August 8th, 2011
11:21 AM ET

Obama to speak at 1pm in the State Dining Room

The president will deliver remarks on the economy in general, addressing the downgrade by S & P, according to a White House official.  He will also make comments on the loss of Navy SEALs in Afghanistan.


Topics: Afghanistan • Economy

soundoff (46 Responses)
  1. betterdays

    "It's not my fault" 2012 campaign commercials, free-of-charge, practically every day now, delivered in a cozy White House setting....

    August 8, 2011 at 12:04 pm |
    • James

      How many times has Obama said that–Not more than a jillian !!

      August 8, 2011 at 9:38 pm |
  2. Howard

    SAVE AMERICA ... IMPEACH OBAMA NOW !!!

    August 8, 2011 at 12:52 pm |
    • joe

      Right On!!!!

      August 8, 2011 at 2:38 pm |
    • jean2009

      Obama -Biden 2012

      August 8, 2011 at 7:01 pm |
      • almostaking

        ...only if they are running for the new janitorial services position.

        August 9, 2011 at 9:27 am |
    • Steve

      Are you serious where have you been since 2001.. Obama had to straighten out the mess that was left from G.W.Bush then after he straightened everything out he lost majority and the Republicans fight him on everything.. Cause they are upset that Obama is president...I dunno but I would say get the Republicans out of the majority and let the democratic do there job and fix it

      August 9, 2011 at 12:05 am |
      • Jake

        Hey Joe, Obama had both houses and the Executives Chair for 2 years – He is not the only problem – Democrats in general disagree with themselves because they all have bad ideas – Let me tell you some basic group dynamics, When someone has a good idea, the right idea – it sells itself and people will get on board and not quibble. Thats what the Democrats in power did for 2 years – Quibble. With Harry Reid and Grandmother Pelosi at the helm – its like watching your Grandparents argue about where to pull over for the next rest-stop. Ron Paul in 2012. Its the best bet. And lets be honest, its all a gamble with these power players.

        August 9, 2011 at 10:17 am |
      • jean2009

        Thank you... so right.

        Did everyone notice the top item purchased yesterday on the stock exchange were US treasury bonds....they are still the safest investment in the world regardless of their rating downgrade.

        President Obama has done no damage to the US economy...that was done by George W. Bush and the mess he left. Now we are dealing with loony Teapotty people who fight his every move they are destroying our capacity to govern in hard economic times.

        And Joe..... the four horsemen of the Apocalpse were Bush, Cheney, Rove and Rumsfeld.

        To quote journalist David Bandow...at the end of George W. Bush's failed presidency...the following fits.

        "In short, the administration has amassed an extraordinary record of foolishness, incompetence, and arrogance. It is one thing to tolerate a braggart who gets the job done. But no one will endure a self-inflated nitwit who ruins everything he touches. Yet that was Uncle Sam as projected by the Bush administration over the last eight years.

        "The Bush presidency has been an American tragedy, with horrid consequences for the rest of the world. George W. Bush personally is a decent man, but proved to be wholly inadequate for job to which he was elected. With a new president about to take the oath of office, we should all hope that the lessons of the last eight years have been learned, and learned well. We cannot afford a repeat experience, now or in the future."

        The article below from the Daily Kos : Congressional Resolution for July 25, 2011

