President's Obama's Message on the Debt Agreement

The President reviews the new Debt Deal; some speculate the damage from this inner battle will never heal.

File photo courtesy: washingtonindependent.com

(WASHINGTON D.C.) - In the video below, President Obama outlines the agreement he reached with congressional leaders that he says will meet the country's financial obligations and reduce debt.

As this current crisis loomed, many believed Barack Obama was unusually passive. However US vice-president Joe Biden did step in on Saturday to spar with his cranky former Senate colleague, Mitch McConnell of Kentucky.

Once again, it was Biden who went to Capitol Hill to meet the Senate and House Democratic caucuses in the hope of persuading them to vote for the debt deal.

What the Debt Deal Does

• Removes economic uncertainty surrounding the debt limit at a critical time and prevents either party from using a failure to meet our obligations for political gain.
• Makes a significant down payment to reduce the deficit -- finding savings in defense and domestic spending while protecting critical investments in education and job creation.
• Creates a bipartisan commission to find a balanced approach to continue this progress on deficit reduction.
• Establishes an incentive for both sides to compromise on historic deficit reduction while protecting Social Security, Medicare beneficiaries, and programs that help low-income families.
• Follows through on President Obama's commitment to shared sacrifice by making sure that the middle class, seniors, and those who are most vulnerable do not shoulder the burden of reducing the deficit. As the process moves forward, the President will continue to insist that the wealthiest Americans share the burden.

For more about the nuts and bolts of the debt agreement:

• Download a PDF fact sheet
• Take a look at an infographic

  From The Associated Press

  
  

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  COLLI August 1, 2011 8:54 pm (Pacific time)
  

  Regarding the list of points in this piece about what the debt deal does:
  
  Right on point #1: “Removes uncertainty about the debt limit” . . . The debt limit is once again being raised.
  
  Wrong on point #2: “Makes a significant down payment to reduce the deficit” . . . basically, every cut in spending is a wash because of virtually duplicate offsetting spending increases.
  
  Point #3: Does not matter one bit as all any member of either party is concerned about is continuing to spend like fools in order to pay back special interests that helped them get re-elected. As for progress . . . please point out the progress in a wash as identified in the previous rebuttal.
  
  Point #4: Untrue – “That would be followed by creation of a new congressional committee that would have until the end of November to recommend $1.8 trillion or more in deficit cuts, targeting benefit programs, such as Medicare and Social Security, or overhauling the tax code. Those deficit cuts would allow a second increase in the debt limit, which would be needed by early next year.” As per the AP article titled “House passes bill to prevent US default” published Monday, August 1, 2011.
  
  Point #5: “Follows through on President Obama's commitment to shared sacrifice by making sure that the middle class, seniors, and those who are most vulnerable do not shoulder the burden of reducing the deficit. As the process moves forward, the President will continue to insist that the wealthiest Americans share the burden”. Again this is not true. The taxes on the ultra-rich were not raised 1 cent but as the previous point rebuttal identifies, Social Security and Medicare will be up for grabs.
  
  Please . . . stop listening to the pretty speeches and look at the facts. Learn to interpret for yourself rather than believe the continuous string of lies from the Administration and Congress. Simply repeating what they say only confuses more U.S. citizens and allows the corruption and evil to continue unabated!
  
  Check on what I say for yourself.
  
  

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  Anonymous August 1, 2011 5:30 pm (Pacific time)
  

  a song from johnny cash, not spam... http://www.youtube.com/watch?v=wxh-FfElY0M

  Editor: I can't tell you how much we appreciate that...
  

   

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