Addressing the nation this week, President Barack Obama stressed that his vision of making key investments to grow the economy would reduce the deficit in the long run, and that lawmakers must support his endeavors for America to remain competitive.
“We’ve got to cut the deficit, but we can do that while making investments in education, research, and technology that actually create jobs. We can live within our means while still investing in our future,” Obama said in his weekly White House address.
At a June 29 press conference, the president emphasized the need to grow the economy and increase jobs. “Just as deficit reduction is important to grow the economy and to create jobs—well, creating jobs and growing the economy also helps reduce the deficit,” Obama said.
Obama also spoke about removing tax breaks for the wealthy and extending tax cuts for the middle class, which prompted a reaction from Speaker John Boehner.
“The president is sorely mistaken if he believes a bill to raise the debt ceiling and raise taxes would pass the House. The votes simply aren’t there,” Boehner said in a press statement after the conference.
The debt ceiling is an upper limit set by Congress on the total amount of money the federal government can legally borrow. The first limit was set in 1917 and capped at $11.5 billion, according to the Center for a Responsible Federal Budget. The debt limit has been increased nearly 100 times since then.
Senate Republican leader Mitch McConnell urged Obama to immediately come to the Capitol to further discuss the issue of raising taxes for the wealthy. He said the president’s investments were effectively a second stimulus, and would add to the deficit.
“Is there a single member of Congress—Democrat or Republican—who thinks it’s a good idea to raise hundreds of billions in new job-killing taxes at a time when 14 million Americans are out of work? If so, I haven’t heard from any of them,” McConnell said.
The debt reduction negotiations between the president and the congressional leaders seem to have hit a stalemate as the Aug. 2 deadline to increase the debt ceiling draws closer. Lawmakers must reach an agreement to avoid the federal government defaulting on its payments.
After months of work, negotiators agree on $1 trillion in spending cuts. Additional savings, once thought to be possible, will be hard to find under the current political climate where politicians remain firmly entrenched in their own positions.
At the press conference, Obama encouraged Democrats and Republicans to put aside short-term politics, and think of the needs of the American people. If they think of those families, they would focus on solving problems such as infrastructure development, education, and commitment to seniors, Obama said.
“These are solvable problems, but it does require us just getting out of the short-term, and frankly, selfish approach that sometimes politics breeds. We’ve got to think a bit long term,” Obama said.
The administration has set a deadline of July 22 for reaching a deal. The president is scheduled to meet with Senate Democrats on Wednesday.
“We’ve got to cut the deficit, but we can do that while making investments in education, research, and technology that actually create jobs. We can live within our means while still investing in our future,” Obama said in his weekly White House address.
At a June 29 press conference, the president emphasized the need to grow the economy and increase jobs. “Just as deficit reduction is important to grow the economy and to create jobs—well, creating jobs and growing the economy also helps reduce the deficit,” Obama said.
Obama also spoke about removing tax breaks for the wealthy and extending tax cuts for the middle class, which prompted a reaction from Speaker John Boehner.
“The president is sorely mistaken if he believes a bill to raise the debt ceiling and raise taxes would pass the House. The votes simply aren’t there,” Boehner said in a press statement after the conference.
The debt ceiling is an upper limit set by Congress on the total amount of money the federal government can legally borrow. The first limit was set in 1917 and capped at $11.5 billion, according to the Center for a Responsible Federal Budget. The debt limit has been increased nearly 100 times since then.
Senate Republican leader Mitch McConnell urged Obama to immediately come to the Capitol to further discuss the issue of raising taxes for the wealthy. He said the president’s investments were effectively a second stimulus, and would add to the deficit.
“Is there a single member of Congress—Democrat or Republican—who thinks it’s a good idea to raise hundreds of billions in new job-killing taxes at a time when 14 million Americans are out of work? If so, I haven’t heard from any of them,” McConnell said.
The debt reduction negotiations between the president and the congressional leaders seem to have hit a stalemate as the Aug. 2 deadline to increase the debt ceiling draws closer. Lawmakers must reach an agreement to avoid the federal government defaulting on its payments.
After months of work, negotiators agree on $1 trillion in spending cuts. Additional savings, once thought to be possible, will be hard to find under the current political climate where politicians remain firmly entrenched in their own positions.
At the press conference, Obama encouraged Democrats and Republicans to put aside short-term politics, and think of the needs of the American people. If they think of those families, they would focus on solving problems such as infrastructure development, education, and commitment to seniors, Obama said.
“These are solvable problems, but it does require us just getting out of the short-term, and frankly, selfish approach that sometimes politics breeds. We’ve got to think a bit long term,” Obama said.
The administration has set a deadline of July 22 for reaching a deal. The president is scheduled to meet with Senate Democrats on Wednesday.
