Obama To Address Nation At 11:00 AM, Announcing Lack Of Agreement On Debt Ceiling, Or T Minus 10 Working Days Until T-Day

Tyler Durden's picture

After meeting for exactly 75 minutes, the president and members of congress achieved absolutely nothing except for what ZH readers already knew: that a debt deal has to be reached by July 22 or else. "President Barack Obama said Sunday that "we need to" work out a debt deal within the next 10 days as he convened a meeting with congressional leaders, aiming to fashion a deficit reduction package for the next 10 years. As the meeting opened, Obama and the leaders sat around the table in Sunday casual dress. Asked whether the White House and Congress could "work it out in 10 days," Obama replied, "We need to." Despite Boehner's preference for a smaller, $2 trillion plan for deficit reduction, White House aides said Sunday that Obama would press the lawmakers to accept the larger deal. Republicans object to its substantial tax increases and Democrats dislike its cuts to programs for seniors and the poor. The aides, however, left room for negotiations on a more modest approach." And just like on Friday when the president's appearance was heralded as a harbinger of a massive NFP beat only to be the biggest let down since Geithner's TV appearances in February which sent the market down by 10 S&P points each time, so the president will address the nation tomorrow. From Reuters: "U.S. President Barack Obama will hold a news conference at 11 a.m. EDT (1500 GMT) on Monday about the status of negotiations to cut the deficit and raise the debt ceiling, the White House said on Sunday. Obama met with congressional leaders for about 75 minutes Sunday evening and will meet again with them on Monday "to discuss the ongoing efforts to find a balanced approach to deficit reduction," the White House said, without giving a time for that session."

More from the AP:

"He's not someone to walk away from a tough fight," White House chief of staff William Daley said. "Everyone agrees that a number around $4 trillion is the number that will ... make a serious dent in our deficit." But embedded among the tough words was rhetoric that acknowledged the "big deal's" prospects had become uncertain at best.

"We're going to try to get the biggest deal possible," said Treasury Secretary Timothy Geithner.

It was an abrupt change from 24 hours earlier. Republicans late Saturday rejected the $4 trillion proposal, the largest of three under consideration, because its tax increases would doom it in the GOP-led House, Speaker John Boehner said.

The Ohio Republican informed Obama that a package of about $2 trillion, which bipartisan negotiators had identified but not agreed to, was more realistic.

Senate GOP leader Mitch McConnell of Kentucky left little doubt that the $4 trillion deal was dead.

"I think it is," McConnell said. Raising taxes amid 9.2 percent unemployment, he added, "is a terrible idea. It's a job killer."

The statements threw into question the extent to which the Sunday meeting, called for 6 p.m. EDT, would move the talks toward a resolution as an Aug. 2 deadline loomed. That's when the nation would begin to default on its debts, administration officials say, if no deal is reached to raise the borrowing limit from $14.3 trillion.

One thing is certain: with each passing day until July 22 or T-Day, the day by which Congress has to pass the debt ceiling legislation, of which there are precisely 10 working days, the market, which has so far completely ignored any concern about a failure in the debt talks, will start getting increasingly more nervous. As a reminder there is a 4 week Bill auction this Tuesday: the last one priced at 0.000%. If the logjam in DC continues after Monday, something tells us the government will not get ultra short-term funding for free.

As for the spin free interpretation of what the "deficit deal" means for America, read our previous observations on the matter here.

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equity_momo's picture

My eagles arrive tomorrow. 10 weeks it took to get them at a large premium. The paper traders havent got a clue.

SwingForce's picture

And for Pabst Blue Ribbon Cans, ah smell the ether!

Long-John-Silver's picture

Silver is above $36 again. I expect it to be slammed down again when New York opens. They've all been on vacation in the Hampton's so Silver and Gold went higher.

Dolar in a vortex's picture

Can we have a $1B pool to bet on what time he hits the teleprompter?

Cuz you know darn well it won't be 11:00am.

Michael's picture


They are trying to pay for their own protection with the sheeple owned tax money!

They know a lot of their personal police state protection, through the Continuity of Government Program, will go away if they make significant cuts in government spending.

