Obama and Biden to powwow with Reid and McConnell on debt talks
June 24th, 2011
11:56 AM ET
11 years ago

Obama and Biden to powwow with Reid and McConnell on debt talks

(CNN) - President Barack Obama and Vice President Joe Biden will meet Monday with Senate Majority Leader Harry Reid, D-Nevada, and Senate Minority Leader Mitch McConnell, R-Kentucky, to discuss "the status of the negotiations to find common ground on a balanced approach to deficit reduction," according to a White House statement released Friday.

Listen: CNN’s Candy Crowley and Bob Costantini talk about the president’s Afghanistan address to the nation; and the breakdown in negotiations to avoid Uncle Sam defaulting:

Obama and Biden will meet with Reid in the morning and McConnell in the afternoon, the statement said.

Filed under: Debt
soundoff (71 Responses)
  1. Dale

    During the last big depression
    The (( American people did not have )) the Internet or cell phones or mass transportation interstate highways.
    The majority of The American people were pretty much in the dark to what really happened, when the last depression hit in the 1930’s.

    Today (( American people have )) the Internet we have satellite TV and we have cell phones instant communication, the American people have the ability to travel very quickly to any place in United States.
    The American people are well informed, and know who to point the finger at, and go there very quickly people talk, are you catching my drift.

    People in Washington DC and New York New York Wall Street Banks, if there is a big depression food shortage and shortage of everything, they better find a cave and bury themselves in it, and hope the American people do not get their hands on them.

    June 24, 2011 01:05 pm at 1:05 pm |
  2. Jon

    How do you have a discussion about a "balanced approach" to deficit reduction with the mentally unbalanced Republicans whose party brought us to this point? We collect 25% less in taxes than the average of 33 OECD countries, but we incur more defense costs than the next 20 countries combined. How would that ever work? And yet Cantor leaves the "negotiations" because Democrats won't take tax increases off the table. In other words, the Republicans won't "negotiate" unless Democrats give in to their demands.

    June 24, 2011 01:05 pm at 1:05 pm |
  3. Tulsa

    Hold strong Mr. President. Do not let the Republicans go on not making the wealthy and corporations pay their fair share.
    The majority of Americans, (over 70%) agree that the wealthiest 2% should have the Bush tax cuts removed and that the subsidies to oil companies should be removed too......
    Do what is best for the Nation and show the Republicans for the corporate shills and liars that they are.

    June 24, 2011 01:08 pm at 1:08 pm |
  4. volksmaniac

    Are there any people out there who understand that if we don't fix spending on entitlements , that those entitlements are going to be gone and everyone in all parties will suffer ? It doesn't do any good to blame each other , because both parties have caused the problem , and are equally responsible . The soutions don't have to be one party or the others ideas . Neither party matters . What matters is that we get the problem fixed before we all have nothing to fix .

    June 24, 2011 01:08 pm at 1:08 pm |
  5. jschmidt

    Think again- the so-called surplus inherited by Bush was build on capital gains tax revenue made by the dot coms. When the dot coms bubble burst, those revenue disappeared. The revenues were unsustainable because the capital gains were built on companies pushed up by the bubble. Bush didn;t blow the surplus, it disappeared. You don't raise taxes in a recession which is why Bush's cut of taxes after the dot com bubble burst and after 9/11 was successful in creating a growing economy through 2007 when subprime started. And subprime was a result of Democrats polices begun during Carter that pushed allowing unqualified people to get loans. Fannie and Freddie made their money on this and Dodd/Franks kept preventing regulation of F/F which helped the subprime mess. ANd those same two idiots created the FINREG reform that is causing and will cause business to suffer.

    June 24, 2011 01:09 pm at 1:09 pm |
  6. Oh Really?

    Rudy NYC wrote:

    Someone needs to tell the current leaders of the party of Reagan, their own hero, that Reagan created two recessions because of his tax cuts and had to implement NINE tax increases to get the economy going again. It happened twice during his two terms. He cut taxes, economy declined into recession, he raised taxes, raised them again, economy recover.
    You Sir are WRONG! I have written to NYC and asked them to cut your welfare check.

    June 24, 2011 01:10 pm at 1:10 pm |
  7. P

    This is a negotiation ploy from the right wing Zelots. Worked before. may work again.The rigth wqing is expert at putting theatical attitudes. I just hope the dems this time will hold the line, keep the yeey on the ball (which is the right wing of reps will have to accept the debt ceiling increase or their masters will suffer as well as everyone else) and get the business loopholes to close for good for a shared sacrifice.
    they just should say "hey, we go some ways but if you dont go some too, that is fine lets the chips fall where they may", then walk out.
    That will break the impass quckliy. the issue is the dems and some real republicans (whatewver is left there) care too much. the right wings dont

    June 24, 2011 01:12 pm at 1:12 pm |
  8. Democrat Class Warfare - Destroying the economy, destroying the country

    It is painfully clear the Democrats and Obama have no intention of cutting spending. It is clear there is no limit to their thievery. They will not be happy until every last dollar is taken by the government and given to whoever they deem worthy of it. They are making it clear, WE WORK FOR THE GOVERNMENT FIRST, not for us, not for our family.

    June 24, 2011 01:12 pm at 1:12 pm |
  9. Oh Really?

    ThinkAgain wrote this:

    2bits: On what do you base your assessment of the President's economic acumen? The fact that his policies kept our country from going into a Great Depression?

    Perhaps you should review your basic math and history: GW Bush (unprecedented in our nation's history) cut taxes during war time. He also kept the cost of two wars off the books. In the face of the budget surplus he inherited turning into a huge deficit, he cut taxes more (unlike Reagan, who had the good sense to RAISE TAXES 9 TIMES DURING HIS PRESIDENCY).

