President Obama: I'm willing to cut 'historic amounts'
July 25th, 2011
01:08 PM ET
11 years ago

President Obama: I'm willing to cut 'historic amounts'

(CNN) - President Barack Obama said Monday he is willing to cut spending "by historic amounts" to reach a deal raising the federal debt ceiling.

But the "best way to take of our deficit is with a balanced approach" where the wealthy and corporations "pay their fair share too," Obama said.

Filed under: Debt • President Obama
soundoff (49 Responses)
  1. Jennifer

    Fine. Let's see a plan, written down on paper, Mr. President. Otherwise this is just more of your vague talk and promises. You excel at those.

    July 25, 2011 01:37 pm at 1:37 pm |
  2. CJ

    Where is your plan Mr. Deceiver In Chief? Oh that's right... YOU DON'T HAVE ONE! Blame others while spewing your lies while the media props you up because they know they are ultimately responsible for Americans electing you in the first place by covering up the facts.
    This guy is the biggest American mistake ever perpetrated on the American voters.
    WAKE UP America! This man is trying to destroy our country and way of life from the inside out.

    July 25, 2011 01:38 pm at 1:38 pm |
  3. gt

    your biggest mistake was when you let the bush tax cuts go on....huge we have this..ugh

    July 25, 2011 01:42 pm at 1:42 pm |
  4. Bill from GA

    Our President and the dems are willing to compromise on this deal. Boner needs to get with anyone in the House, repug and dem, who will acknowledge the seriousness of the debt ceiling problem, and get a VIABLE solution.

    If the credit of the USA is downgraded, it will raise borrowing costs. If interest on the debt goes up by just one percent, we are adding over $140 billion yearly (one percent of 14 trillion debt) that must be paid. Money that does no one any good. Obama's BIG DEAL raised revenue only $120 billion a year (1.2 trillion added revenue over ten years). No sane person would walk away from that deal.

    July 25, 2011 01:44 pm at 1:44 pm |
  5. Piper

    Such a deceiving liar. The wealthy already pay WAY more then their fair share, and by the way, who gets to decide whats fair for one person and isn't fair for another? It is high time the tax system is reformed and we get a TRUELY fair tax.

    July 25, 2011 01:46 pm at 1:46 pm |
  6. Doug

    I have and will continue to pay my accountant more every year looking for how to avoid more taxes than pay a dollar more. Don't think every wealthy person out there is reviewing estate plans annually to avoid our statist and chief giving it to people who do not want to work.

    July 25, 2011 01:47 pm at 1:47 pm |
  7. russinmaine

    I'm willing to cut historic amounts as long as you are willing to allow me to borrow even larger more historical amounts!

    July 25, 2011 01:51 pm at 1:51 pm |
  8. John, PA

    Another speech from the teleprompter president where Obama will “Weiner" the media and public. Debt talks, the latest Obama FAILURE.

    We would do better if Obama and all of his appointees would offer their resignations!

    July 25, 2011 01:56 pm at 1:56 pm |
  9. darlenedesktop

    The reason why there is such a problem with the GOP taking a "balanced approach" is simply because they won't be able to stomach making their base pay their fair share. It's OK to make deep cuts among the poor and middle class and never mind about the loss of jobs this creates, but ask to make deep cuts among the rich and all of sudden we are affecting the job creators. Well tell me this "WHERE ARE THE JOB'S?"

    July 25, 2011 01:57 pm at 1:57 pm |
  10. Matt Brown

    So exactly what should be assuring to me that if anyone or any business pays higher taxes that the government will be responsible with that money? That is all.

    July 25, 2011 02:01 pm at 2:01 pm |
  11. coy4one

    This is the SMARTEST approach to this problem. Any business person would agree if this were their own business. Why do we have two standards? One for business and one for governement! Boggles my mind.....

    July 25, 2011 02:07 pm at 2:07 pm |
  12. jan d,

    Once again the GOP show their true colors. they are willing to destroy the country they claim to love so much. to preserve tax cuts for the rich while disregarding main street america. i pose the question where are the jobs your precious tax cuts were supposed to create. another lie well played to feed on the hate and fears of a certain portion of the country. may god be your judge for the lies you have told the country. please do what is right for the country and not just your rich friends.

    July 25, 2011 02:07 pm at 2:07 pm |
  13. Tony

    A government default means the government cannot make payments on its debt. If Republicans think that a default is not a big deal, Democrats should just ignore Republicans' demand for spending cuts. Since Republicans are not sweating over the prospect of a default, Democrats shouldn't either. Why would Republicans worry about borrowing too much money if it is not a big deal whether we make payments on the debt?

