Obama outlooks Friday deadline for debt negotiations
July 14th, 2011
10:23 AM ET
11 years ago

Obama outlooks Friday deadline for debt negotiations

Washington (CNN)–President Obama told debt negotiators Wednesday afternoon he is setting Friday as a deadline to decide where the group is in the process of trying to reach a broad agreement on deficit reduction and an extension of the debt ceiling, said House Majority Leader Eric Cantor, according to Democratic sources familiar with talks.

"[President Obama] said we also need to get in the mode here because we're going to have to decide by Friday which way we're going. And really, he said, we ought to all start to think about things we can do rather than things we can't," Rep. Cantor told reporters after Wednesday's debt talks concluded.

CNN Congressional Correspondent Kate Bolduan contributed to this story.

Filed under: Debt • Deficit • Eric Cantor • President Obama
soundoff (13 Responses)
  1. Peter s

    What is the Republicans afraid of ? they said cut 2 billion and Obama said okay lets go for 4 billion!, Republicans are you not the party which keeps on spewing fear on our children brah brah. There is governing and hot air rhetoric and its your time to govern you own the house therefore you own the economy and by the way where are the jobs? Last midterm didn't you run on tax cuts for the rich create jobs? Its seven months now and counting tell us how many jobs have you created?.

    July 14, 2011 10:35 am at 10:35 am |
  2. maikl

    maybe i missed something, but Friday is Obama last day?... O no, i just dreaming.

    July 14, 2011 10:37 am at 10:37 am |
  3. Four and the Door

    ...but just keep growing the government and spending borrowed money. The drama will continue. We did not get to this point by responsible management. Out of control spending got us here.

    July 14, 2011 10:38 am at 10:38 am |
  4. ConservaFASCISTS/Domestic Terrorists/Taliban/Al Queda/TRAITORS

    As childish as you've been behaving Mr. Cantor, you're in no position to be talking. If you guys can't come to an agreement, I'm all in favor of the President going the constitutional route and invoking the 14th Amendment Sec. 4. Hate it or love it, but the country's business needs to be handled little boy(Mr. Cantor).

    July 14, 2011 10:43 am at 10:43 am |
  5. John, PA

    Why does Obama have a Friday dead line ? my guess is he has to go golfing or party at the Whit House.

    July 14, 2011 10:45 am at 10:45 am |
  6. Bill from GA

    We need a clean bill: increase the debt ceiling 2 or 3 trillion, nothing else. Cut spending in the budget.

    Repugs' House budget already has SPENDING INCREASES for the military. The INCREASE alone is almost equal to the entire current year budget for NASA.

    Gotta love how the repugs blame the debt increase for the last 3 years on President Obama. Then they also complain that the dems haven't yet passed a budget since President Obama took office. How does that work?? (Answer: they continue on the budget signed into law by w.)

    July 14, 2011 10:50 am at 10:50 am |
  7. Rick McDaniel

    There will be no solution. Neither side will move to the center.

    July 14, 2011 10:50 am at 10:50 am |
  8. Midwest Dude

    When you say you can't then you want. Keep putting the pressure on both sides to come to a deal and not just a band-aid or quick fix. It's time to work together for the country and the world, if what is being reported is true about how defaulting on our debt could affect world markets.

    July 14, 2011 10:51 am at 10:51 am |
  9. rob

    This is a total lack of leadership from the president. This has been going on for months and months with him just getting involved in the past few weeks and he is being portrayed by CNN as dictating the time tables etc? No matter how much spinning the media does for this guy the fact is he had a hissy fit because the Republicans are sticking to their guns knowing that he is not serious about cutting spending or reforming entitlements. For all his talk about whats "On the table" that he is prepared to make his party unhappy, there are no specifics nor will there be. The President and the dems won't put their budgets on the table because there is no support in the country for their priorities, this is political theater at its worst . We even have Dems on record saying if they allow reform of medicare it will ruin their attack against Republicans in 2012. The house should pass a small debt increase with its own spending cuts and send it to the senate. Lets see if Harry reid will even bring it up for a vote. If they don't, they will be forced to to finally be honest with the American public and force Obama to take responcability for this mess.

    July 14, 2011 11:12 am at 11:12 am |
  10. Reasonable B

    The problem belongs to both parties. The president recently got involved because republicans are not going to budge until the last moment. You don't send the president into negotiations until the end of negotiations. This has been true for a very long time. The fact is that there will have to be tax increases in the wealthiest Americans as well as cuts in the programs for the poorest Americans. Until we admit that and stop playing the blame game the US government will inch it's way closer and closer to insolvency.
    Biased opinions help no one. Honest solutions do.

    July 14, 2011 11:33 am at 11:33 am |
  11. Peter s

    are you serious? by there is no word like "responcability" its responsibility!! The Republican are hell bent to Rob the middle class everything they own except their children!!

    July 14, 2011 11:35 am at 11:35 am |
  12. Anthony

    So, Rob, what are Republicans prepared to cut? Enlighten us. The House should pass a debt ceiling increase with its own spending cuts and let the American public know what Republicans want to cut. I bet that the Republican bill would be as popular as the Ryan budget plan.

    July 14, 2011 11:37 am at 11:37 am |
  13. Tony Z

    A compromise needs to be made. Point blank- the deficit will not be reduced without additional revenue (ie elimination of Bush tax cuts and tax reform) and increase employment. I agree that the entitlement reforms. They just need to work together.

    July 14, 2011 11:38 am at 11:38 am |