 p.m. ET
@David_Gergen On CNN, will be watching #Obama, #Boehner to see if they can get past posturing, lead us to safety.

8:22 p.m. ET Robert Reich during interview on CNN
Social Security "is not the problem." Says social security is actually in surplus right now, and is making the deficit actually look smaller than it is.

8:18 p.m. ET Sen. Jeff Sessions during interview on CNN "The problem we've got is not the debt ceiling. The problem we have is the surging deficit."

6:52 p.m. ET @AWMooneycnn More on Obama's speech: He will outline no new plan


Filed under: Congress • Debt • Deficit • President Obama
soundoff (306 Responses)
  1. Tom

    The House and Senate websites are not responsive tonight, giving the error "Application server is busy. Either there are too many concurrent requests or the server still is starting up."

    I guess a lot of people are trying to have their voices heard. Good for them. I hope they can prod some action on the hill.

    July 25, 2011 11:02 pm at 11:02 pm |
  2. Anonymous

    The debate on the debt ceiling and balancing our budget no longer is about what is best and needed for this country, but rather what will it take for our party to win in the next election.

    July 25, 2011 11:02 pm at 11:02 pm |
  3. Elwood Phillips

    The Republican Senate leader.McConnell has stated recently that he is interested mainly in one thing and that is to make Obama a one term President. There is your reason for no compromise by the Republicans. The American people want a compromise. If nothing happens in the next few days I wonder how many first term Republican Representatives will not be returning to Washington after the next election,

    July 25, 2011 11:02 pm at 11:02 pm |
  4. Former Republican, now an Independent

    Anyone paying attention should be able to see by now that the republicans are once again putting politics above the American people and the well being of the country. They never intended to come to an agreement.

    July 25, 2011 11:03 pm at 11:03 pm |
  5. Luis Osorno

    Creating jobs is possible mainly if private enterprise invests in the American economy. There are billions of dollars of foreign earnings that American companies have been reluctant to bring home, and therefore are keeping overseas, in order to avoid the stiff taxes that repatriation of those funds entails. Why not start by reducing taxes on those repatriations so as to make them attractive_? Then the GOP would be happy: tax cuts, the Dems would be happy: new jobs, the Government would be happy: more income, the job market would get a push, and the economy would benefit as a whole...Everybody wins...

    July 25, 2011 11:03 pm at 11:03 pm |
  6. Paul Brown

    President Obama is right. The Republicans are wrong. Simply thinking that you fix the economy of your house by cutting things without bringing in more money and spending money in education is wrong and not possible. The Republicans simply want to make Obama look bad with everything he is doing in his administration. They simply want to make a lot of noise hoping that the tea party grows big enough to back them up. Actually this Republican approach is crazy. It only shows irresponsibility. Even under Republican Eisenhower companies were taxed to ensure they re-invest their money in this country and not overseas. The Republicans simply want to destroy the government without thinking the consequences. Education and research is funded by the government. The well-being of all Americans is at risk with this Republican Congress. This is a matter of doing things right or wrong not a matter of being Republican or Democrat. The Democreats are right and the Republicans are wrong with this matter.

    July 25, 2011 11:03 pm at 11:03 pm |
  7. PMC

    I am presently sitting watching a special PBS series on Lincoln and they have just recited the Gettysburg address....Certainly the results of this current debate will not register the catastrophic loss of life or yield a single drop of blood, however we would be well reminded to reflect on history here, Respect the office of the president that this country has chosen, We seem to forget the great decisions of presidents and leaders past. A division of ideas is not new to this country, why are we willing to risk our integrity and reputation with this schoolyard fight that any teacher worth their weight would resolve in an instant. Get it together guys and girls and play nice, share your toys and remember bullies are not allowed on the playground.

    July 25, 2011 11:04 pm at 11:04 pm |
  8. Roger Allen Bonelli

    Both parties have been negligent in addressing this problem a third party presidential campaign maybe just the antidote the American people are looking for. So my fellow American politicans in high places think about all the American people and what is the greater good for our nation. May God bless the United States of America and may he give you the wisdom to discern true love for the American people.

    July 25, 2011 11:04 pm at 11:04 pm |
  9. tfl

    Remember 911....united we stand.... The cost of war and the paltry paychecks that our armed forces was paid for their lives is part of that 14 trillion. We said war on terror. The defense spending should not be part of the cuts. I served in the Air Force for 21 years. I am a 100 percent disabled veteran. Go ahead and default because of your idealogical principles. dont pay me. dont pay social security recepients. dont pay the armed forces dodging bullets in Afghanistan as we speak. Lets just all pack up our toys and go home. It seems like the only ones that will survive the default is the very congress that will cash their paychecks in august. then they can get on their jets and come back home to get reelected to pull the stunts their pulling now. By the way hows AIG doing?

    July 25, 2011 11:05 pm at 11:05 pm |
  10. Bijoy Chacko

    Republicans have been holding hostage the economy to extract political benefit out of eveybodys misery. When a party says that their main compromise was to come to the table and talk, I don't think much more needs to be said.

    July 25, 2011 11:07 pm at 11:07 pm |
  11. Leo from East Texas

    I have been hearing Boehner actually phoned Rush Limbaugh before his speech is this really true....If this is true.... It's because there is a Black Person as our Nations President..... And i am a white man....I can see the hatred now.... The republicans are the 1860's Democrats.... The Democrats are the 1860's Republicans ........