They're paying for their own physical protection with our money for Christ's sake!

dark pools of soros's picture

OUR money?  you better go re-read a dollar

DoChenRollingBearing's picture

Well it´s still (9:19 PM ET) early action in gold trading in Asia, but both gold and silver


are practically unchanged.

Probably a good time to go and get some more, as no one seems to care about more can kicking.  I guess they will care later on when kicking the can does not work anymore.

Spastica Rex's picture

Kicking the can always works. Forever. I'm serial.

Cheesy Bastard's picture

Kix always works, too.  I'm cereal.

DoChenRollingBearing's picture

¨Bullish¨.  And of course what I mean is, even down here in Peru for a few days:

1)  The Rs will cave (again) and/or

2)  Even if they don´t, the Tresrev will find some phony-baloney to keep it all going (printing the money or whatever) and/or

3)  Suspend our outflank that pesky constitutional business I have read about and/or

4)  Cook the books again and/or

5)  Just do it however, as the State Run Media will not care to report anything important.


What I do not see is the political honesty and fortitude to address our nation´s overspending.  Seems not enough want to solve anything.


A data point for Cognitive Dissonance!  Ain´t none of that cognitive dissonance down here in Peru!  NO ONE worries about that kind of stuff (.gov lying, crooked bankers, the cops shooting on the folks, etc.)!

Everyone here knows the government lies, banks steal and yes, the cops will shoot!

I will have to ask my in-laws if there is even the CONCEPT of cognitive dissonace here...

Twindrives's picture

Obama will announce that he and Holder have a bold plan to sell even more guns to narco terrorists in Mexico.

SparkySC's picture

Buy CAD/AUD/GOLD/SILVER/ grow maize and spinach and raise chickens/ stockpile vodka, wine, chop sticks, lube, and porn, you never know who will invade.


fockewulf190's picture

"I shall not seek, and I will not accept, the nomination of my party for another term as your president."

President Barack Obama ala President LBJ

July 11th, 2011

11:05 AM EST

bob_dabolina's picture

Anyone want to take bets on how late he is? 

I think he's only 30 mins late for this one.

Regardless, I think seeing as we're having problems paying our bills, Michele Obama should take another $500,000 a day trip to Africa.

....let's take these negotiations seriously folks.

knukles's picture

Goddamn right.  Gotta take this shit serious like.  And them pecker-heads show up in Sunday casual. 
If I were a Senator...yes, a Senator.  I'd be Senator Philip A. Bluster (who was in a story somewhere, talks like Foghorn Leghorn) Ranking Member and Chair of the Newly established Senate Hindsight Committee, and By God, We Shall Never, Ever Run Out of Things to Question After the Fact, Nor Plain Downright Second Guess, Everybody Should be goin' in their Sunday Finest Come to Jesus Meeting Clothes.
I seriously hope all them Fucking Dumb as a Post Mainstream Media Liberal Make No Sense Types choke to fucking death on their holiday dinners, reporting about an imminent default because the debt ceiling won't be raised.

Jesus H Fucking Keeeeerist, for how long do people like that get paid to recite political propaganda, pablum, and perceptional crap.

Even the President and his most senior aides and advisers, supposed to be in the know on this shit, n'cest pas?  Same drivel and chickenshit, trying desperately to confound, confuse and panic the public for narrow political purposes in the never ending election cycle.

And the sheeple (who are really not that dumb as given a lack of credit for, and if they were that dumb, there would be no worries about alternative media) are really expected to take this charade seriously?  

Insert finger until reach prostate.  Rub vigorously.  Attend important meeting.  Kiss baby.  Insert finger.... 

ssp2s's picture

My bet is that he shows up on time this time.  Note that they set this for the later 11:00 am start, so I believe they learned their lesson and won't do anything earlier than 11:00 again.  So, see, they ARE capable of learning.

Arius's picture

certainly hope the market takes it well ...

Long-John-Silver's picture

up triple digits in the morning, as always.

