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Current Events & Hot Topics Current Events & Hot Topics

Obama rules out short-term debt ceiling hike - MAKE NOTE.

Posted by on Oct. 12, 2013 at 8:58 AM
  • 33 Replies

Obama rules out short-term debt ceiling hike

By Brendan Sasso - 10/12/13 06:17 AM ET
    

President Obama signaled Saturday that he wouldn't accept the Republicans' offer for a short-term increase in the nation's debt limit.

"It wouldn't be wise, as some suggest, to just kick the debt ceiling can down the road for a couple months, and flirt with a first-ever intentional default right in the middle of the holiday shopping season," Obama said in his weekly address.

"Because damage to America's sterling credit rating wouldn't just cause global markets to go haywire; it would become more expensive for everyone in America to borrow money. Students paying for college. Newlyweds buying a home," he said.

House Republicans have offered a six-week increase in the debt limit. If adopted, the plan will buy time for broader negotiations over entitlement spending and taxes, they say.

Obama claimed that the damage to interest rates from failing to pass a long-term debt ceiling hike would create a "Republican default tax" on families and businesses.

"Manufacturing crises to extract massive concessions isn't how our democracy works, and we have to stop it," Obama said. "Politics is a battle of ideas, but you advance those ideas through elections and legislation - not extortion."

The United States will hit the debt ceiling and begin defaulting on its bills on Thursday, according to the Treasury Department.

Read more: http://thehill.com/blogs/blog-briefing-room/news/328189-obama-pans-short-term-debt-ceiling-hike#ixzz2hVnRYHjh
Follow us: @thehill on Twitter | TheHill on Facebook

by on Oct. 12, 2013 at 8:58 AM
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Replies (1-10):
pvtjokerus
by Platinum Member on Oct. 12, 2013 at 9:02 AM
2 moms liked this

Did anyone watch is hour long speech on National TV on Tuesday?  During this speech, dialogue or whatever you want to call it.....he said that the Repubs should come up with a short term ceiling hike in order to hash out all of the other issues in order to get the ball rolling again.  If anyone was paying attention REID was saying the opposite during the same time frame.  The Repubs came up with one and guess who just reneged on his word......?????

candlegal
by Judy on Oct. 12, 2013 at 9:14 AM
3 moms liked this
Has he ever kept his word on anything, even just one thing ?

Quoting pvtjokerus:

Did anyone watch is hour long speech on National TV on Tuesday?  During this speech, dialogue or whatever you want to call it.....he said that the Repubs should come up with a short term ceiling hike in order to hash out all of the other issues in order to get the ball rolling again.  If anyone was paying attention REID was saying the opposite during the same time frame.  The Repubs came up with one and guess who just reneged on his word......?????

adrianaevanmom
by on Oct. 12, 2013 at 9:16 AM
I don't agree with short term bills. However Obama did say though, he'd take a short term bill.

I for see us going over the cliff.
pvtjokerus
by Platinum Member on Oct. 12, 2013 at 9:21 AM

 Well.....he is doing EXACTLY what he did the last time that they went through this same some and dance.  Bob Woodward describe this very action by Obama in his last book (the one that he got spanked on) about the previous debt ceiling talks, arguments or whatever you want to call them.  What is appalling is that Obama didn't learn from his past AND he went on National TV and just instructed the Repubs to this very things:  Past a short term debt ceiling bill.  Guess the TV ratings weren't that high and he knew that his supporters weren't paying attention so he just did another 180.

 


Quoting candlegal:

Has he ever kept his word on anything, even just one thing ?

Quoting pvtjokerus:

Did anyone watch is hour long speech on National TV on Tuesday?  During this speech, dialogue or whatever you want to call it.....he said that the Repubs should come up with a short term ceiling hike in order to hash out all of the other issues in order to get the ball rolling again.  If anyone was paying attention REID was saying the opposite during the same time frame.  The Repubs came up with one and guess who just reneged on his word......?????


