Obama rejects short-term debt deal, calls leaders to White House
July 5th, 2011
05:18 PM ET

Obama rejects short-term debt deal, calls leaders to White House

By: the CNN Wire Staff

WASHINGTON (CNN) - President Barack Obama said Tuesday he invited Democratic and Republican leaders from the House and Senate to the White House for a meeting Thursday to discuss deficit reduction and the need to raise the federal debt ceiling.

Obama told reporters he wanted the meeting to "build on the work that's already been done and drive toward a final agreement" that would address expanding federal deficits and bring congressional approval for increasing how much money the government can borrow.

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soundoff (23 Responses)
  1. MarineVet

    Let the GOP economic terrorists shut the government down and try to blame it on the President.
    When that first Social Security check doesn't go out, and that military retirement stops coming, the American people will be lining up at the voting booths 6 months in advance. Just ask Newt how shutting down the government worked out for him.

    July 5, 2011 at 8:11 pm |
    • John

      You do understand we are at this point now because The Dem House, the Dem Senate and the President, who happens to be a Dem, never submitted a budget – right (and they still have not). As a matter of fact, what is the Dems plan for a budget – oh right, there isn't one.
      It is amazing how many Dems call others names because they just don't have anything else to hang their hats on. "O" will blame the Repubs, and so will the blindly led Dems. BTW, if "O" gets in in 2012, I doubt he will, but if he does – will Bush be responsible for our contry for another 4 years – like the Dems say he is since "O" was elected?

      July 6, 2011 at 6:41 am |
      • jean2009

        Really convenient memory gap their John:

        From 1/5/1995 to 1/3/1999 Newt Gingrich (R) was speaker of the House of Representatives due to Republican majority in the House.

        From 1/3/1999 to 1/4/2007 Dennis Hastert (R) was speaker of the House of Representatives due to Republican majority in the House. Those were Republican majorities from the 104th Congress through the 109th Congress.

        Nancy Pelosi (D) was speaker from 1/4/2007 to 1/5/2011 the 110th-111th Congress.

        Followed by John Boehner (R) on 1/5/2011

        This problem certainly could and should be attributed to the Republican majority house from 1995 to 2007 a total of 12 years and the greater portion of the Bush failed presidency.

        Frankly, you amaze me with you continuous inaccuracies.

        And yes, John we all made it past the 4th grade; we are from this planet. We just won't tolerate your attempts at rewriting history.

        July 6, 2011 at 11:14 am |
      • John

        Jean – Did you forget the first 300 days of the current administration? What exactly is inaccurate?

        July 6, 2011 at 11:19 am |
      • John

        BTW, it is us independents who are not tolerant any longer. You shoud have gathered that from the last landslide election. Don't get me wrong, if the Repubs do the wrong thing, like raising taxes, they will be voted out. The Dems now say we need to meet halfway – this of course after they did what they wanted when THEY HAD THE HOUSE, SENATE AND PRESIDENCY DURING o'S FIRST DAYS IN OFFICE. Our idea of meeting halfway now is we can disagree on where cuts need to be made – BUT CUTS NEED TO BE MADE.

        July 6, 2011 at 11:26 am |
      • jean2009

        John – Not all the bad stuff happened in those 300 days (which are less than one year). Much as you would like to rewrite history it ain't happening.

        The major factor of the Gramm, Leach, Bliley Act of 1999 (all three Republicans) played a big role in the mortgage meltdown.
        The current recession started due to the housing bubble which came to a head in 2007, and was in full swing by December 2007 and became a crisis in 2008.

        You can read the report at CNN Money by Chris Isidore dated December 1, 2008 titled: It's Official: Recession Since Dec. 2007 ...if you won't take my word take it straight from the National Bureau of Economic Research.

        July 6, 2011 at 11:44 am |
      • John

        Jean – I didn't say good or bad things happened. What I said was the Dems did not address the budget issue that would have avoided what is being debated today. Recession or no recession – the current debt limit issue would not have happened if the Dems would have presented and passed a budget. They had a majority to do it and simply, as "O" puts it, kicked the can down the road.

        July 6, 2011 at 1:12 pm |
  2. California Conservative

    Let Obama and the demcorats shut down the country after all it's what Obama truly wants and everyone knows it. They've already took out of Medicare $500 Billion.

    The Tea party was apparently correct two years ago. They knew the democrats were all for raising taxes.

    July 5, 2011 at 9:26 pm |
    • jean2009

      Eliminate the Bush era tax cuts and go back to the Clinton era rates which were low compared the the 52.8% under Eisenhower.

      You do not see the top marginal tax bracket–currently 35%, proposed to be 39.6% under Barack Obama–until you reach $357,701 in income.

