Possible deficit reduction deal emerging, sources say
July 21st, 2011
03:40 PM ET
12 years ago

Possible deficit reduction deal emerging, sources say

Washington (CNN) - President Barack Obama is continuing to pursue the most "significant deficit reduction package possible," White House Press Secretary Jay Carney said Thursday, the latest indication officials are keeping a variety of options open while trying to hammer out an agreement to raise the nation's debt ceiling and avoid an unprecedented default.

Talks are now focusing on a deal to cut $3 trillion in federal deficits over the next 10 years that would be accompanied by a debt ceiling increase, according to congressional aides who spoke on condition of not being identified.


Filed under: Congress • Debt • Deficit • Democrats • President Obama • Republicans
soundoff (11 Responses)
  1. grracy

    Conservatives are addicted to Stupidol and Foxicaine. Until their addiction is relieved, it won't matter WHAT Prez Obama says.

    July 21, 2011 07:42 am at 7:42 am |
  2. Frank - Ohio

    Obama is finally showing some interest in this national crisis. But, where is his plan???? His plan was a budget proposal which raised the national debt by $10 TRILLION. That is his plan! He simply wants the debt ceiling raised so that he can continue his reckless spending.

    July 21, 2011 07:56 am at 7:56 am |
  3. DA

    I really think the American people are getting sick of the self serving politicians that are currently, in Congress!! I think it is time for term limits to be put in place!!! Because if a politician knows he or she is limited to the number of terms they can serve, the need to play to reelection constituents become less of a factor and hopefully real work can be achieved.

    July 21, 2011 08:10 am at 8:10 am |
  4. Rudy NYC

    The Republicans passed the Bush Tax Cuts amidst a storm of controversy. GWB himself sat in the Oval Office and promised the American people that the tax cuts would be *temporary* because we could not afford them. It was increasing the debt at a time when the economy was robust and we were paying down the debt. It is no surprise the intent all along was to make them permanent, to break their promise to the American People.

    By the way, letting the Bush Tax Cuts expire is not a tax increase. It is letting the rates return to their original levels before Bush set the country on the current deficit spending binge. Even Grover Norquist says letting them expire is not a tax increase. If put milk on sale in my store for a week, then I will have to raise the price back to its' original setpoint at the end of the week. That is not a price hike. It is called the end of the sale.

    July 21, 2011 08:29 am at 8:29 am |
  5. John

    President Obama Is wasting his time with the Republican , they are not willing to Compromise and that don't want to Compromise. They think It got to be there way or no way , It like you are talking to a bunch of Kid.

    July 21, 2011 08:52 am at 8:52 am |
  6. ConservaFASCISTS/Alan West = Masogonist

    What kills me about these negotiations is that no one is addressing the real factors of our debt.

    Iraq War – UNPAID
    Afghanistan War – UNPAID
    Medicare Part D – UNPAID
    Bush Tax Cuts – UNPAID

    Deficit reduction talks should end right now if none of the above listed are being negotiated. End of story!

    July 21, 2011 08:57 am at 8:57 am |
  7. GI Joe

    It's a plain as the nose on Jimmy Durante's face - the republicans are (AGAIN) playing the game of going along, only to vote NO.

    If you people don't vote out every Tea-Bagger at the earliest possible time, YOU are responsible for the mess this country will be in for decades to come. Jim Demented, Karl Rove, the Koch brothers, Dick Armey, etc., all have enough money to survive the upheaval - DO YOU? I doubt it.

    July 21, 2011 08:58 am at 8:58 am |
  8. WiredwierdinSF

    He is saying he needs more tax money to give the corrupt union bosses and the drug addled, non working, non taxpaying people who voted for this inept, incompetent, corrupt, union toady president.

    July 21, 2011 09:07 am at 9:07 am |
  9. Lynda/Minnesota

    Here we are in July ...well... end of July actually, and the GOPers are STILL passing their TeaParty backed going no where bills ad nauseum. How many of these *symbolic* bills have there been to date, ten, maybe fifteen, now? And how many of the TeaPer crowd are actually falling for these going no where bills enough to continue supporting their candidates? This is absolutely the most ineffective Congress in history. Don't color me suprised.

    July 21, 2011 09:20 am at 9:20 am |
  10. Chipster

    Social Security and Medicare recipients PAID for their benefits but they haven't had a cost of living increase in at least 2 years! To even suggest cutting their benefits – in effect TAXING THEM – is insane. To suggest taxing Seniors to pay for tax cuts for the wealthiest Americans is not only insane; it's criminal. It's is literally robbing from the poor to give to the rich.

    If the President agrees to anything that TAXES seniors by cutting their benefits, there will be no enthusiasm for supporting another 4 years. Why would we waste our time, energy and money?

    July 21, 2011 09:50 am at 9:50 am |
  11. Democrat Class Warfare & Race Baiting - Destroying the economy, destroying the country

    The Senate may begin considering a largely symbolic proposal Thursday to raise the nation's debt ceiling – but only if Congress cuts and limits spending and balances the federal budget through a Constitutional amendment.
    Democrats have dismissed the plan, advocated by tea party conservatives.
    "largely symbolic"??? It is the ONLY TRUE SOLUTION to the problem!! What makes it "largely symbolic" is that the Senate is controlled by "progressive" Democrats and the Whitehouse by a socialist that have absolutely no interest in truely solving the real problem. Until the American people can remove these dangerous people from the Senate and Whitehouse and replace them fiscally responsible people, this country will remain in grave danger.

    July 21, 2011 10:02 am at 10:02 am |