Obama, Senate GOP meet as debt crisis looms
May 12th, 2011
11:53 AM ET
12 years ago

Obama, Senate GOP meet as debt crisis looms

Washington (CNN) - Can Democrats and Republicans agree on terms to increase the amount of money the federal government is allowed to borrow, before Washington defaults on its financial obligations?

That question - dry perhaps, but important to your bottom line - will take center stage once again Thursday as President Barack Obama meets behind closed doors at the White House with Senate Republicans.

Filed under: Budget • President Obama
soundoff (32 Responses)
  1. Joe

    Here's for the teabaggots that constantly blame obama and the dems for the spending craze:

    Source: IRS, Bureau of Economic Analysis

    2002: Congress approves a $450 billion increase, raising the debt limit to $6.4 trillion. McConnell, Boehner, and Cantor vote “yea”, Kyl votes “nay.”

    2003: Congress approves a $900 billion increase, raising the debt limit to $7.384 trillion. All four approve.

    2004: Congress approves an $800 billion increase, raising the debt limit to $8.1 trillion. All four approve.

    2006: Congress approves a $781 billion increase, raising the debt limit to $8.965 trillion. All four approve.

    2007: Congress approves an $850 billion increase, raising the debt limit to $9.815 trillion. All four approve.

    May 12, 2011 01:27 pm at 1:27 pm |
  2. Democrat Class Warfare - Destroying the economy, destroying the country

    President Clinton signed the Omnibus Budget Reconciliation Act in 1993 – before Newt was Speaker – raising taxes on all Americans, including the wealthiest. I suspect the surplus handed to Bush was a direct result of Clinton's Omnibus program. Fact is even Newt himself hasn't (and won't) be taking credit for raising taxes anytime soon. And would rather you didn't give him the credit either.
    Yes, as usual Clinton and the Democrats then controlling Congress raised taxes as they always do to pay for more government spending, which they always increase because there is more money. THEN the American people woke up and handed control of Congress, and the purse strings, to the Republicans and Newt as Speaker. Fiscal sanity now ruled without the Democrats holding the Congress. Out of control spending was tamed.

    Until that happens again, this country is doomed to ever increasing spending and taxing and borrowing under the financial mismanagement of the Democrats. It seems the Democrats and Obama have no qualms about handing our children and grand children a bankrupt country and future. The American people have different plans, which will be revealed come November 2012.

    May 12, 2011 01:43 pm at 1:43 pm |
  3. Rudy NYC

    "Democrats controlled the Congress for over 40 years before Republicans took control in the 90's."
    And, America saw an economic golden age during those same 40 years.
    I used to be bamboozled, too, by the Republican rhetoric. When Bush implemented Tax Cuts over the protests of John McCain, I realized what was up. My worst fears were being realized. The country was being set onto a path of economic implosion.

    I am proud to say that I never voted for GWB. After Reagans's deficit binge, and his raiding of the funds set aside for Social Security, Medicare, and Medicaid to pay for his tax cuts, I knew what would happen. I knew Republican controlled Congress and a Republican in the White House would spell complete economic destruction. They had torn down the barriers installed by FDR after The Great Depression. Destruction was inevitable. The only questions were how far and how soon. Voters have learned the lessons the hard way, but they have learned them well.

    May 12, 2011 01:49 pm at 1:49 pm |
  4. Tulsa

    To Four and the Door...
    I'm still waiting to hear you tell us all what "JOB creation" bills the House has passed.... you were so quick to take credit for the good job numbers, why don't you prove it?
    Oh, right, you can't because the Republican party has offered NOTHING in the way of job creation... Abortion, NPR, Planned Parenthood, Worker's Rights have all been under fire from these dips, but not one item dealing with what they ran on.... JOBS.
    You are a liar and a tool, like most who oppose what this administration has done. (by that I mean, passed health care reform, student loan reform, got BinLaden, pulling troops from Iraq, concentrating on getting Bin Laden, Wall Street reform, saved GM, added more jobs in 2 years than W did in 8, etc....)

    May 12, 2011 01:50 pm at 1:50 pm |
  5. Tulsa

    Rudy NYC,
    love your historical perspective.

    May 12, 2011 01:54 pm at 1:54 pm |
  6. rusty155

    The Republican have to understand that you have to have more money coming Into the GOVERNMENT, even If It mean raising Taxes on the Rich or on everyone. You can cut and you can cut but sooner or Later you are going to ran out of thing to cut. You got to have money coming Into the GOVERNMENT , and this way you won't have so many people hurt doing It. Everyone should go back to paying the Taxes they was Be for the BUSH TAX CUTS. That will be the Fast way to get the Deficit down. After all we are all America so everyone should help. I will agreed that the Rich Is Going to pay more ,but they all so make more. This way we can till help America that need help. And let me say one more thing I have pay Into SS and Medicare all my life, every sent i was 16 years Old. Everybody pay Into It , If you don't believe it look at your pay stud. So you can't say It Welfare , when you pay Into It.

    May 12, 2011 01:56 pm at 1:56 pm |
  7. jpmichigan

    If one cannot or willnot cut spending, doesn't matter what party you belong to, then do not raise the debt limit. American can balance their budgets without increasing their debt limit, so should the government. It is time the leaderson the Hill learn to go without a few thing, like the common folks do! Onr good way is to stop the PRESIDENT from usinf Air Force to make campaign speeches and go to fund raisers, this why he decided to to in for re-election early, so he can campaign on the tax payers funds.

    May 12, 2011 02:36 pm at 2:36 pm |
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