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Obama and Reid announce bipartisan debt limit and deficit reduction deal

August 1, 2011 by  

Obama and Reid announce bipartisan debt limit and deficit reduction deal

On Sunday, President Barack Obama and Senate Majority Leader Harry Reid (D-Nev.) separately announced the agreement of Congressional leaders on a bipartisan deal to increase the debt limit and reduce the deficit.

“There are still some very important votes to be taken by members of Congress, but I want to announce that the leaders of both parties, in both chambers, have reached an agreement that will reduce the deficit and avoid default — a default that would have had a devastating effect on our economy,” the President said, speaking in a press briefing from the White House.

“Sometimes it seems our two sides disagree on almost everything. But in the end, reasonable people were able to agree on this: the United States could not take the chance of defaulting on our debt, risking a United States financial collapse and a world-wide depression,” Reid said in remarks on the Senate floor, shortly before Obama spoke to the Nation .

Details of the deal are still developing, but according to a fact sheet made available by the White House, the deal will increase the debt limit by at least $2.1 trillion, preventing the U.S. from having to raise it again until 2013. The deal will also immediately enact “10-year discretionary spending caps generating nearly $1 trillion in deficit reduction,” and create a bipartisan committee tasked with finding an extra $1.5 trillion in deficit reduction.

The deal, while allegedly agreed upon by leaders from both parties according to Obama and Reid, still needs to be passed — and it will require significant  bipartisan votes to overcome the resistance it is sure to meet on both sides of the aisle.

“I know this agreement won’t make every Republican happy. It certainly won’t make every Democrat happy, either. Both parties gave more ground than they wanted to. And neither side got as much as it had hoped. But that is the essence of compromise. And the American people demanded compromise this week,” Reid said.

“Now, is this the deal I would have preferred? No. I believe that we could have made the tough choices required — on entitlement reform and tax reform — right now, rather than through a special congressional committee process,” Obama said. “But this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year.”

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  • Dan az

    I don’t agree period!They managed to kick the can down the road again and added another 2 trillion to the debt.They most be brain surgeons,What part of cut the spending don’t you get?For every dollar that you spend now you will be forced to cut from some where else for doing it!The only good thing was they aren’t going to tax us more for doing it but and he wont get another increase for unemployment past his 99 weeks.The problem is there wont be any jobs created by this 2 trillion dollars.The lies continue.We had enough to pay the bills but he would have had to give up on the idea that this health bill would finance its self which we all know it wont.No I’m pissed because its just more of the same and we will have to straighten it out come 2012 typical BS.

  • Raggs

    “bipartisan”… A lay down and roll over from the GOP.

    So oblama gets his wish of having yet another 2.4 trillion to blow on the unions for his re-election.

  • s c

    For the members of the conservative choir, let there be no doubt that ‘Republicans’ can’t be trusted, that Mr. Boehner/Boner might as well be a ‘Democrat,’ and that somewhere along the line (would have to guess at that), Congress and the W H declared WAR on the American people.
    So, it now looks as though EVERYTHING America produces won’t be enough to service the ‘debt’ or pay down the DAMNED thing. Thanks ever so much you ‘Republicans,’ ‘Democrats,’ progressives and assorted useful idiots.
    No matter what happens, “America’s” reputation and credibility are forever stained by the corrupt touch of elected non-representatives. Hang on, passengers, the Titanic II is about to go to sea – quite probably never to return [it's TOO BIG to sink].

  • pete the simian

    Looks like Boehner, Cantor, Reid and President Obama can work together. I was kind of upset in hearing 2.4 trillion will be added to the debt. It seems we are a socialist economy. To bad they didn’t extend unemployment benefits. I’m not upset anymore. Though it’s insane to put a 2.4 trillion monetary stress on our dwindling GDP – the politicians/statesmen are trying to maintain social cohesion. Hope fully they will succeed and we won’t see any major food/job riots, like in Greece or terrorist attacks like what happen in Norway !

    The Republicans were a good influence in slowing the growth of the government – that’s the best they can do now !! So I’m going to vote Republican next election.
    Being Libertarian is just to extreme. We got to adapt, overcome and improvise – that is adpapt to the mixed capitalistic/socialistic economy, overcome by getting a job – any job – to put food on the table – and improvise — that is do car/house repair more on my own – and shop for more bargains ….

    Good job Mr. Boehner – you did the best you could do ….

  • s c

    Pete, PLEASE tell me that you are NOT a conservative. You might be a ‘Republican.’ When I saw your response about Boehner, it made me want to PUKE.
    Are you from Ohio? Do you have functional standards for elected types who call themselves Republicans? Do you REALLY think our elected retards in Washington put any effort into this circus? Pete, YOUR kids and YOUR grandkids and THEIR kids will NEVER be able to pay off this abomination. WHAT don’t you understand?
    In closing, I want to THANK Bummer for daring to say that ‘each party needs a balanced plan.’ Oh, Bummer, where the flying frick is YOUR plan? For someone who made many promises before you slid into the W H, you sure have a hell of a time delivering on even the most basic promise [how about TRANSPARENCY, eh?]. Plan, my aching asterisk. You don’t have a clue, let alone a PLAN.
    Pete, get a life, re-evaluate your stance as a ‘Republic’ or whatever you call yourself. You come acroos more like a fence-sitting moderate from the McCain camp.

    • pete the simian

      Hey SC !

      Hey dude – you just wrote

      “Do you have functional standards for elected types who call themselves Republicans?”

      Ha Ha ! That’s a good joke ! Mr. Boehner and the Repubs in the House of Reps were very “functional” on the debt limit agreement!

      You assume I have “kids” – I don’t have any children .. HA HA HA !

      Getting a life – well you may have a point ? HA HA HA !

      Hey – McCain is a Senator – that makes him very “functional” too ! So is President Obama ! He is very functional because HE WAS ELECTED PRESIDENT !

      I think the words you are looking for is “philosophical standards” rather than “functional standards” – Right ? Come on SC ! Do you understand what you wrote isn’t what you mean ?

      • s c

        Simian describes you very well. Whatever you are, there are some very important lessons in life that you never learned. Maybe it’s a good thing that you don’t have kids. You do seem to have a very self-centered approach to reality. Unfortunately, your sense of ‘humor’ is misplaced, and you definitely belong in the fence-sitting moderate camp – along with so many losers in America who don’t give a damn about America.
        In Cuba, you’d be called ‘comrade.’ Where I live, you’d be called a loser. You, chum, have more than your fair share of problems. Are you also on welfare?

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