Debt Deficit Deadline

July 16, 2011 by USA Post 

Debt Deficit DeadlineDebt Deficit Deadline, Congress is working on dual tracks and race against the clock to raise the roof of the nation’s debt, while President Barack Obama appealed directly to the public in the hope of influencing a deficit reduction agreement, which is not materialized during the talks that led to the White House.

“We have to ask everyone to play their part, because we are all part of the same country,” Obama said Saturday, as he pushed for a package of spending cuts and tax increases has been met with strong resistance Republicans. “We’re all in this together.”

In his weekly radio and Internet, Obama said the wealthiest Americans should “pay their fair share.” Negotiated budget deals invoked by President Ronald Reagan and Democratic House Speaker Tip O’Neill, and Bill Clinton and Republican Newt Gingrich.

“They sent us to Washington to make things difficult, the right things,” he said. “Not just for some of us, but for us all.”

But as to review the August 2 deadline, the chances that Obama would get to 4 or even billion and $ 2 trillion in deficit reduction under the conditions that were fast disappearing preferred that Congress moved to take control the debate.

House Republicans prepared to hold a vote next week to allow an increase in the debt ceiling until 2012, provided Congress approves a constitutional balanced budget amendment, a result unlikely.

In the Senate, Democratic and Republican leaders worked on a bipartisan plan that would allow Obama to raise the debt limit without a prior vote by legislators. The talks focused on how to address long-term deficit reduction in the proposal, hoping to satisfy House Republicans.

Saturday in the direction of the Republican, Senator Orrin Hatch of Utah, argued for the adoption of a balanced budget amendment, blaming Democrats for not taking sufficient budget cuts and declare: “The solution to the crisis, the spending does not is raising taxes. ”

An amendment requiring a balanced budget, said, “put us on the road to fiscal health and avoid future White House or the White House to force more debt to the American people.”

The government said Friday it was using its latest interim measure to avoid exceeding the current limit 14,300,000,000,000 debt. Administration officials, economists and financial markets have warned that missing the August 02 deadline and precipitate a government default sent convulsions through an already weakened economy.

At a press conference on Friday, the president argued that had the audience on your side to ask for a deficit reduction package that included large spending cuts and increased tax revenues. But Republicans have rejected outright any Obama proposal that contains the additional revenue from closing tax loopholes; restricting the value of deductions for the rich, increase tax rates for hedge fund managers or to end subsidies to oil and gas.

“This is not an issue of the American people know what to do is,” said Obama. “Congress is a matter of doing things well and that reflects the will of the American people.”

Obama had held five consecutive days of meeting with congressional leaders at the White House, but none of the three options proposed – and cuts the deficit of $ 4 billion and $ 2 billion o $ 1.5 trillion in 10 years – unlock support were enough to raise the debt ceiling by 2.4 trillion that Obama wants to make it last beyond the 2012 elections.

Essentially declaring discussions, the Senate Republican leader, Mitch McConnell, said Friday: “Now the debate will move from a room in the White House to the House of Representatives and the Senate.”

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