(CNN) - President Barack Obama is scheduled to deliver a statement on the status of the debt ceiling talks at 10:20 a.m. ET, according to the White House.
Stocks are tumbling due to Congress' inaction. This is deplorable. Mr. President, the 14th Amendment looks like the way to go.
He has the power to end this without Congress so he needs to do something NOW!! If he doesn't I wonder if they are going to turn the White House into a poorhouse for those of us that are going to lose everything?!?!?
He need to do more and just talk ,he need they to come to the white house lock the door so the Republican can't walk out and get a biggest deal that you can by Compromise. And that mean have the Republican give up on the Idea of no new money coming Into the Government. It A America problem and all America should help get us out of this problem. Every body from Big Business and the Rich to the Poor. Even If It mean you have to rise taxes on everyone. Me i think you just need to put the Tax code back to were It was be for President BUSH mess everything up.
In January, 8 months ago, the President [thru his Treasury Secretary] notified the Republican controlled House of Representatives that the debt ceiling needed to be raised. He gave ample warning. A few months ago, he and his team explained the impact that the US welching on it's IOUs would have on interest rates; and although small, we've seen rates of 10-year T-bonds move up. After rebuilding 401K balances in his first 2.5 years, the uncertainty that this GOP-manufactured crisis is having on the economy is threatening to unravel everything.
A few weeks ago, the President clearly stated that he couldn't guarantee that Social Security checks, Soilder Pay, the Federal Justice System, Congressional pay, etc. could continue if Congress didn't raise the debt ceiling by August 2. In response, the Republican politicians, both those running for President and those obstructionists in Congress said he the date wasn't real or that Obama was "trying to scare Grannie". Finally, just this Monday, he called on the American people to contact Congress to make their wishes known.
Now comes the time for hard choices – – and tough action. The President has accomodated, capitulated, bent, flexxed and done everything he can to work with his opponents – – the enemies of the American people. He will have to PRIORITIZE who gets paid and who does not on August 2. If you are among the affected, direct your anger and vile commentary at the Republicans.
Dont give in to the teaparty MR OBAMA not one dam inch
Let me guess what he is not going to tell us. He is not going to tell us what a great job he has done managing the $5 trillion in taxes the government has collected during his administration or the $4 trillion in additional debt it has run up. Because there will nothing to talk about.
Another it is President Bush Fault Speach. This President has to be the most disgusting person we ever had in the White House. Vote him out in 2012.
Does anyone really care what this guy has to say anymore? Does anyone really take this presidency seriously? We are the laughing stock of the world. I certainly do not consider this thing my president, and I think I speak for everyone, besides entitlement taking african americans.
The President doesn't need the 14th Amendment as much as he needs Article II, Section 3.
He shall from time to time give to the Congress Information of the State of the Union, and recommend to their Consideration such Measures as he shall judge necessary and expedient; he may, on extraordinary Occasions, convene both Houses, or either of them, and in Case of Disagreement between them, with Respect to the Time of Adjournment, he may adjourn them to such Time as he shall think proper; he shall receive Ambassadors and other public Ministers; he shall take Care that the Laws be faithfully executed, and shall Commission all the Officers of the United States.
In other words, "on extraordinary Occasion" and "in case of Disagreement", he may convene and adjourn the Congress, and then "take Care that the Laws be faithfully executed." In other words, he can send the kids packing and do it himself. The law to uphold would be the 14th Amendment, but the above clause gives him the power to resolve extraodinary disagreements.
@The Elephant in The Room – Unless I am missing something, the Republicans have been the only party to present a plan that would raise the debt ceiling and cut spending. There has been a lot of talk about the Reid bill but no one in the House has even seen that bill yet (quoted per a Dem House member yesterday). Cut, Cap and Balance might not be the best bill ever written, but it is more than the President and the Senate have offered up as ideas. Obama likes to talk a good game but he has no solutions. All he has done is threaten vetoes, and his administration is on pace to increase the national debt by $6,000,000,000,000 in one term!!!!! Will you please look at that figure.
Another it is President Bush Fault Speach.
Of course the finger can be pointed at Bush. As long as conservatives continue to keep blaming Obama for the FY2009 $1.5T deficit, then Democrats will continue to blame Bush. Some people love to blame Obama for Bush's last budget deficit and accuse Obama of adding $4.5T in debt. Here are the facts.
FY2009 : $1.5T deficit : Bush
FY2010 : $1.5T debt : Obama
FY2011 : $1.5T debt : House GOP wrote it and owns it.
Don't kid yourself. Stocks are crumbling because GDP is only at 1.3
The market knows that the US will not default by Aug 2nd with or without a debt ceiling rise.
GSMITH, whether you like it or not, a full 50% of our debt can be laid at the feet of the previous occupant of 1600 Pennsylvania Avenue. And an additional 40% can be laid at the feet of his father and your god, reagan. Your boy brought us tarp and bank bailouts, and the banksters used the $$$ to pay themselves huge bonuses and outsource EVEN MORE JOBS – remember the economy bled 500k jobs a month for most of his reign of error. President Obama bailed out the auto industry, and the nation has already been repaid. The truth hurts, but the sooner you accept it, the sooner the pain will begin to subside.
Canadian looking in, APPALLED!
started a war in Iraq, to root out weapons of mass destruction & Al queda that weren't there
Started a war in Afghanistan & refused to send enough troops to win
Reduced the taxes the wealthy & oil corps pay so they could send it offshore and do their job creation there
Failed to deal with the millions of illegal immigrants
Starters a Medicare plan you can't afford
Refused to deal with the warnings that derivatives needed regulation & allowed the fraudsters to steal your 401K
Failed to bail out Lemahn & let the crumble of your finical system to start
OBAMA: inherited this mess with interest on interest
putting politics ahead of your country
AS A COUNRTY , YOU WOULD BE THE LAUGHING STOCK OF THE WORLD IF THIS DIDN'T AFFECT US ALL
STOP THE NLAME GAME & SOLVE YOUR PROBLEM LIKE EDUCATED PEOPLE!
All these countrys around the globe are overthrowing their leaders are we soon to follow? This is getting really crazy we have our own country in shambles because our leaders cant lead or make basic decisions to get things going. We voted them in lets get them out
Does amending the Constitution require ratification by 37 states before an amendment takes affect? How can the House expect a bill to make this happen in legislation?
Who is this "celebrity"? He needs 2 spend more time talking w/Congress 4 a REAL compromise instead of telling the public what HE WANTS or ELSE. Think he likes the limelight so he can blame everyone else except himself 4 the problems of our Nation!!!!!
Those that keep placing blame on President Obama must have been living on mars. This is beyond the blame point.Its here and time to pay up and it is going to take EVERYONE to sacrifice. and to four-i've seen more charity and compassion from those who have little to nothing to live on