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BREAKING

President Obama Calls on Congress to Raise Debt Ceiling to Avoid Hurting Economy

Obama says he will not negotiate with lawmakers over debt-limit

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by Lisa Fine

Staff Writer t +

Image: AP

President Obama stepped up his demands on Congress Monday to raise the $16.4 trillion debt ceiling so the nation can pay its bills.

"We are not a deadbeat nation," he said at a White House press conference.

The president said he would not negotiate with Congress on the debt ceiling, but would seek a "balanced" approach to reduce the nation's deficit in the months ahead with a combination of modest reductions to programs and revenues from closing tax loopholes. Republican leaders have said they will demand steep spending cuts in exchange for raising the debt-limit.

"They will not collect a ransom in exchange for not crashing the American economy," Obama said, adding that for lawmakers to not raise the debt ceiling because they don't get everything the want in return would be disastrous for the improving economy.

The nation reached the $16.4 trillion debt ceiling on Dec. 31. The treasury has been taking "extraordinary steps" to extend the time before defaulting, which may happen as soon as mid-February if Congress doesn't act.

"This is about paying your bills," Obama said. "You don't go out to dinner, eat all you want, and leave without paying the check. And if you do, you are breaking the law. If Congress wants to have a debate over whether we should go out to dinner next time, or we should go to a more modest restaurant, that's fine."

Via Politix

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Do you want Congress to raise the debt ceiling without negotiating spending cuts?

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154 Comments (view in Forum)

  • Thegrif
    !
    Insanity - doing more of the same and expecting a different result.

    Am I right, raising the debt ceiling only prolongs the inevitable, which is, we will have to pay it back?

    What in the world makes anyone think we will be in any better position to pay it back later? The evidence of the last 4 years sure does not say that.
    Don't hand me any garbage about there have been some positive signs lately, thats garbage. I have never seen one of those little charts or graphs where that little line went straight, as it goes up or down there is always a little zig or zag in the other direction.
    And again King Obama lays down his law, and will not negotiate any about raising the debt ceiling.
    Amazing the Obama lovers really think he give 2 terds about America, if I wasn't American and directly effected by the A--hole President, I would be LMAO at America.
  • RobertJHarsh
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    @PoliticalSpice But he wants to make the GOP the bad guys again. Every Republican who voted to jack up taxes will not be making back in 2014. Now Soetoro thinks he can get rid of more Republicans in 2014 by suckering them into voting for his non-spending cuts.
  • Yank
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    The best part is that Obama again said he will refuse to negotiate, but watch the left go after the Republicans for not doing exactly as Obama wanted. They will mention a made up mandate, they will ignore the Republicans won the house, and they will say the Republicans don’t care about people (only money).

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  • Neo_NtheMatrix
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    CUT THE SPENDING!!!!

    I'm a little offended by the idea that everyone needs to be gouged for more and more taxes, yet this guy wants to spend more and more. If we raise the debt ceiling we need to cut the spending so we don't have to keep raising it. Damn, damn, damn. It's so sad what this country is being turned into. We keep raising the debt ceiling, increasing spending, then raise the debt ceiling so more. It's disgusting.

    CUT UP THE CREDIT CARD. CUT IT UP!!!!!!!!!!
  • methinks
    !
    When I was out of work years back, we cut up our credit card because our income was much less than normal. Stopping the excess spending actually gave us some breathing room AND a surplus. Imagine that!

    Obama is holding this country hostage with his unwillingness to negotiate. He's just pulled a Napoleon and proclaimed himself emperor. Will he crown himself in Washington National Cathedral like Napoleon did in Reims?
  • Waynestew
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    @methinks You cut up your credit card not your credit card bill. The "debt ceiling" is NOT like your credit card it is the credit card BILL.

    The debt ceiling is basically the bill collectors calling and asking you if you intend to pay. If Congress does not act on the debt ceiling they are basically saying that America does not intend to pay the bill.
  • methinks
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    @Waynestew Reread my first sentence:

    "When I was out of work years back, we cut up our credit card because our income was much less than normal. Stopping the excess spending actually gave us some breathing room AND a surplus. Imagine that!"

    The debt ceiling is the same as any one of us asking the credit card company to increase our credit line to continue spending. If we cut up, or curtail, the nation's credit card, then that ceiling no longer needs to be raised. We have a spending problem and we have to do something about it. Ignoring it is no different than out of control spenders going on shopping sprees when they know they have to borrow more money to pay their bills!
  • Waynestew
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    @methinks

    No, again this is the problem. The debt ceiling is not a credit limit. It is not the government asking for more money. Its more aligned with the government deciding whether they are going to make a payment on the debt on time.

