Friday, July 29, 2011

President Obama: Time Is Short to Avoid Default (Video) "Debt ceiling solution must be bipartisan"

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The Debt Ceiling Day of Reckoning is Tuesday, August 2, 2011

Time Is Short The debt ceiling stalemate in the U.S. Congress is described by David Gregory of MSNBC, "This is dysfunction at the height, there are people in the financial system around the world waiting breathlessly to see what ultimately the United States is going to do and if this political system can produce a result". Neither the U.S. House of Representatives nor the U.S. Senate have been able to even get any plan to a floor vote, let alone move their plan to the other for compromise negotiations. No plan is now under consideration on the floor of either. "Fiscal calamity could be just a few days away".

Increasingly Urgent Efforts to Avoid Default President Obama opened the press conference stating, "I want to speak about the ongoing and increasingly urgent efforts to avoid default and decrease our deficit". The House is attempting to pass a bill that the majority of Republicans and Democrats have already said, "they won't vote for". This plan, the Boehner Plan, "has no chance of becoming law". "Any solution to avoiding default must be bipartisan, must have the support of both parties that were sent here to represent the American people, not just one faction. It will have to have the support of both the House and the Senate. And their are multiple ways to resolve this problem". Obama noted there is a "rough agreement" on spending cuts and then in the coming months agreement to engage in tax reform and entitlement reform. "There are plenty of ways out of this mess, but we are almost out of time".

AAA Credit Rating at Risk "If we don't come to an agreement, we could lose our country's AAA credit rating. Not because we don't have the capacity to pay our bills - we do - but because we don't have a AAA political system". He added, "Make no mistake, for those who say they oppose a tax increase on anyone, a lower credit rating would result potentially in a tax increase on everyone in the form of higher interest rates on their mortgages, car loans, credit cards, and that's inexcusable".

Raising Debt Ceiling Doesn't Increase Spending Obama noted that the debt ceiling doesn't increase spending, but allows the nation to pay the bills that have already been "racked up" and approved by Congress, both Republicans and Democrats. The increase in the debt ceiling allows the United States of America the "ability to keep its word".

Contact Congress Obama asked, "Please, to all the American people, if you want to see a bipartisan compromise and a bill that can pass both houses of Congress, and that I can sign, let your members of Congress know. Make a phone call, send an email, tweet, keep the pressure on Washington and we can get past this. The time for putting party first is over. The time for compromise on behalf of the American people is now". Obama stated he is confident "cooler heads will prevail" but "we are now running out of time". "It is important for everybody to step up and show the leadership the American people expect".

Obama: Solution Must Be Bipartisan President Obama holds a press conference urging Republicans and Democrats to come together to resolve the debt ceiling issue.


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