        RESOLVED: Republican economic policies and voting records from 2001 through 2011 are responsible for the current annual and cumulative federal account deficits.
        Whereas President William Jefferson Clinton handed over an economy to President George W. Bush that included an annual federal government budget surplus; and
        Whereas the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 did not create jobs and has also added to the annual and cumulative national debt and deficits; and
        Whereas the passage of the Jobs and Growth Tax Relief Reconciliation Act of 2003 did not create jobs and has also added to the annual and cumulative national debt and deficits; and
        Whereas the passage of the Tax Increase Prevention and Reconciliation Act of 2005 did not create jobs and has also added to the annual and cumulative national debt and deficits; and
        Whereas the these three [3] Reconciliation Acts did not create jobs, created an income disparity between the top-2% of earners and the bottom-98% not seen since before the ‘Great Depression’, and have an associated fiscal impact that have added nearly $3.0 trillion to the cumulative national debt and continue to add an additional $450 billion annually to the national debt and deficits; and
        Whereas the 2001 initiation of the War in Afghanistan had nothing to do with the horror of 9/11, has cost more than contemplated, and has added to cumulative national debt and deficits; and
        Whereas the 2003 initiation of the War in Iraq had nothing to do with the horror of 9/11, has cost more than contemplated, and has added to the cumulative national debt and deficits; and
        Whereas the cost of these two [2] Wars have added over $750 billion to the cumulative national debt and continue to add an additional $150 billion annually to the national debt and deficits; and
        Whereas the size of the federal government and total spending was further increased in 2002 by creation of a new agency, the Department of Homeland Security, with an annual budget of more than $50 billion; and
        Whereas the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 has not slowed government expenditures nor the growth rate for Medicare costs and has added approximately $320 billion to the cumulative national debt as well as continues to add an additional $55 billion annually to the national debt and deficits; and
        Whereas the unemployment rate was 4.7% in January, 2008 (a year before Barack Obama was inaugurated president, when the rate was 7.5%), until October, 2009 when unemployment was 9.4% – the loss of approximately 8 million jobs during these 22 straight months caused and continues to cause an increase in annual federal government outlays of over $60 billion for unemployment insurance as well as reduced the annual income tax revenues received to the U.S. Treasury; and
        Whereas in addition to the increase in unemployment insurance outlays, the rise in unemployment from the recession beginning more than a year before President George W. Bush Recession left office and the resulting loss of tax receipts has caused a decline in government revenue from 22% of Gross Domestic Product (GDP) to less than 15% of GDP; and
        Whereas the interest payments on the total government debt accumulated during the term of President George W. Bush is approximately $200 billion of the more than $400 billion annual interest payments; and
        Whereas the proof of the budget costs and economic impact of the Reconciliation Acts ($3 trillion), addition of Department of Homeland Security ($450 billion), defense spending on the wars in Iraq and Afghanistan ($750 billion), expansion of Medicare Part D program ($320 billion), a rise in U.S. unemployment and unemployment insurance payments ($60 billion), and increase in government interest expense ($200 billion) are verified by a doubling of the national debt from $5.7 trillion at the start of the term of President George W. Bush to over $11.4 trillion at the end of 2009 budget year associated with his term; and
        Whereas without objection from either the Republican Congress (2001-2006) or with a veto from President George W. Bush, passed into law were an expansion of the federal government with the creation of a new agency, an increased rate of spending throughout the federal government, an overall decline in government revenue punctuated by continuing tax cuts for the top-2% of income earners and high unemployment, along with a constant raising of the federal government debt ceiling to pay for these changes; and
        Whereas President George W. Bush and the economic and fiscal policies he enacted with a Republican Congress from 2001-2006 are responsible for more than one-third (1/3) of the current cumulative $14 trillion national debt and at least one-half (1/2) of the annual $1.5 trillion deficits currently being blamed on President Barack Obama; and
        Whereas the proposed Cap, Cut and Balance Act of 2011 voted for by the U.S. House of Representatives and rejected by the U.S. Senate in July, 2011 calls for a near immediate cutting of total government expenditures by 25% across-the-board to nearly all domestic programs and agencies (i.e., Education, Veterans, Environment, IRS, FDA, Transportation, Agriculture, Justice, Social Security, Medicare, etc.) to create a cap on government expenditures to be no more than 18% of GDP – an unrealistic level not seen since before the introduction of Medicare in 1965; and
        Whereas the Rep. Paul Ryan Path to Prosperity 2012 budget proposal voted for by the U.S. House of Representatives and rejected by the U.S. Senate in May, 2011 would have not only changed Medicare as we know it into a voucher program, it would have also required raising of the federal debt ceiling by at least $4 trillion over 10-years without balancing the federal budget; and
        Whereas the Patient Protection and Affordable Care Act of 2010 signed into law by President Barack Obama was rejected en masse by congressional Republicans despite the fact that it preserves Medicare as we know it, while both decreasing the growth rate of national medical care costs and resulting in a decrease of projected national budget deficits by at least $210 billion over the next decade; now, therefore
        Be it Resolved by the Members of the United States Congress:
        That We, the members of the United States Congress, agree that a federal Balanced Budget Amendment and requisite change to the Constitution of the United States is nothing short of a political ploy given a 50-year history of Republicans always increasing deficit spending and never providing a reality-based balanced budget.

        The last thing this country ever needs again is a Republican Texan in the White House.

        August 9, 2011 at 10:31 am |
      • Jay in NC

        @ Jean2009, that is because the bond market is much larger than the stock market. Also, you may have noticed that after Barry speech the stock market tanked. Money moved out of stocks and into other investments.

        August 9, 2011 at 10:39 am |
      • jean2009

        @Jay you may want to notice the stock market went back up today....maybe his speech sunk in.

        August 9, 2011 at 8:23 pm |
  3. Stacy

    Shut up!

    August 8, 2011 at 1:14 pm |
  4. Rick McDaniel

    His speech is just a repeat of his continued failures, and outrageous spending initiatives, which will do little, or nothing, to improve the economy.

    The ONLY way that jobs will improve, is to tax American Corporations to import their products back to the US, from off shore, and level the playing feld, with China. ABSOLUTLY NOTHING ELSE, will make jobs in America, actually HAPPEN!

