|SNc Channels: About Salem-News.com
Salem-News.com is an Independent Online Newsgroup in the United States, setting the standard for the future of News.Publisher:
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: