Sunday White House debt ceiling meeting yields no progress
July 18th, 2011
12:54 PM ET
11 years ago

Sunday White House debt ceiling meeting yields no progress

Washington (CNN) – As part of the ongoing debt ceiling negotiations, House Speaker John Boehner and Majority Leader Eric Cantor met Sunday with President Obama at the White House, Boehner's spokesman Michael Steel confirmed to CNN.

When asked about the meeting, Steel provided this statement: "As we said throughout the weekend, the lines of communications are being kept open. But there is nothing to report in terms of an agreement or progress. We believe cut, cap and balance represents the best path forward, and we are looking forward to the House vote on it tomorrow."

Filed under: Congress • Debt • Deficit • President Obama
soundoff (14 Responses)
  1. Rudy NYC

    Last week Sen. McConnell stood in front of microphones one day for his daily round of sound bites. One of his statements sounded much like this, "We cannot default on our debts is such a way that makes Republicans look bad." I guess that means it is okay to default on our debts if it makes Democrats look bad.

    We don't have a spending/revenue problem in this country as much as we have a Republican problem.

    July 18, 2011 01:01 pm at 1:01 pm |
  2. bob

    Seriously, look at the photograph, and you'll understand why this country is in such a freakin mess! The five biggest crooks and idiots in Washington sitting at one table! The only one missing is Barney Frank...

    July 18, 2011 01:19 pm at 1:19 pm |
  3. bob

    Our country is going down the tubes and all these idiots can do is laugh?

    July 18, 2011 01:20 pm at 1:20 pm |
  4. DinaK

    When Obama was a U.S. Senator, he voted against raising the debt ceiling. He did this one year prior to getting the nomination to run for President, and everyone said he was the wisest man and the most politically balanced person to run – so I guess he wasn't really that smart, balanced, and experienced after all? I say that all of Congress should follow Barack's footsteps and emulate his voting record. If it was good enough for Obama when he was a senator, it's good enough for current senators and congressman.

    July 18, 2011 01:21 pm at 1:21 pm |
  5. bob

    We elected em, so we're ultimately to blame for our demise...

    July 18, 2011 01:21 pm at 1:21 pm |
  6. bob

    Just looking at these five idiots makes me sick!

    July 18, 2011 01:22 pm at 1:22 pm |
  7. mgc florida

    I am a businessman who negoiates deals all the time. Someone needs to tell the republicans that compromise means exactly that and if they don't want to compromise on anything ever, they should be booted from office. Governing without compromise is a dictatorship.

    July 18, 2011 01:34 pm at 1:34 pm |
  8. GOP = Greed Over People

    Why do they keep holding these useless talks, the GOP tea baggers , Boehner and Cantor have made it very clear that it is their way or the highway!

    Instead, what we need more grandstanding by the House GOP passing laws they know are doomed, just to pander to the base.

    There is 15 days left between now and default and this is the top GOP priority?

    And if you think S&P is going to wait until after the default to ding our credit rating, you may need a refresher course on credit rating agencies and risk.

    Wise folks should be preparing wisely, so they can survive when the GOP agenda is achieved and "America fails".

    July 18, 2011 01:37 pm at 1:37 pm |
  9. Dahly

    Cut, Cap and Balance. No raised taxes during this jobless recovery. Besides, taking more money from those already paying 80% of the bills is flat out WRONG!

    July 18, 2011 01:39 pm at 1:39 pm |
  10. Gregory Newbold


    1.) Jobs are created by customer demand, not by tax reductions. Additional demand CREATES additional JOBS.

    2.) Businesses only hire as few people as needed to meet demand. This is how they maximize profits; their primary objective. Businesses DO NOT hire because they have lower taxes.

    3.) Businesses prefer lower taxes because this allows them to earn more profit for each dollar of Demand. They put this money in the bank. It does not increase Demand, therefore, it does not create jobs

    4.) Politicians do not create demand with their policies; therefore, their policies DO NOT create jobs. Government policies can HELP influence the LOCATION of JOBS.

    5.) When one country has lower tax rates than another, if all things are equal [labor rates, shipping costs, regulations, and energy costs] a company may locate in Country A to sell in Country B. Country A will have employment arising from demand in Country B. Country B can use the desirability of its demand and raise tariffs /fees on the company so that it will choose to locate / relocate and bring its jobs to Country B so that it has a chance to access the market in Country B. This is how a politician can SHIFT jobs within his/her jurisdiction [country]. Foreign governments have required such “offsets” for years as the price of entry for American firms.

