BREAKING!!! Obama: Top Republican Breaks off Debt Talks

[Ares]

U.S. President Barack Obama says the top Republican in the House of Representatives has broken off negotiations to raise the U.S. borrowing limit despite the President offering what he called “an extraordinarily fair deal.”

Mr. Obama said Friday it was “hard to understand” why House Speaker John Boehner would “walk away from this kind of deal.” The President said they are now out of time. He said he has called the top Congressional leadership from both parties to a meeting Saturday at the White House to explain to him how the country will avoid defaulting on its payments after the government runs out of money on August 2.

He reiterated that he will not accept a short-term increase to the debt ceiling, saying at minimum the government needs to allow enough borrowing to get the U.S. into the next presidential term in 2013.

Mr. Obama says he had proposed significant cuts in discretionary spending and from social welfare programs. He said he had also proposed increasing tax revenue by a lower amount than had been agreed to by a bipartisan group of Senators.

Mr. Obama said top Democrats in Congress had not agreed to the deal but were willing to negotiate. He said if Republicans refuse to help find a compromise, they will be to blame for any negative consequences if the government cannot send out the 70 million checks it writes each month.

He said he was willing to go along with a back-up plan proposed by the top Republican in the Senate, Mitch McConnell, that would give Mr. Obama the power to raise the debt limit while allowing Republicans to vote against the increase. He said this would accomplish the minimum necessary of allowing the U.S. to keep paying its bills. But he said he preferred to also work on solving the problem of the enormous U.S. debt and deficit.

Earlier Friday, House Speaker John Boehner blamed Democrats for the impasse, telling reporters Republicans in the House had done their job. Talks have stalled this week over stark disagreements on the need for tax hikes and severe funding cuts to social safety net programs.

Boehner's comment came as Democrats in the Senate blocked a Republican-backed plan from the House of Representatives to raise the debt ceiling in exchange for large cuts in federal spending.

In addition to slashing spending, the bill would have required Congress to approve a constitutional amendment for a balanced federal budget.

The U.S. Treasury Department, the central bank and the White House have all warned a default would have catastrophic consequences for the economy.


http://blogs.voanews.com/breaking-news/2011/07/22/obama-top-republican-breaks-off-debt-talks/

[Ares]

http://www.youtube.com/watch?v=LeNwS4ck6PE

[General of Darkness]

Well I also heard the Obongo tried to add in taxes at the last minute. As much as I think everyone is bought and paid for, the republicans are holding strong and not caving. I think the socialist fucks in democrat party as praying the media spins it that it's the republicans that messed stuff up. But at the end of the day who knows what their plan is, I just KNOW it will not be in my interest or the interest of this former republic which is now a democracy.

[platinumdude]

So gold and silver will go up Monday?

[Plastic]

So gold and silver will go up Monday?


NO NO NO!!

That would be logical, this is the age of the new maffemmatixez.

If you are in debt up to your eyeballs, don't have two zinc pennies to rub together hoping they would somehow fornicate and multiply, you are a damned bajillionheir. It is for this reason that precious metals will only be worth turning into seashells and placing by the toilet.





I wager 10 cents to a doughnut metals drop monday...... paper metals that is.....

[Barbaro]

I still think a lot of this is political posturing. A deal will get done. If a deal wasn't done, fine by by me.

And the US may be downgraded even if a compromise is reached.

[po boy]

He talks about cutting social welfare scheme's which would be a good idea but, pales in comparison to so called defense spending.

So tax away while those funding and getting the bill starve, sound like a great plan Mr. President I'm sure it will be remembered.

Can't cut back on defense the terrasts gonna git cha.

[Plastic]

I agree Barbaro, the ponzi system is designed to fail therefore it must fail, downgrade it is.

[mamboni]

Obama is a feckless liar (lawyer). As a leader, by allowing this total breakdown before a weekend, he has done severe damage to the markets and has failed as a leader. He is the president. I am a leader in my organization and under similar circumstances I would have sat the parties down and told them straight off that no one is leaving until we hammer out a deal, period. The uncertainty being fostered by Obama's utter lack of leadership is undermining markets. In the end, a deal will get hammered out by everyone despite Obama, who will then shameless claim credit and plausible deniability for any cuts to politically sensitive areas. The man is an utter disgrace to the office and never should have been elected.

In truth, the fiscal problem is insoluble. That is what Ron Paul is saying in other words. But these politicians are not interested in truth. They are interested in maintaing power and getting re-elected; or better yet, getting out with their golden parachutes before this thing blows up - which it will. The only one speaking truth to power is Ron Paul. He should have been president, not this affirmative-action egostistical incompetent and petulant child in the oval office.

