I'm all for Obama-- for once-- having to take responsibility for something.
www.google.com/hostednews/afp/article/ALeqM5gTk0orYmCHAkQ-_1K-zIjh8AFyeQ?docId=CNG.f5685ddee6526e7ee57f26119572dbc5.3f1Obama to step into debt talks next week
By Stephen Collinson (AFP) – 4 hours ago
WASHINGTON — President Barack Obama will wade into the angry impasse over raising the US government's borrowing limit next week, hosting meetings with rival Senate Republican and Democratic leaders.
Obama's intervention follows a Republican walkout from crucial talks on the issue and warnings by top party leaders that they will not accept White House demands to close tax loopholes and hike rates on the wealthiest Americans.
The collapse of the talks on Thursday sparked fears that Congress will fail to raise the $14.29 trillion debt ceiling by an August 2 deadline and force the United States into a default which would trigger global economic shockwaves.
Obama will meet separately at the White House on Monday with Democratic Senate Majority leader Harry Reid and Republican Minority leader Mitch McConnell, who has accused the president of a dereliction of leadership on the issue.
White House spokesman Jay Carney said Obama remained confident a deal could be done on the spending cuts and deficit reduction Republicans are demanding in exchange for voting in Congress to raise the debt ceiling.
But as he laid out Obama's negotiating position, he warned Republicans not to take a "my way, or the highway approach."
"The president is willing to take tough choices but he cannot ask the middle class and seniors to bear all the burden for deficit reduction and sacrifice while millionaires and billionaires are let off the hook."
The White House says Republicans want to use the showdown to secure tax loopholes for corporations, tax breaks for the rich and subsidies for oil and gas firms.
McConnell however staked out his own tough negotiating position, adding to the political theater that could indicate deep splits between the parties or amount to Washington posturing before a deal is reached.
"It is my hope that the President requested this meeting in order to finally explain what it is that he's prepared to do to solve our nation's fiscal crisis," McConnell said in a statement.
"The President needs to decide between his goal of massive tax hikes, and a bipartisan plan to address our deficit. But he can't have both."
Earlier, Republican House Speaker John Boehner fired off a new denunciation of White House economic policy, renewing warnings that Republicans would not agree to raise the debt ceiling without sweeping spending and deficit cuts.
"If the president wants this done, he must lead," Boehner said in a statement, striking notes on taxes and spending which are likely to be dominant issues in Obama's bid for reelection next year.
The US government hit its legal borrowing limit on May 16 and a succession of meetings chaired by Vice President Joe Biden were designed to secure congressional approval to raise the ceiling.
The Treasury, which has performed a number of intricate financial measures since then, says it will run out of maneuvering room on August 2.
Financial rating agencies have warned of a possible downgrade of the top US debt rating without an increase in the debt ceiling.
Republicans claim Obama is motivated in the showdown by preserving big government programs and wants tax increases which would harm the economy.
The White House says Republican budget plans would place the very survival of popular social programs like Medicare health plans for the elderly at risk, and would also cut vital investments in clean energy and education.
****As my very straightlaced Mom would say if she got really mad-- "Shit or get off the pot!"****
Let your elected POTUS make the cuts, raise the taxes, it's about time the King had to do something.