Arius's picture

yep...time to buy... again...

fellatio is not fattening's picture

HOPE is not a strategy nor a plan

knukles's picture

Like waking up in the middle of the night in a cold sweat with the monster from your dreams really chasing you around the bed, gettin' ready to stick it to ya, one more time....

equity_momo's picture

Is he going to be a half hour late again then make some pithy soundbites before fucking off to the golf course without taking so much as a "hey Prez , is it true Pelosis growler tastes like pennies?"

Heaven forbid he be accountable for anything or even answer a question (not that those fucking pussies in the press pack ever ask anything more difficult than "whats Michelle wearing tomorrow")

Ive got your hope and its buried in the same cemetary as change.

czarangelus's picture

Guys, we all know there's not a chance in Hell they'll let the debt default while there's still another six months of can kicking available to them...

Boilermaker's picture

They sure as fuck will default on debt.  They'll default on the debt and obligations they owe their own citizenry.  You can fucking count on it.

DoChenRollingBearing's picture

Well, we´ll see because I do not know (Bearings don´t have clues).

Whether they default or not, having a nice little pile of gold should give anyone some comfort.

Boilermaker's picture

I hope you're ready to defend your gold with a gun.  Because, you can bet those short and curly hairs on your ass that they'll confiscate it by making it illegal to hold it.  They've done it before and they sure-as-shit will do it again.

DoChenRollingBearing's picture

I´m there dude.

See my below comment about how that WILL STOP after 20 - 50 Fascist Thugs go down trying to break into people´s homes trying to confiscate gold & guns.

redguard's picture

Ultimately I think that is what TSA is for, they won't come to your house looking for bullion.

Their just going to make it damn difficult to get it out of the country, that's why they pay particular attention to the very young and old. Examining diapers for example

dognamedabu's picture

Swim the Rio Grande. Mind you, weighed down with all that gold that may not be the best idea. Better plan, drive to the Montana/Alberta boarder and bribe some Hutterites to let you in using their fields. Better still become one and live the good 'ol life being a chicken boss. 

Mr Lennon Hendrix's picture

The government asked for gold in FDR's day and people gave it to them willingly because they believed the government acted in the best interest of the people.  Today, people do not trust the governemnt, and how would the governemnt know I have PMs?  They wouldn't.

Ying-Yang's picture

Boilermaker you got junked (not by me) but I smell a well thought out play evolving.

Team Red and Blue playing a game of chicken.

What do the Banksters really want? Do they want us to be in the same position as Greece?

Pissed off enough to demonstrate while austerity is imposed to pay down the debt that we had no say so over. Think of the end game of globalization and how a US default will add to their incrementalist approach.

snowball777's picture

They want more free QEroin.

SwingForce's picture

Where art thou, O Debt Brother of mine?????

Long-John-Silver's picture

Time to break the ties and leave the Union. Succession is the only way free states can rid themselves of a bankrupt Kleptocracy. No need to worry about another war of aggression by the Yankees. Their too busy with four wars in the Middle East and the continued occupation of Germany, Japan, and Korea. 

snowball777's picture


You went to a private prep school?!

Mr Lennon Hendrix's picture

What is needed is for constitutional monie to be issued.  Otherwise, America's decisions will be made by international bankers.

disabledvet's picture

state of denial=state of emergency.

Everyman's picture

BTW if you think "tech stocks" are the way out, llok at what the Nvidia President and CEO did this last week, sold aver 6 million dollars worth of share!



oogs66's picture

he is a great campaigner...shitty president but great campaigner

equity_momo's picture

Send his ass to China then and get them to buy more worthless IOUs.

Long-John-Silver's picture

If you wanted someone that would destroy the USA, you picked the one.

Bobbyrib's picture

The US needs more partisan fools.

Mr Lennon Hendrix's picture

What?  Get real.  He left his campaign to order Congress to bail out the banks.  He didn't fool me.  I didn't vote for him.

Dre4dwolf's picture

"Or else" what?


Government shut down? GOODRIDDENS

Government shrinking ? Good

Government defaulting? About time, everyone else has anyway its the new "in thing".

Marshal Law? This is America, the police weigh 400 LB they aint going to take charge of anything, they are too dumb to organize any kind of "marshal law".


So what do the American people have to lose ? NOTHING.