 

conweis
by Bronze Member on Oct. 12, 2013 at 9:26 AM
6 moms liked this

I keep scratching my head over why people voted him back into office

candlegal
by Judy on Oct. 12, 2013 at 9:29 AM
2 moms liked this

Too much

Quoting conweis:

I keep scratching my head over why people voted him back into office


pvtjokerus
by Platinum Member on Oct. 12, 2013 at 9:33 AM
2 moms liked this

 Freebies......George Soros.......ideological folks that don't care about anything except unrealistic stuff.......etc......  ;  )


Quoting conweis:

I keep scratching my head over why people voted him back into office


 

pvtjokerus
by Platinum Member on Oct. 12, 2013 at 9:34 AM
1 mom liked this

 This is my main point.....he got on National TV and instructed the Repubs to do this very thing and they did.  No wonder the Repubs don't want to work under this time of management.


Quoting adrianaevanmom:

I don't agree with short term bills. However Obama did say though, he'd take a short term bill.

I for see us going over the cliff.


 

jaxTheMomm
by Platinum Member on Oct. 12, 2013 at 10:22 AM

This is the negotiation.  I don't like a short-term fix either, that's no solution.

http://www.reuters.com/article/2013/10/12/us-usa-fiscal-idUSBRE98N11220131012

(Reuters) - President Barack Obama pressured Republican lawmakers on Saturday to agree to raise the U.S. debt ceiling for longer than they would prefer, as their fiscal impasse dragged into the weekend with five days left to find a deal.

The budget battle between Obama and Republicans who control the House of Representatives has idled hundreds of thousands of government workers hit by a 12-day government shutdown and put the United States at risk of a historic debt default, possibly by next Thursday, unless the borrowing limit is raised.

With the potential of an economic calamity looming, Obama and his Republican opponents are trying to agree on how long to extend the debt ceiling, with Republicans wanting to limit the extension to six weeks to try force more concessions out of the president.

Obama made clear in his weekly address Saturday that he wants a longer debt ceiling extension to get the U.S. economy through the holiday shopping season without a convulsive shock. Republicans want a commitment to broader deficit-reduction talks from the White House.

"It wouldn't be wise, as some suggest, to kick the debt ceiling can down the road for a couple of months, and flirt with a first-ever intentional default right in the middle of the holiday shopping season," Obama said.

While Obama's talks with House Republicans on Thursday and Senate Republicans on Friday were seen as a constructive sign of progress, there appears to be still a ways to go and many details to iron out before a deal can be clinched.

North Dakota Republican Senator John Hoeven said there are enough ideas being discussed to get to an agreement, but the key now is finding the right combination of them that can pass both the House and Democratic-controlled Senate.

"I do think it's going to take a few days here to get that right combination, but I'm hopeful we'll get a deal," Hoeven told Reuters.

He said Republicans are willing to lift the debt ceiling and end the shutdown but want to make sure that government spending is cut - something they have been trying to negotiate with the White House for months without success.

"I want to see the government get opened and I want to see a debt-ceiling solution. But we've got to use this time as well to find some savings and reforms, and we are talking about what savings and reforms we can get people to agree to," he said.

Republicans have been knocked on their heels by polls showing Americans largely blame them for triggering the crisis, a political dynamic that has strengthened Obama's hand. The president has been unyielding in his insistence that he will not negotiate over the debt ceiling.

Obama told Americans that his Republican opponents are manufacturing a crisis that has the potential for damaging the U.S. credit rating and causing global markets to go haywire.

"Our government is closed for the first time in 17 years. A political party is risking default for the first time since the 1700s. This is not normal. That's why we have to put a stop to it," he said.

House Republicans will meet at the Capitol on Saturday morning to discuss their options after sending the White House a proposal that included the short-term increase in the debt limit that would clear the way for re-opening the government.

The House Republican proposal called for cuts in entitlement programs like the Medicare health plan for seniors to replace two years of the automatic spending cuts known as "sequestration" agreed to last year by Congress, senior congressional aides said.

California Republican Representative Buck McKeon, chairman of the House Armed Services Committee, said in the Republican weekly address that his party is standing on some important principles.

"It's about stemming the tide of debt and deficits that threatens to wash out an entire generation's opportunities," he said.

yourspecialkid
by Platinum Member on Oct. 12, 2013 at 11:07 AM
3 moms liked this

 I vote we go over the cliff.  It is about 2" to the bottom.

We have enough revenues to meet our annual debt obligations and most of our other obligations.  We have revenues of about 250 billion a month.  The Treasury will merely be forced to PRIORITIZE.

If Lew defaults on the debt..fails to pay the military or senior citizens it will be a DELIBERATE failure of the administration to meet our financial obligations.

Moody's put out a great report if anyone wants to google it up.

 

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