[Sparky]

This entire speech is Obama using the presidential pulpit to throw Boehner and the Republicans under the bus. He's airing a lot of dirty laundry here, from a biased point of view. He's not just informing the press; he's trying to publicly humiliate the Republicans.

I can't imagine the Republicans taking this very well. They've been viewed as stubborn all along, and this is only going to make them dig their heels in even deeper. If not, it's going to look even more like they've caved. I've always thought that a deal was inevitable before August 2, and I still think so. But there's a much better chance of this blowing up now than I would have guessed.

Next week should be very interesting.

[Joe King]

The Republicans claiming they don't want to raise the debt ceiling is all a bunch of bullshit and just smoke and mirrors politics game playing.

Look at the past record of debt ceilings and who was in the drivers seat then.

Either side would agree to pass it this time too if the underlying economy could bear the load as it had been able to every other time the limit had been reached. ...but that economy can't no mo'

The little engine that could, no longer can. lol

[mightymanx]

All is going acording to plan.

Let there be no doubt that this Kabuki theatre is being done by carefull planning.

I don't know the particulars, but you can be assured that "we the people" will take it in the ass by the end of it.

[Joe King]

Next week should be very interesting.

So Sparky, are you still as confident it will get raised, as you have been? Still see it as a sure thing?

I've been kinda thinking that they just might not do it this time.
...but who knows with those yo-yos lol

[Sparky]

So Sparky, are you still as confident it will get raised, as you have been? Still see it as a sure thing?

I've been kinda thinking that they just might not do it this time.
...but who knows with those yo-yos lol

I still think it will happen, but it's not as much of a slam dunk as I thought. I'd say the chance of a deal by August 2 have gone from 99.5% to about 80%. This is turning into a public pissing contest, and now someone's going to give up a little manhood to get a deal done. That's risky business.

[Joe King]

...now someone's going to give up a little manhood to get a deal done. That's risky business.


Uh oh. They better be extra careful then, becauise a little is all the "manhood" most of 'em have now. lol

[Joe King]

...and YaY! I just noticed that I got my carrots! :p

[Hatha Sunahara]

They are all on the same side, against the people and bought out by the top Owners of America. What we are seeing is pure theater. The game is called 'faux-brinksmanship'. Keeps us all in suspense and builds up the fear of a catastrophe. What are we willing to give up to avert this catastrophe? Then somebody will bring up the idea of looting the 401Ks and IRAs, and it will sound more reasonable. And nobody will resist. Another bank robbery of the Treasury is about to take place.

Hatha

[ximmy]

Boehner responds on video... worth listening too...

http://www.theblaze.com/stories/watch-live-boehner-responds-to-obama-on-collapse-of-debt-negotiations/

[Book]

Last edited by mightymanx; Today at 10:49 PM. Reason: Needed more substance unlike Book's posts

http://gifninja.com/animatedgifs/130054/jimmy-laugh.gif

[Book]

http://dailybail.com/storage/paulson%20tarp%202.jpg?__SQUARESPACE_CACHEVERSION= 1278862829242
GIMME $800,000,000,000 BY SUNDAY

:D ...OR YOU ALL FUCKING DIE

[mightymanx]

http://gifninja.com/animatedgifs/130054/jimmy-laugh.gif

I really did not need an example but thanks for providing one.

[Joe King]

Perhaps a third option should be to just get rid of the limit altogether?

That way Congress can go back to the way it was before there was one.

[Joe King]

But...but...but that would sacrifice the security of the nation if you were to do that.

Remember, they hate us for the freedom we used to have. We have to kill 'em to protect it.



Well, at least that's what I've been told by some neocon type folks I've talked to. lol

[Libertytree]

Obama is a feckless liar (lawyer). As a leader, by allowing this total breakdown before a weekend, he has done severe damage to the markets and has failed as a leader. He is the president. I am a leader in my organization and under similar circumstances I would have sat the parties down and told them straight off that no one is leaving until we hammer out a deal, period. The uncertainty being fostered by Obama's utter lack of leadership is undermining markets. In the end, a deal will get hammered out by everyone despite Obama, who will then shameless claim credit and plausible deniability for any cuts to politically sensitive areas. The man is an utter disgrace to the office and never should have been elected.

In truth, the fiscal problem is insoluble. That is what Ron Paul is saying in other words. But these politicians are not interested in truth. They are interested in maintaing power and getting re-elected; or better yet, getting out with their golden parachutes before this thing blows up - which it will. The only one speaking truth to power is Ron Paul. He should have been president, not this affirmative-action egostistical incompetent and petulant child in the oval office.

Yep, RP is giving them the brutal truth but 99% of the politicians and 90% of Americans can't handle the truth. Willful ignorance is a dangerous thing and there is no lack of it in this case and again we'll get what we deserve...not us but ya know what I mean.