    6.) Manipulations of the Tax Code - for example, Investment Tax Credits to Businesses for property, plant, or equipment - do not create demand. They may however ACCELERATE a buying decision. As such, they bolster revenues today at the expense of tomorrow. Politicians will “ROB PETER TO PAY PAUL”. The politician in office is Paul. Their successors are Peter.

    7.) Capital Gains Tax reductions pertain to external investors, not companies investing in themselves – investing for their continued existence. All things being equal, investors will pick the lowest capital gains tax they can find. However, business risks are rarely equal in different countries. Governments can influence these risks and it should be their jobs to balance. Lowering Cap Gains taxes does not create jobs. Capital will find good investment opportunities.

    8.) Demand CAN SHIFT from one Company providing products to another if one is more innovative, has higher quality, delivers greater value [via the efficiency of production]. These “demand shifters” are rooted in the education, skills and capabilities of the workforce and the culture of the jurisdiction [e.g. country] These are long-lead elements and politicians can help influence them.

    9.) The productions of raw materials and finished goods within a jurisdiction results in a supply chain which MULTIPLIES THE IMPACT of each dollar of demand. Whatever profits that result from supply chain bolsters the wealth among the workers and companies. Some of this wealth will be consumed locally and bolster subsequent demand. Politicians can help influence the appeal of a local supply chain. The economic multiplier on building products [more geographically anchored] exceeds that of providing services [less geographically anchored].

    10.) Consumers spend [CREATE DEMAND] when they feel wealthier [e.g. homes have equity, 401K are up], they curtail spending when they don’t feel as wealthy. Broad-based consumption smooths out boom / bust cycles in spending and leads to a more stable economy with more stable employment than would otherwise occur.

    July 18, 2011 01:44 pm at 1:44 pm |
  11. Sniffit

    Yeah yeah...Boehner already promised that the GOP plans to go through with the kabuki of voting on their insanely dangerous "cut, cap and balance" BBA bill first. You know CNN, you should really do a better job on reporting and explaining what they plan to vote on and pass to the Senate all for the purposes of creating political theater. Not a single GOPer in Congress would vote for such dangerous nonsense if it had even a remote chance of passing or if a GOPer were in the WH. It guarantees complete destruction of Medicare, Medicaid, SS, welfare, etc. Completely and utterly. It also represents an attempt to reduce the size of the Federal gv't to what it was in 1966...that's right...45 years if the intervening 45 years have changed nothing about the economy, demographics, etc. It's nothing more than ideological posturing and game playing on the GOP's part...politics at its worst.

    July 18, 2011 02:00 pm at 2:00 pm |
  12. Ron

    Old man John knows his days as speaker are numbered. He'd better figure out a way to get rid of Cantor quick! His pal Mitch will probably help.

    July 18, 2011 02:04 pm at 2:04 pm |
  13. Sniffit

    "The plan all along was if they couldn't get taxes raised prior to driving the spending up they would push the Republicans into a corner by simply not passing a budget, spend freely and irresponsibly, and when the bills couldn't be paid any more when up against the debt ceiling insist on tax increases. "

    Really? Is that why the GOP enacted massive inequitable tax cuts in 2001 and 2003 without cutting spending FIRST? is that why every single chart/graph you can find displaying various factors' respective contributions to the debt/deficit problems show that the Bush tax cuts are by far and away the largest contributing factor, followed by the two unfunded wars in Afghanistan and Iraq and then thinsg like Medicare Part D prescription drug bennies that were unfunded as well? You apparently took the brown acid...please go visit Wavy Gravy in the time-out tent.

    July 18, 2011 02:11 pm at 2:11 pm |
  14. The Greedy Old Pigs have declared class war on US!

    It's obvious that many of the GOBPbaggers have no intention of compromising unless absolutely forced to (and after a default and all the harm that will cause to America). It's equally obvious that many teatard either (a) value their party and cult ideology over the country or (b) really are too stupid to understand how irrational and illogical their words and actions are.

    Fortunately, recent polls show most American recognize how un-American congressional GOBPbaggers have behaving (like bedwetting two year olds), and will vote accordingly for mature adults next time around.

    July 18, 2011 02:30 pm at 2:30 pm |