    July 25, 2011 11:17 pm at 11:17 pm |
  12. Name

    Mr President, Please explain how someone making $250,000 a year is a "millionare and Billionare"?

    July 25, 2011 11:17 pm at 11:17 pm |
  13. Luis Osorno

    98% of Americans will not get a tax increase.... Only 2% will, the ones who control and enjoy 80% or 90% of the country's income.. that is a good point........... it is THE point..... I am sorry to see the GOP at the service of the wealthy...

    July 25, 2011 11:18 pm at 11:18 pm |
  14. Gilbo

    Our govt. has crippled itself. If a D yelled to a R that they were about to get run over, the R would not listen and vise versa.
    We need serious change in our leadership and I don't care what side of the isle you are on. We need to vote out ALL incuments and we NEED serious term limits. These fools are too busy worrying about how to win re-election than working to solve our countries woes. Were we go from here I don't know, but when we go to the poles let's forget voting for the usual suspects and lets get some people interested in getting the real job done. I am proud to declare myself an independant and support the likes of Bernie Sanders I-VT.
    Come on folks grow up.

    July 25, 2011 11:18 pm at 11:18 pm |
  15. SD

    I refuse to pay $400 luxury tax a year on my Lexus while Corporate millionaires get tax deductions for the Jets!! I am the middle class, $100,000+ per year and I am mad as Hecks!! I paid $3,000 this year in taxes above what I paid during the year. I work hard, my husband and I are educated, I am the backbone of this country and I being cheated!! I won't take it any more!! Yea, I am taking my country back and get rid of these fanatics. Tea Party enjoy your time in the Capital, because you are on your way out!!

    July 25, 2011 11:18 pm at 11:18 pm |
  16. Charles

    I really wanted the 3-1 plan but I hope they can at least get the Reid plan. I went to my congressman's website and on his own website 80 percent of his constituents want a balanced approach.

    July 25, 2011 11:20 pm at 11:20 pm |
  17. Audrey Cormier

    We should come together as a nations and do what's best for all American's. Martin L. King said it best that "We should all come together as brothers, and sisters or we will all parish together as fools"

    July 25, 2011 11:22 pm at 11:22 pm |
  18. Rand

    President Obama has gone above and beyond. The Repubilcans should take the deal and declare victory.

    July 25, 2011 11:23 pm at 11:23 pm |
  19. Jody Yost

    Why has no news organization discussed Andrea Mitchell's comment on meet the press yesterday," why do we need a debt ceiling? No other industrialized country has one."? This seems the most rational suggestion I've heard!
    Jody

    July 25, 2011 11:29 pm at 11:29 pm |
  20. Dan

    Only one way forward. Put $20m in a pool for "each" senator and congressman. Only payable if we agree on a winning formula for living within our means. A greed based incentive plan is our only hope

    July 25, 2011 11:36 pm at 11:36 pm |
  21. Bob

    "The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure." - President Obama saying no to raising the debt limit in 2006. Is it your leadership failure now, Mr. President?

    July 25, 2011 11:44 pm at 11:44 pm |
  22. Gordon

    It's time for Congress to stand with President Obama and pass legislation raising the debt ceiling! The Republicans and Democrats should learn how to compromise. Cut spending and raise revenue! Why can't they work with President Obama and come to a bipartisan agreement? Above all, playing politics with our credit worthiness by waiting to the last minute to keep pay debt obligations is irresponsible!

    July 25, 2011 11:49 pm at 11:49 pm |
  23. Richard

    I believe both men are playing politics. The President keeps blaming George W Bush for the country's economic problems. He is the president now and all responsibilities lies on him . Remember the old saying, you can't beat a dead horse. As for the Speaker, He need to blame no one but the tea party for this stalemate. The tea party is suppose to set an example and offer an alternative to Democrats and Republicans. Instead, they have made a mockery of the process. They need to understand we need to compromise to get anything done. Someone should explain and educate the tea party on the Connecticut compromise in 1787 that produce both chambers of congress, the seat they sit in now. What the about the compromise of 1820 and 1850 that averted the union a civil war at that time. These people are truly and have earned the name suicide bombers. If we remove the tea party from the debate, I believe, we would have already have a deal. Shame on the Tea Party. They are now the "Rambo's" of American politics.

    July 25, 2011 11:52 pm at 11:52 pm |
  24. lib4ever

    It's time for the GOP to stop pimping for Wall Street, Corporation and the wealthy and start representing all of America.

    July 25, 2011 11:52 pm at 11:52 pm |
  25. Gabe Salazar

    There's still some room for compromise between the two philosophies: The Democrats want to increase revenues by taxing the wealthiest Americans and eliminating tax loop holes for large corporations – in essence increasing their tax liability. The Republicans believe any new tax increase is political suicide and jeapardizes job creation. Why not incent corporations to add jobs – many have done quite well on Wall Street over the last 18 months, but are understandably skittish to add costs to the bottom line. It's a simple message: add to your payroll or lose or lose your tax breaks. The Republicans can claim victory since they are leaving the decisions to increase taxes up to the individual companies. The Democrats can claim victory because they are engineering benefits for the middle-class through job creation (which is a black eye on the party) and/or increasing revenues from wealthy corporations. The only loser is the wealthiest Americans. Sorry. If you're not creating jobs, we're going to need you to chip in.

    July 25, 2011 11:57 pm at 11:57 pm |
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