    Any fool, should recognize that the jobs problem, started in the 1970's when companies first started to send their manufacturing off shore, and has accelerated over time, escalating rapidly, with the return of Hong Kong to China, in1998.

    Today, it is hard to fin a single brand, of most products, that is NOT made in China. If you can find a brand not made in China, it is still made somewhere else, off shore. Even the companies still manufacturing in the US, are often foreign owned companies.

    We have a Corporate America problem, that is simply outrageous, and anti-American. One of the most basic principles of business, is that business is to provide jobs and well being, for people, in return for its profits. American business is deserting Americans.......and failing in that obligation.

    The GOP isn't going to fix that. They only care about Corporate profits.

    The Dems aren't going to fix that......they only care about giving welfare to those to shiftless to work.

    That leaves us with NO ONE to fix our problem........and that's precisely why we were down graded.

    August 8, 2011 at 2:09 pm |
    • Jay in NC

      I am confused by your statement .. " tax American Corporations to import their products back to the US." How would this work. If the company is forced to bring it's production back, why would they not just fold and create a company somewhere else?

      The most basic principle of business is to turn a profit, not create jobs or the well being of other people.

      August 8, 2011 at 2:32 pm |
      • jean2009

        Are they really American corporations when they act like foreign corporations? If it looks like a duck and quacks like a duck....I would assume it is a duck.

        August 8, 2011 at 6:07 pm |
    • jean2009

      The reason are bonds were downgraded is two-fold
      A.) Standard & Poor wants to make a name for itself.
      B.) It is something that had to be done by some agency to stop the continual bickering in Washington.

      I think the President summed it up about right....we don't have a AAA political system to match our AAA credit rating.

      The right-wing needs to quit trying to use every means to defeat a fairly elected president, and start working for all the American people....not just those with deep pockets.

      August 8, 2011 at 7:16 pm |
      • Jay in NC

        It is called democracy.

        August 9, 2011 at 7:21 am |
  5. Gary

    Nice job Obama! You and your Liberal hacks just had to make plans to draw down troops in Afghanistan when the experts said we should continue the fight. You had to listen to the Hollywood elite and the liberal IDIOTS like Michael Moron and George Soros. Now the Taliban is striking back and today's tragedy is the result of this administration's actions.

    How's that change thing going now for you people who just HAD to elect Obama?? This country has been weakened by the liberals and Obama to the point of a lower credit rating for the first time in our history and we are headed down a dangerous path.

    Obama is making Jimmy Carter look like a good president.

    August 8, 2011 at 2:26 pm |
  6. joe

    Obama can't Blame President bush For Obama's incompedence and Inexpereince

    August 8, 2011 at 2:33 pm |
  7. joe

    Obama is america's worst Disaster since 9/11

    August 8, 2011 at 2:34 pm |
    • jean2009

      George W. Bush is America's worst nightmare from 2001 to 2019.

      August 8, 2011 at 6:08 pm |
      • James

        What ?? You living under a rock or something ???

        August 8, 2011 at 9:36 pm |
      • jean2009

        We will be suffering from George W. Bush's mistakes long after his presidency is over...just like we suffered after Ronald Reagan's administration it took about 10-15 years to get over that disaster.

        August 9, 2011 at 10:36 am |
      • Jay in NC

        I know how much you hate the Bush Tax cuts? Barry extended the cuts, could have vetoed. Does he have any responsibility for this mess?
        Just another example of Liberal hypocrites. Blame President Bush, praise Barry for doing the exact same thing.

        December 17, 2010
        Obama signs bill to extend Bush-era tax cuts for two more years
        http://www.washingtonpost.com/wp-dyn/content/article/2010/12/16/AR2010121606200.html

        The list is long, GITMO not closed, Afghanistan war extended, Iraq war extended, Bank payoffs, and now he has agreed with the Tea Party budget cuts.

        August 9, 2011 at 11:52 am |
      • Jay in NC

        "a package of tax relief that will protect the middle class, that will grow our economy and will create jobs for the American people."

        Guess who said that ... no, not President Bush, it was Barry, before he signed the bill.

        August 9, 2011 at 11:56 am |
    • Russell Brown

      well now that you got that out
      who will lead will it be you and your team
      will it be the team who spend the surplus
      will it be the team whh cause this issue
      I am asking all in the united states to pray for our leaders
      and our country
      also I am asking all to vote for president obama
      stick with him he is our only hope .

      August 9, 2011 at 12:22 pm |
      • Russell Brown

        that

        August 9, 2011 at 12:23 pm |
  8. joe

    Hey Obama Save America Resign Now

    August 8, 2011 at 2:37 pm |
    • James

      Damn good idea–

      August 8, 2011 at 9:35 pm |
  9. joe

    Obama is out raising Money for his attemp at reelection while America Burns!!