    If you and your wife are having a conversation about paying your credit card bill. You would tell her that she needs to cut back on spending but you would still PAY THE BILL. YOU WOULD NOT TELL THE CREDIT CARD COMPANY THAT YOU ARE NOT GOING TO PAY YOUR BALL UNTIL YOUR WIFE AGREES TO CUTBACK ON SPENDING. This is what Congress is trying to do. It is a bad idea. Once again understand I am not saying spending doesn't need to be cut. However this is not a conversation for that.

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  • Knightkore
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    Okay, before raising the debt-ceiling how about doing something novel that hasn't been done before in the past years....lets say the first term of the presidency....balance a budget....you know follow the law there first and the debt-ceiling wouldn't NEED to be raised....just a thought....
    It is the lack of a balanced budget these past years that has been and will continue hurting the economy, more so than raising the deb-ceiling....however if the debt-ceiling is raised can you authorize a credit card for me that will continously raise my credit and where I only pay at most a half of a percent of what I owe?
  • PNWest
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    @Knightmare We have to pay off the bills from Bush's 2 unfunded wars, unfunded give-a-away to big Pharma, and stimulus spending required to get the country back on track after Bush cratered the economy. Too bad we don't have Clinton's budget surplus that Bush squandered away.
  • Knightkore
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    @PNWest Hmmm....okay....so President Hussein Obama's deal with big pharma for Obamacare wouldn't contribute to that? And the fact that President Hussein Obama voted for those stimulus bills that went to the banks and not to us had nothing to do with that....and I guess you wanted us to do nothing in response to 9/11....
  • PNWest
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    @Knightmare Obama did exactly what was necessary about 9/11 - kill the perpetrator, something Bush not only failed to do but said he didn't even worry much about. The stimulus spending is needed to pull the economy out of the ditch that Bush drove it into. I would have loved to have seen a single payer system for healthcare. Unfortunately Obama had to compromise with the GOP which weakened the end result. By the way the bank bailouts were proposed by Bush and supported by pretty much the entire GOP leadership.

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  • IMAQT
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    "The fact that we are here today to debate raising America 's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America 's debt weakens us domestically and internationally. Leadership means that,'the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
    ~ Senator Barack H. Obama, March 2006
  • AceLuby
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    So where were you guys in 2006 cheering on Obama for being a deficit hawk? Why is it that you not only waited for the entire economy to crash before even starting up a conversation, but waited until Obama was in office before even pretending to care about the deficit or the debt?

    I would take you guys more seriously if you guys even tried to look partial. I think even you guys can admit that we are in a much different situation than in 2006. You should be looking to eliminate the deficit when we have a full workforce, not in the middle of a slow recovery.
  • IMAQT
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    @AceLuby Financing our government on the backs of future generations is wrong regardless of the party affiliation. I merely posted a quote, so what makes you believe that I was OK with deficits back in 2006?
  • AceLuby
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    @IMAQT You may not have been OK w/ deficits back in 2006. I don't know you personally, but you can't deny that our deficits and debts didn't become an issue until after the crash and after Obama came into office. I too was never happy about the 'deficits don't matter' administration.

    My point is that we should have never gotten into this situation in the first place. It's like setting your house on fire and then calling the fire department once the fire is gone. The damage has been done and now we have to look at the best way to get ourselves out of the mess w/out hurting the economy any more. The biggest contributors to the deficit since Obama has take office are less taxes being taken in and more taxes being spent on unemployment, welfare, and food stamps. You don't make this better by putting more people on those programs or by kicking people on those programs to the street, you do it by getting those people to work, contributing to taxes, and taking less from programs. Once we have a full workforce THEN we should talk about what programs should be cut and what reforms need to be made, but to talk about any of that before we tackle the most recent problem of jobs will simply make the situation worse.

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  • JoeJared
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    I want the government to shut down, and stay shut down. It has a proven track record of failure too be fiscally responsible and further, is in fact a weapon of mass destruction, proving to be a clear and present danger to world peace.
  • Cheenoguy
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    Well since congress already agreed to make the bills they should just shut and pay them.
    The Republicans used to think it irresponsible to do so when they voted something like 10 times to do so when Bush was president.
    News flash republicans. If your petty BS crashes our economy most Americans recognize your part in it. We aren't going to blame Obama. We are going to blame you. If you want to commit party suicide don't take our economy down even farther to do so.
  • scotta
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    I think they need to shut the government down until their is a agreement. Watch out if he does not get his way another executive order. Next he will make himself dictator of Obama land, formally The United States of America.
  • Mbjhug
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    We need to re-evaluate WHERE this spending is going in addition to cutting spending. In fact, with the proper plays you wouldn't need many cuts at all. That I believe is a possible cause of all the increase in spending. Putting the money where it isn't needed from the mouths of the hungry.
  • jessejaymes
    !
    It is Reagan's fault who deficit spent more than President in History prior to himself. It's both Bush's fault who each deficit spent more than any President in History prior to themselves. It's Obama's fault for continuing to do what every president does. Sign bills that have massive pork spending attached to them. Neither Obama nor those other three have raised voice one against Pork. Clinton did and often said he would not sign certain bills if they had pork attached to them. You right wingers like to blame Clinton for the collapse. That's simply not acceptable because what you're saying is that neither Bush nor Reagan nor your party has even been smart enough to cause problems and still leave the office with a surplus. How stupid do you have to be to allow deficit spending and then leave with things in collapse as Reagan did with the S & L's, as Both Bush's did? I mean if Clinton could do it and leave with a surplus that says the GOP are just flat out stupid eh?