    If you're looking for a economics moron/dummy, look no further that GW Bush and all the Republican adherents to trickle-down (tinkle-down) economics WHICH DOES NOT WORK!

    Will you please tell all of us where your living comes from....are you really on welfare as the role states?

    June 24, 2011 01:12 pm at 1:12 pm |
  10. Anthony

    It looks like Republicans are serious about causing the government to default on its obligations. Republicans refuse to raise taxes, even though the government is not collecting enough tax revenues to pay the interest on the national debt and the mandatory spending (which includes Social Security, Medicare, and Medicaid). Obama may have no choice but to cut the discretionary spending, starting with the biggest item in the discretionary spending: defense.

    Republicans not only want to replace Medicare, but they also want to play games with our military, just to score political points.

    June 24, 2011 01:13 pm at 1:13 pm |
  11. MIke

    Maybe the delegator in chief will actually do something, but I doubt it. He'll bloviate and him haw around as always do nothing.

    I have to laugh at the liberal progressives who are adopting the accusation that conservatives are trying to undermine the economy for political reasons. That's exactly what the libs are doing. The state of the economy proves that. Schumer even went so far as to say the conservatives are against a tax break for small business. Ha, the conservatives have submitted a budget that does just that. Surely poeple are not so ignorant and gullible to swallow that. The conservatives have no power to do anything other than block something the libs want to do. Libs have been in control since 2007 and the debt has doubled, the housing market is bust, and underemployment is 20% with 9.1% unemployed altogether. Great record for 2012.

    June 24, 2011 01:15 pm at 1:15 pm |
  12. Oh Really?

    This is for "The Elephant In The Room";
    Will you agree to give up your government check/welfare in order for your President to get what he wants?

    June 24, 2011 01:16 pm at 1:16 pm |
  13. Bush added $4T Plus in Debt

    Between Iraq & Afghanistan - two UNFUNDED wars - we've spent $2 Trillion. 10 Years of UNFUNDED Bush Tas Cuts has spent another $1Trillion. I don't know what the numbers were on the UNFUNDED Medicare Part D but ... let's say $0.5 TRILLION $$

    So an intelligent person can easlity see about $4 TRILLION in debt by looking at only PART of George Bushe's actions.

    The Stimulus & TARP spending where ALL to address the Bush-Induced Great Recession, so a reasonable person has to give the President some slack for having to take those steps - or accept the consequences of GM & Chrysler ceasing to exist, unemployment being probably 2 points higher than it is today, home prices having been whipsawed, the stock market [and your 401K] being back down 40% from where it has recoved.

    It's time the GOP stop pretending that it knows what is good for the economy. Close the damn loopholes that allow companies and individuals to AVOID contributing their FAIR SHARE to government revenues.

    June 24, 2011 01:16 pm at 1:16 pm |
  14. Tulsa

    Hey BUSHIES, How many times did W raise the debt limit?
    (9 times)
    So make your excuses and lie like you always do. Disgusting Republicans.

    June 24, 2011 01:26 pm at 1:26 pm |
  15. SeeTheLight

    I love watching these progressive Libs running into the realization that their policies, and leaders, are complete failures.
    The Dems have broken EVERY failure record in history and just can't accept it.

    June 24, 2011 01:28 pm at 1:28 pm |
  16. FLCPA

    Facts that ThinkAgain and other libs should know
    a) 80% of Bush tax cuts went to middle and lower income tax brackets. If you did not extend ANY of the Bush tax cuts you would actually raise an additional 5 Trillion of tax revenue over 10 years. Of which 800 billion would be from wealthy tax payers, however, the remaining 4.2 Trillion would be collected from everyone else. Including many of the 50% of Americans who pay nothing in income taxes. Its funny how libs like to criticize Bush for the tax cuts on the wealthy, however, they don't want to give hime credit for eliminating income taxes for many middle and lower class Americans. HMMMM
    B) Total debt created under 8 years of Bush = $4.217 Trillion
    Total debt created under 3 years of Obama = $5.137 Trillion

    You may not like "Trickle down economics", however, it sure is better than socialist wealth redistribution.

    June 24, 2011 01:31 pm at 1:31 pm |
  17. a little sad


    Isn't Mitch McConnel the guy who made the statements about Planned Parenthood that he latter said wern't intended to be factually accurate?

    Unfortunately, no. That was one of my AZ senators, Kyl.

    June 24, 2011 01:51 pm at 1:51 pm |
  18. JDW

    Dear Mr. President:

    Please issue the directive now to prepare the government for an orderly shutdown. Initiate the shutdown by July 15. Of course Congress cannot be paid since that would be prohibited by anti-deficiency. Enough of the nonsense. We will pay our debts at the cost of several million more unemployed.

    June 24, 2011 01:51 pm at 1:51 pm |
  19. a little sad

    obama victim

    My Lord...., we so need a new president

    June 24, 2011 12:34 pm at 12:34 pm |

    OV – like little miss palin, you have been complaining that you're a 'victim' since November 2008, before Obama was in office. Must be confused what president you are a victim of.

    June 24, 2011 01:55 pm at 1:55 pm |
  20. Oregon Calling

    Don't give an inch!!!!!!!!!!!!!!!!!

    Peace 🙂

    June 24, 2011 01:57 pm at 1:57 pm |
  21. Lost in Texas FOREVER

    the GOP always cllaims that they want to do the "WILL OF THE AMERICAN PEOPLE". Well if they read the polls the American people want the Bush tax cuts to end, close loopholes for major corporations, leave Medicare alone for the most part, and focus on the economy and not social issues. So far the GOP is batting 0-4 here. They only do the will of the American people if it's something that benefits the GOP.

    June 24, 2011 02:06 pm at 2:06 pm |
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