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Old 07-06-2011, 03:57 AM   #1
DoctorTDent

Join Date
Oct 2005
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506
Senior Member
Default President won't accept short-term fix on deficit; Sets two-week limit on solution
ABC News: http://abcnews.go.com/Politics/presi...ry?id=14001969

The president invited leaders from both parties and both houses of Congress to the White House on Thursday to continue the debt negotiations. He said both parties need to "get out of their comfort zones" and discuss cuts to spending and tax increases that would offset the nation's debt burden.

"I hope everyone leaves ultimatums and political rhetoric at the door," Obama said.

Just last week, Obama struck a more frustrated tone when he scolded Congress for scheduling a July 4th holiday recess while the debt negotiations remain in limbo. Shortly after those remarks, the Senate majority leader cancelled the time off and the legislative body is session this week after all.

...

Last week Obama admonished Republicans for refusing to accept a tax hike, even for the wealthiest Americans, as part of any deal to raise the nation's debt ceiling.

"You can't reduce the deficit to the levels that it needs to be reduced without having some revenue in the mix," the president told a White House news conference after a breakdown in administration negotiations with Congress on reaching a debt-ceiling deal while at the same time reducing soaring deficits.

Boehner has led the chorus of Republicans refusing to agree to any tax increases as part of a deal. Last week Boehner shrugged off the Aug. 2 deadline set by the Treasury Department for raising the $14.3 trillion debt ceiling as "artificial" and emphasized that "we cannot miss this opportunity" to close the country's growing budget gap.

There are just 27 days until the nation goes into default, on the August 2 deadline set by the Treasury Department for action to raise the debt ceiling. The White House said last week that they'd like to see a deal reached by July 22 in order to raise the limit before defaulting on August 2.
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