    Debt does not just jump up out of a ditch and mug a nation overnight. It is an accumulation of irresponsible congresses (remember it's the House who does the money spending) and irresponsible Presidents. I, for one am sick to death of both wingers sitting around blaming "the other party".

    BOTH PARTIES ARE CORRUPT TO THE CORE. WHAT IS IT GOING TO TAKE FOR YOU PEOPLE TO STOP FINGER POINTING AT THE OTHER PARTY AND HOLD YOUR OWN RESPONSIBLE?
  • cleverusername
    !
    BOTH PARTIES ARE CORRUPT TO THE CORE. WHAT IS IT GOING TO TAKE FOR YOU PEOPLE TO STOP FINGER POINTING AT THE OTHER PARTY AND HOLD YOUR OWN RESPONSIBLE?

    I agree 100%. It is a product of congress the senate and presidents. To blame one person ie bush ie clinton is just ridiculous. To blame one party is just ridiculous. But hey they keep us distracted very well.
  • jessejaymes
    !
    @jamesmitchell You know I once pointed out to an ebay seller that he only typed in caps. He then pointed out to me that he had made 87,000.00 in a year. Some things are nitpicking.
  • Sharpshooter
    !
    Wasn't this Obama guy the one promising to work with both sides of the Aisle if he was elected?

    VE VILL NOT NEGOTIATE!!!!! Hardly sounds like working with the other side of the aisle.... Hmmmmm

    Was he lying to us or did he not get elected or does he simply not care about keeping his word... sorta like having the most open government in history and publicly debating his healthcare program.

    I gotta reacquire my taste for Kool-Aid so I can be as happy as everyone else seems to be... I liked it as a kid,but I don't think they made it in Bullshit Flavor.

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  • DARSB
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    The Congress, GOP-held House in particular, is being awfully dishonest over the debt ceiling. Raising the limit is necessary to pay for things Congress has already spent money on. Failing to deal with the consequences of its own decisions is childish and attempting to extort budget cuts is completely irresponsible.
  • Raptor
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    Congress has control and "RESPONSIBILITY" to raise the debt ceiling as they are the one's that have already spent the money. I don't iknow why people want to blame President Obama for this. If I don't make a car or house payment on time guess what happens, duh!

    You pay your billls first and then you work to lower next months bills. Common sense which is a very rare item in a republican controlled congress is the problem.
  • AndrewEvans
    !
    I can say very surely that 9 out of 10 people have no idea how bad this is. Instead of complaining and hoping people will understand, maybe I should explain it in terms that people do in fact understand. If anyone tells you this whole scenario is more complicated than this, they are wrong.

    We are broke and do not have the income to justify our spending. Instead of realizing how broke we are and cutting off luxuries to ourselves, we're taking out new lines of credit. This country borrows 40 cents on every dollar it spends. Instead of becoming frugal, we're applying for new credit cards that have zero percent interest for a short time even though we know that it is impossible to pay it back. Personally, if we were only 5000 in debt before, now by scale we are 25000 in debt and hoping the adjustable interest rate from our creditor will not be too high. Both Bush and Obama have made the same decision for us. They both manage(d) this country like irresponsible spend-thrifts on a shopping spree.
  • AceLuby
    !
    Please list all the spending bills passed by Obama. If he's an 'irresponsible spend-thrift' you should have no problem proving it with the huge amount of spending bills he's been able to pass.
  • MarkJM
    !
    "This is about paying your bills," - President 0bama. Mr. President, if this is about paying the bills, as you say, then get off your high horse and start acting more fiscally responsible. You could start by cancelling the $20 million hoo-hah you have planned for this coming weekend and early start of next week. You can also start by cutting back on excessive and needless government spending in all areas (i.e. handouts, entitlements, defense, etc.). You Sir, are a hypocrite who thinks money grows on trees. The stark reality is that there are debts to be paid ($16.5 Trillion at last count) and more revenue won't solve the problem of continuous CONgressional pay-raises, lifetime Secret Service protection, increases in foreign aid, welfare, WIC, food stamps, Planned Parenthood abortions,$14 muffins, multi-million Las Vegas convention trips, etc. etc. etc. Cut the spending. You would be surprised that the very people who work for a living (and pay taxes) could spend the money better than the Federal Government can...
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