Obama: Time for debt compromise
July 29th, 2011
10:42 AM ET
12 years ago

Obama: Time for debt compromise

(CNN) - President Barack Obama said Friday that the House GOP debt plan "would force us to relive this crisis in just a few short months. ... It does not solve the problem and has no chance of becoming law."

The country needs a bipartisan solution, Obama said. He urged Senate Democrats and Republicans to work together to reach a compromise.

"This is not a (situation where) the two parties are miles apart," he said.

Obama said that the country's AAA credit rating is at risk. A downgrading of U.S. credit would be the equivalent of a tax hike for all Americans, he warned.

"This is one burden we can lift ourselves," Obama said, calling for compromise.

The president urged Americans to contact their members of Congress to "keep the pressure on Washington."

"The time for putting party first is over," he added. It's time "to show the leadership the American people expect."

Filed under: Congress • Debt • Deficit • President Obama • Republicans
soundoff (32 Responses)
  1. Four and The Door

    Who's in charge here? Apparently the only guy who has been able to get anything done. Speaker Boehner.

    July 29, 2011 10:44 am at 10:44 am |
  2. Rudy NYC

    "This is not a (situation where) the two parties are miles apart," he said.
    Wrong. They are miles apart. It is the Republicans who keep walking out of negotiations because of an unwillingness to compromise. America sees that.

    July 29, 2011 10:45 am at 10:45 am |
  3. ThinkAgain

    Polls show that Americans want a combination of spending cuts (not to SS or Medicare) and tax increases on the wealthy.

    Republicans, what is it about "the will of the people" that you don't get?!?

    July 29, 2011 10:47 am at 10:47 am |
  4. Dominican mama 4 Obama

    This is not a (situation where) the two parties are miles apart," he said.
    No. It is just a situation where the Republicans are ONCE AGAIN holding us hostage.
    I for one am tired of it. Our credit rating has suffered, my 401k is starting to go south, again, and these Teatards are more than willing to let us crash and burn...again.

    July 29, 2011 10:49 am at 10:49 am |
  5. Danderu

    Blah blah blah... Do what is right, not what is polically correct! Where is Harry Truman when we need him?

    July 29, 2011 10:50 am at 10:50 am |
  6. FBMarky

    Who cares? Lehman Brothers and Countrywide both had AAA ratings – it means nothing.

    July 29, 2011 10:51 am at 10:51 am |
  7. Dominican mama 4 Obama

    Raise the debt ceiling beyond 2012 and negotiate the Republican's ransom note afterwards.
    How dare they use the debt ceiling to get their way?
    Why do the Republicans hate the country they claim to love so much?
    This is unscrupulous, and should be illegal.

    July 29, 2011 10:53 am at 10:53 am |
  8. Jerry

    Mr. President, when are "YOU" going to consider compromising???

    July 29, 2011 10:53 am at 10:53 am |
  9. Mikey

    While we have no reason to expect the Tea Party freshmen to compromise, reasonably minded Republicans and Democrats can come together to solve this problem.

    Please get it done! Go BIG !!!! Go balanced – discretionary, entitlements, military, AND taxes.

    July 29, 2011 10:59 am at 10:59 am |
  10. beevee

    it looks like the GOP plan of frustrating the american public and the president is working. It is time that the american public give a stern warning to their elected reps. to amicably solve the debt crisis or else... These guys are playing politics with our lives and jobs adn that is a shame.

    July 29, 2011 11:00 am at 11:00 am |
  11. The Day of Financial Reckoning is HERE - The Great Democrat Welfare Society Ends

    NONE of the plans except Cut, Cap & Balance solves the problem and the Democrats refuse to even vote on it!! Why is Obama afraid to revisit this in a few months? That has always been the way it has been done. He wants to approve HUGE new debt so the American people won't be reminded of how fast he is spending us into bankruptcy.

    As for our credit rating, YOU have already destroyed it with your $1.7 TRILLION deficits! I can't believe you are trying to pin your spending insanity at the feet of others. Obama is a real snake.

    July 29, 2011 11:00 am at 11:00 am |
  12. mjw149

    I like how the tea party created this crisis, causing our credit downgrade (let's face it, we're a bad risk now) and this actually INCREASED THE DEFICIT that the GOP created under Bush. Unbelievable. They are idiots and incompetent. They should in no way be trusted again. I voted for Bush but I will never vote GOP again.