    July 25, 2011 02:12 pm at 2:12 pm |
  14. A True Centrist

    "But the "best way to take of our deficit is with a balanced approach" where the wealthy and corporations "pay their fair share too," Obama said."

    Japan recently lowered their corporate tax rates, making the US the highest corporate tax rate in the world. As we all know, it's the tax loopholes that are hurting revenue allowing companies like GE to pay $0 taxes on over $5b in revenue. Of course, it didn't hurt them that CEO Immelt is a good friend of President Obama, but that's something people on this site don't like to talk about because only Republicans are in the pockets of big business.

    July 25, 2011 02:13 pm at 2:13 pm |
  15. slewfoot

    When the top 1% pay 38% of all the taxes collected and the top 5% pay 59% of all the taxes collected and 51% of the population pay no taxes at all, what does Obama think a "fair share" is????

    July 25, 2011 02:15 pm at 2:15 pm |
  16. obama victim

    serious question please.....I constantly hear that the wealthy should "pay their fare share"......exactly what is "their fare share"?? serious answers only please

    July 25, 2011 02:34 pm at 2:34 pm |
  17. DR907

    Obummer had two years to make historic cuts with full control of the house, senate, and the white house... why now? Oh, that's right, 2012 is coming and its too late, but sure makes him look better than the reckless spending did.

    July 25, 2011 02:34 pm at 2:34 pm |
  18. Drew

    C'mon Barry, stop pandering to these losers. Stay strong, make them come to you because they have more to lose. Basic negotiating skills 101.

    July 25, 2011 02:34 pm at 2:34 pm |
  19. Angus001

    I used to think Obama was very smart and playing chess 50 steps ahead of everyone else, but now I think he can't keep up with the crowd.

    July 25, 2011 02:35 pm at 2:35 pm |
  20. Frank

    Mr. President, YOU LIE!

    July 25, 2011 02:39 pm at 2:39 pm |
  21. rs

    The problem is that the Republicans simply don't give a rip about the deficit. Shoot they built it, and built it strong, and they built it to last. To them this is simply their opportunity to pay of their rich masters- and use the defict as an excuse. Too bad it will happen at our expense. Don't worry about the debt or deficit- the Republicans will keep burying us if they win.

    July 25, 2011 02:55 pm at 2:55 pm |
  22. Limbaugh is a liberal

    That's what Tea baggers want too: cut historic amounts... except they want to exempt military spending, Social Security, and Medicare. (not surprising, many of the Tea baggers are retirees who live off of those SS checks and Medicare)
    So now that 80% of the budget is off limits to cuts, according to Tea baggers, what should we cut then? Veterans affairs? Prisons? Farm and corporate subsidies? Oh right, you don't want those cut either. I guess we have to cut an imaginary budget then!

    July 25, 2011 02:56 pm at 2:56 pm |
  23. Peter E

    One of the biggest lies perpetrated in politics in the last half century is that somehow tax cuts create jobs. This is a wisdom accepted by virtually all politicians on both sides of the aisle, despite having no data to back that claim up.
    Reagan cut taxes and created two recessions. Clinton raised taxes and created an economic boom and only during the swithc to Bush Jr. was there a minor recession. Bush Jr. cut taxes and subsidized corporations. Result? The greatest plunge in the economy since the Great Depression.
    I dare everyone to look at tax rates, corporate wealth and unemployment rate graphs for the past half century! You'll notice that tax cuts correlate very well with increased corporate wealth... And that somehow that didn't translate into eliminating unemployment at all!
    Tax cuts for the rich are a lie! All they do is burden the rest of us and future generations with ever increasing debt!

    July 25, 2011 03:01 pm at 3:01 pm |
  24. DA

    I agree I don't understand why people feel that if you make more you pay more, which is the nature of our tax system. If you feel something needs to be change work on fixing the tax codes in this Country. But until then cut out the tax breaks for those who make more. Bush put them in place for his cronies when he was in office and it is time to let them go, but the GOP will not have it. I mean what part of this game the GOP is playing on the American people in regards to Corporation will not hire if their taxes go up, well here is the question have they been hiring since they have be lowered? NO!! You think they will hire people any time soon. NOT!! Having less people doing the same amount of work for less while they profit out the door is what they want to continue. So I say MAKE THEM PAY!!!

    July 25, 2011 03:09 pm at 3:09 pm |
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