      Everything under $357,701 is taxed between 10% and 33%.

      We have a revenue problem.

      July 6, 2011 at 11:27 am |
      • John

        Revenue problems happen when YOU SPEND TOO MUCH!!!

        July 6, 2011 at 11:33 am |
      • jean2009

        Revenue problems happen when you don't take in enough.

        July 6, 2011 at 11:45 am |
      • Jay in NC

        Jean if a child spends their allowance on candy and popcorn then they do not have enough to buy a book. Do you consider the problem to be that you did not give them enough money?

        July 6, 2011 at 4:14 pm |
  3. Brian Arkton

    Both parties are like a bunch of bratty kids. Most of them don't care at all about the country but only their own agendas and filling their pockets. If they were so worried about the economy,maybe they would care less about their next paycheck and the number of zeros on it but rather the people of this country. Americans elected them to represent the citizens but they're just taking it as a type of special nomination to a fancier social gathering. They drink their wine,have their one week of work and another week of rest while being paid such large sums when people struggle to pay their debts working nearly all day. This tree has rotted,i say we rid of it and plant a new one in its place. We need candidates who care about the people they represent. All the Republican and Democrats do is counter each other and try to prove which party is superior to the next so they can get better results in the polls and more power to abuse.

    July 5, 2011 at 10:36 pm |
  4. AL

    Can you say 2012 GOP EXTINCTION

    July 5, 2011 at 11:00 pm |
  5. AL

    It is a sad day when in a Democratic society the minority can hold the country hostage. GOP BE GONE......

    July 5, 2011 at 11:19 pm |
  6. Just a guy

    The whole world is watching and concludes it takes to long for the US to control the debt situation. Power and influence reached its limits and if the US does not succeed to get a grip on the situation soon than credibility will also be an issue. We all have seen how rating offices are triggered and how countries in Europe have to be saved by firms like IMF and ECB. Companies that are also creating money and political believe out of nothing.

    But back to the US the question of it will succeed to solve this debt situation hangs over the markets and the rating bureaus await eagerly what government and FED do. However the markets already predict nothing good, that is dollar sliding against the euro for example. And knowing that Europe is not doing a great job at the moment how bad does the world thinks it is with the US.

    Lets hope that republicans and democrats find dor the sake of their American people and families find a solution.

    July 6, 2011 at 1:15 am |
  7. Voice Of Reason

    The Tea Party? leave it to them, and within 5 years most of their members will be indentured servants to the Koch family businesses.

    July 6, 2011 at 1:45 am |
  8. s kel

    cali conserv. What??? Damn you tea garbage are extreamly, extreamly stupid and ignorant blind, foolish people, what the hell planet are you on??

    July 6, 2011 at 2:12 am |
    • John

      What exactly do you think Cali Conserv said that is not factual? BTW, did you get passed 4th grade? Can you write without using words like "Tea Garbage, stupid, ignorant"?
      I think he is on a planet where he wants the people in Washington working for him. What planet are you on?

      July 6, 2011 at 6:57 am |
  9. bostonbreakdown

    cali conserv has it backwards, i am currently ashamed of being a republican, there is no reason for keeping these bush tax cuts for giant oil companies and jet owners. I was against them when they were made into law and i am against them now. People say the companies that need break to create jobs, guess what companies know how to make a profit with less people now, so there will be no hiring

    July 6, 2011 at 9:31 am |
  10. Bob S Philadelphia, Pa

    I will be directly affeted by the debt ceiling and I hope we default we need to send a message to this CLOWN NO MORE BLANK CHECKS

    July 6, 2011 at 10:53 am |
  11. Liz Carter in Georgia

    @Bob S Philadelphis, PA, Alright Mr ALL AMERICAN PATRIOT! One who claims to be concerned with the state of the nation, one who is a loyal citizen and WANTS to see the country recover! When you send your 'MESSAGE' to the 'CLOWN', don't forget and start blaming your 'clown', and my Pres Barack H Obama and the Democratic Party for the perpetuation of the downfall of AMERICAS' standing in the world, OK? Send a message! Right! OK! The whole world has already seen your message I might add! They know what it is!

    July 6, 2011 at 5:03 pm |
  12. Liz Carter in Georgia

    BTW, I hope you don't think you're the unique one! All of us are GOING to suffer if they don't raise the debt ceiling! Default you say, because you will have to re-set YOUR budget for the change! The POOR, even the working poor have become accustomed to a shaky budget. Underpaid already, whenever any emergency occurs, it throws our budgets behind an 8 ball, that's hard to come out from behind! This has happened for generations of us! Do you think you'd be the ONLY one affected? It's not all about you, Bob!

    July 7, 2011 at 8:43 pm |