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Subscribe to RSS“President Obama pressured Republicans on Wednesday to accept higher taxes as part of any plan to pare down the federal deficit, bluntly telling lawmakers that they “need to do their job” and strike a deal before the United States risks defaulting on its debt,” the New York Times says.
The Atlantic's Josh Green writes in the Boston Globe: “One reason why the debt showdown isn’t causing more alarm is that interest rates have been falling. But that’s due mostly to declining economic forecasts in the United States and fear of a Greek default — currently more powerful influences, but also ones that would mask worries about a US default.”
“At some point, perhaps as soon as in a few weeks, the fight in Congress could eclipse those factors and drive interest rates higher. That’s been the historical pattern, and it is already causing worry about what might trigger such a rise. ‘The nervousness on our end is that the markets will misperceive what’s going on,’ an aide to a conservative House Republican told me. ‘If something fails on the House floor, people might react as if all life is about to end — just like they did when the TARP vote failed.’”
The Boston Globe’s Johnson says that Michelle Obama is raising money from people who were big Clinton supporters.
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I enjoy watching him dismantle the Republican's argument. Well done sir! They want lots of time off and accuse you of not working. They accused Pelosi of all kinds of stuff yet she got work done. They do nothing. I repeat,they are a bunch of do nothings. I'm glad my president called this "do nothing" congress out.
I wouldn't say they do nothing, AnaBanana. Demagoguery is hard work! First, you have make up sweeping statements that are meaningless but sound "tough," secondly, you have to repress the memory of your Party's past policy failures, and thirdly, you have to find a distracting sex scandal to rail about for three straight weeks.
I didn't hear him say anything about Harry Reid and Nancy The 2 biggest do nothing but destroy this country in the entire congress. This President is the biggest POS that has ever held the office. He lies about everything and you people believe him it would be funny if it wasn't so serious
Girls - Hardly a dismantling or a calling out. Seems that obama is more pissed about having to take time off of the campaign trail than anything else. I do like how he rails on about corporate jet deductions when he promoted accelerated depreciation.
Running out of tools to keep the country from defaulting. lmao! Did he forget that we have an almost continuous stream of money coming in from payrolls or that all of our outstanding debt doesn't become due on August 3, 2011. No doubt the markets will react to any failure to increase the debt limit, But it would be interesting to see who obama throws under the bus first. As potus he needs to have the ability to unify rather than divide.
S&P warned us earlier this year, many sovereign nations and global economists are warning us today along with the IMF. I love it, he chastises congress (a well deserved chastisment, I will agree) and yet it appears that he is returning to a "business as usual" agenda. Interesting comment from a former director of the CBO in calling the address "political theater"
http://www.bloomberg.com/video/71653348/
And to think this commentator has no ax to grind with the potus, just pointing out some economic truths as a past CBO director.
openmind - the girls are drawing that conclusion. I think obama refered to both sides on lacking leadership, but mysteriously absolved himself of any blame. In sports doesn't the coach field the blame for losing?
Obama did make his comments pointing to the well off and businesses though on how they should be willing to pay more. To think that those making less than $30k/year pay so little in taxes when they are the greatest benefactors of government largess.
In reality it seems that bidens efforts to cut $1 trillion in spending would do little to resolve long term debt. Seems that increasing income tax rates should be off the table until meaningfull spending cuts are made. Never met a politician that when they saw revenues increase they didn't look for new programs to spend it on.
Hey american, who is the head of the IMF you speak of?
Tough talk. LOL that all Obama can do is talk. I have never seen a more useless President. He tries to blame Republicans , but they are the ones that have passed solutions , butgets in the house. It he idiot political Democrats that STILL have not been able to get anything done in the senate. Americans are not on the Presidents side (maybe a few left wing nuts that post on here) on these issues. They want a leader who will do the right thing for the country not play the blame game.
Way to go Mr. President. Please continue to be tough and don't let these folks in the right wing off of the hook.
Realhope - (I have never seen a more useless President) Gee you seem to have a short memory, my vote on useless, war criminal Presidents go to George W. Bush.
Way to go President Obama! Keep up the fight against the party of Hate!