    July 29, 2011 11:01 am at 11:01 am |
  13. Jeff Brown in Jersey

    Mr. President... I sincerely hope you are going to use your constitutional powers to raise the debt limit yourself. It will show the world that you are a strong leader and that you are not intimidated by these right wing thugs. Ronald Reagan and G.W. Bush would have done this, you should too!

    July 29, 2011 11:03 am at 11:03 am |
  14. BILL, WI

    What plan have the House dems proposed? What plan has the Dem controlled Senate proposed? What plan did Pres Obama support but was dead on arrival according to Harry Reid?

    July 29, 2011 11:05 am at 11:05 am |
  15. Joan

    Please think about what all of this feuding is doing to our great nation...doesn't anyone have enough common sense to realize that it's not just about there jobs, this country is worth making a compromise to save our credability with the rest of the world.

    July 29, 2011 11:06 am at 11:06 am |
  16. gt

    how would you like to be remember in history for that ...terrible legacy...better get something done mr president..

    July 29, 2011 11:07 am at 11:07 am |
  17. Fed Up

    Do you really think so? There is not one person in the Senate, House or White House that deserves to be re-elected. If these little kids can't get out of the sandbox, then get everyone new in there until we find those that can work together. If it takes 5 election cycles to do it, then it needs to be done. am fed up with this ridiculousness.

    July 29, 2011 11:09 am at 11:09 am |
  18. Kate

    The American people are seeing the results of the election.

    July 29, 2011 11:10 am at 11:10 am |
  19. Rick McDaniel

    The compromise is on the table. It is up to the Dems to take it.

    July 29, 2011 11:12 am at 11:12 am |
  20. Padraig

    Where is the President's budget plan? All President's have submitted budget plans except for this one. Also, why haven't the Democratic congressmen come up with a plan. They are all depending upon the Republicans to submit a plan and frankly from their comments they don't like it. Sen. Reid has already stated that the Democrats will kill this in the Senate. Yet, he has produced nothing.

    It is amazing the amount of screaming from the Democrats and the people who support them on these threads. Have you realized your party has not submitted a budget plan or proposal? Typical whining and crying. Come to the table with something besides complaints.

    July 29, 2011 11:24 am at 11:24 am |
  21. logic in LA

    WAAAY BEYOND TIME FOR COMPROMISE! Grow children and do your jobs.
    I am so sick of modern politicians! there was a time you could disagree with one side or the other and say "at least they have the country at heart" that is no longer true. It's all about them, their future and their egos

    July 29, 2011 11:26 am at 11:26 am |
  22. A True Centrist

    Unless I am missing something, the Republicans have been the only party to present a plan that would raise the debt ceiling and cut spending. There has been a lot of talk about the Reid bill but no one in the House has even seen that bill yet (quoted per a Dem House member yesterday). Cut, Cap and Balance might not be the best bill ever written, but it is more than the President and the Senate have offered up as ideas. Obama likes to talk a good game but he has no solutions. All he has done is threaten vetoes, and his administration is on pace to increase the national debt by $6,000,000,000,000 in one term!!!!! Will you please look at the number of zeros.

    July 29, 2011 11:27 am at 11:27 am |
  23. Frank

    Obama didn't care a few months ago when his own proposed budget simply accelerated the spending! All he wants is a high debt ceiling so he can waste more money. With any luck, the Tea Party will finally put an end to this spending madness!!

    July 29, 2011 11:28 am at 11:28 am |
  24. Jenn, philadelphia

    Now that the "do or die" date has been moved for yet a third time, will they stop all the crisis hype? How can they keep running around like chicken little with the sky falling, but continue to move the deadline? This is why Congress and the President have zero credibiltiy.

    July 29, 2011 11:39 am at 11:39 am |
  25. Russell Brown

    Time never was when man was not .
    If life of man at anytime began a
    time would come when it would end ;
    The thoughts of G-d cannot be circumscribed.
    no finite mind can comprehend things infinite
    All things are subject unto change
    all finte things will cease to be because
    there was atime when they were not ,
    the bodies and the soul of men are finite things
    and they will change yea from the finite point
    the time will come when they wil be no more
    but a man himself is not the body nor the soul
    he is a spirit and is part of G-D.
    Hear now o everything that is not or was or evenmore will
    be for wisdom
    speak from out of the higeast spirit life.

    July 29, 2011 11:52 am at 11:52 am |
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