    August 8, 2011 at 2:40 pm |
  10. joe

    Obama's speach was written by the same bullshit artist that wrote his election speach

    August 8, 2011 at 2:42 pm |
    • James

      Right on !!!!

      August 8, 2011 at 9:35 pm |
  11. Liz Carter in Georgia

    I agree with you this time Jay! You posed a pretty valid question to Rick. However, he may be suggesting that if there are taxes federally mandated to off-site corporations for the importing of their products and goods back to the US for sale and use, maybe that would encourage or inspire them to bring those corporations back to the US, thereby sparking at the least, a small chance of a rise in employment for our own American citizens. That's what I think he may be suggesting; which could be a good thing.

    August 8, 2011 at 6:18 pm |
    • Jay in NC

      Now you sound like Donald Trump. He wants to impose a 25% tariff on all China imports.

      Your guy imposed a tariff on China tires. Yet, when ever a Republican suggest a tariff the Democrats accuse them of being isolationist.

      August 9, 2011 at 7:36 am |
  12. Randy

    I suppose we'll just get more impotent words and blame game from this guy. Somebody, please take charge and lead! I don't care if they're Democrat, Republican or military; we need a leader and we need him/her now!

    August 8, 2011 at 8:01 pm |
  13. smk6719

    Obama is sincerely doing what he is supposed to be doing. But the Tea party extremists and the Republican party is making the whole mess. Now why they are not speaking up when the rating downgraded. Where are their stupid ideology. They know Obama will come back in the next reelection. So they are trying to mess it up. I know it, you know it, quiet frankly the world knows it.

    August 8, 2011 at 9:06 pm |
  14. James

    Didn't listen as I was afraid I would get an upset stomach listening to him. God bless our fallen–

    August 8, 2011 at 9:34 pm |
  15. Liz Carter in Georgia

    Yes Jean, It's going to be OBAMA/BIDEN 2012! AGAIN! I'm watching WISCONSIN right now. They're giving us the biggest hint right now. They are making an 'about face' on all those teabagger/Republicans, who after they got in gave them their behinds to kiss! Now they (WISCONSIN) want'em out! LOL! Well, I guess they see how it feels to get jilted and hung out to dry. It started out as a mass statewide attack against the OBAMA administration, but KARMA comes back quickly these days! GO WISCONSIN!

    August 8, 2011 at 10:23 pm |
    • Jay in NC

      Wisconsin, aren't they the guys that refused to compromise, left the state to hide out in Illinois? Again that famous Liberal hypocrite way of thinking. Unions go on strike, hold everyone captive until they get their way, yet when the Tea Party does similar things they are un-Americana.

      August 9, 2011 at 7:39 am |
    • joe

      an that means the end of America as we want it to be or as they predicted the end of the world

      Obama is a disaster when are you Lowlife liberals going to wake up and see the destruction he is doing

      Obmacare Read it !!! it reads like a horror novel . Obama signed it but he never read it

      Obama ,Pelosi Reid and Giethner the Four Horsesman of the Apocalypse

      August 9, 2011 at 8:16 am |
      • jean2009

        The legislation is the Affordable Care Act of 2010 and it will be good once it is all in place. I've read it...it will save every person money because everyone will be insured....but now let's talk about Rethugliklan hypocrisy....I assure you the president read it.

        As for all the complaining about the 2400 pages in the bill just remember George W. Bush's Senior Drug plan which didn't save senior once cent because no one could bargain for a cheaper drug price....not even the Federal Government; that legislation had 852 pages and it only covered one aspect of a person's health and then only for seniors.

        Read Article 31 of the Iraqi Constitution which was written by the Bush Administration for the Iraqi people and funded with $950 million of our American tax dollars...it guarantees each Iraqi universal cradle to grave health care...Bush thought it good enough for Iraqis but dim-witted Rethugliklans don't think the American people who paid with their tax dollars, lives and blood so the Iraqis will universal health care deserve the same.

        August 9, 2011 at 8:17 pm |
    • jean2009

      Go Wisconsin Dems...and recall those Rethugliklan state senators!

      August 9, 2011 at 8:19 pm |
      • joe

        Wisonson voted for thr good guys Jean uour all wet America is tired of your liberal bullshit Wisconson is only the beginning waite till 2012 all the Demorats will be ;ooking for handouts

        August 10, 2011 at 7:49 am |
  16. proff

    obama/biden 2012

    August 9, 2011 at 12:20 pm |
  17. proff

    how many job is america loosing before obama elected 700,000 job. what is happening now america is making progress. republican/teabagger wake up and surport obama.

    August 9, 2011 at 12:25 pm |
  18. Peter

    It is being reported that the bus was custom built in Canada is this true ?

    August 17, 2011 at 10:51 am |