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Obama To Address Nation At 11:00 AM, Announcing Lack Of Agreement On Debt Ceiling, Or T Minus 10 Working Days Until T-Day
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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Gosh, 75 minutes. Well, you can't say they didn't give it their best shot.
Who says WWII was the greatest generation? Not me. I say we are! Now let's blast those dead white european males off Mt. Rushmore and get Obama and Boehner up there post-haste!
the president is a duck? while the country is going to the dogs. whatever, the president is dog. who cares.
funniest,....SHIT ....ever.
http://www.southparkstudios.com/clips/388737/rated-arg-for-pirates
monday..11.45 am
gold straight up
silver follows..
You know it never works that way. Gold and Silver are getting hammered back down right now. I expect Gold will fall below $1,500 and Silver will be below $36.
i'll bet a dollar not.
Maybe 2012 really is the end of the world with all the stuff going on. I gotto go now and reread that Mayan book and google The Hopi Indian predictions on the internet.
Coexist...
http://goodthoughtsgoodwordsgooddeeds.blogspot.com/2011/07/c-o-e-x-i-s-t...
When I click on this article, add for Obummer comes up. WTF...That's like Devil putting ad
in church bulletin.
He's such an honest and caring Prez...
He makes them Banksters smile... :o)
I wanna refi my house at 12% ltv no doc.
I wanna cash out refi to buy drugs,
I wannt naked short,
I wanna welfare, ss, medicare and free lunch,
I wanna i nneeda its my right and if you dont
give it to me ill sue.
my house is worth half, not paying nothing,
I filed BK onb my 50,000 credit cards,
I got no yob man, im voting demo and
selling my foodstamps,
he got my vote,
the Community Organizer sank it,
in a sea of bailouts, socialsim marxism,
and fingered those JETowners.
UM UM UMMMMM.
yea we will invest, lol, sure we will.
UM UM UMMMMM.
What happened to August 2 as the deadline Timmy set? The 22ND is well before social security checks go out. If they run out of pension funds to steal where do they get the cash or which bills are the first unpaid?
When playing the board game "Monopoly" we would get a note pad and pencil and start adding up what the Bank owed after every single game money is out into circulation.
Usually the game ends because the bank is owed so much money to the remaining players versus the required payments (For example.. Bank penalty pay 100 dollars or whatever) keeping track on the ledger pad taxed and surpassed the patience, ability and stamina of the players who wish to end the thing already. Just someone land on the goddamn Boardwalk and get the 500 trillion dollars rent handed over for the bazillion red hotels.
military budget is not on the table = this deal is a joke
raising the debt ceiling = this deal is a joke
cutting spending anything less than $10trn over 10 years = this deal is a joke
new levels of incompetence being tested here... the deal is not yet done and both 'sides' have already lost.
The Democrats and the Republicans would be very close to a deal if they could only think laterally.
The Republicans want pension cuts....so give it to them by cutting the pensions of congressmen, senators and the like.
The Democrats want tax increases, so introduce a sales tax on all luxury and harmful items.
They couldn't reach an agreement about how to let the middleclass know it is getting fired. Should they wait until Christmas and just put the pink slip in middleclass' inbox or should they just march straight into his cubical and tell middleclass to clean out his desk and be outta there by noon. These are tough decisions!
Slightly off topic... Hows about Tyler and WB-7 get together and do (A)...
Bulletin of the Atomic Scientists Clock It's 10 Minutes to Midnight!
By the way, are they raising the debt ceiling or are they really digging a deeper hole?
Has it occurred to anyone to include overseas military personnel and jail birds in the unemployment figures? At a million dollars per soldier and at least $50,000 per prisoner it would seem the USA is not getting much bang for its buck.
For a million dollars per soldier, you could get even George Bush Junior and the president to do military service. What the heck send every politician on the Hill who has not served to the front with a big fat pay packet.
Perhaps they should offer a reward for information leading to the missing $18 billion sent to Iraq in shrink wrap. That amout alone could fund 450,000 jobs at an average of $40,000 per year without taking into account the savings in unemployment, food vouchers and destruction of families.
The bottom line is that the decline in the US Empire is not due to war, bad economic management or natural disasters. The real reason is just plain old stupidity on a scale never before witnessed.
We can joke about it, but the reality is indeed sad for a nation that was once looked up to by generations of aspiring human beings.
Romans {huns} and[Greek] Trojan horses come to mind.
Krugman wants the government to spend more, it wasn't enough. I think you guys should go tell him what you think. lol
http://www.nytimes.com/2011/07/11/opinion/11krugman.html
Krugman answers to a (woman) now... She has some Ovaries? Let's see...
Clearly the thing to do is exactly the thing that got them in the position they are in now, only do it on a grander scale.
Look!...I've burned my finger striking this match!...quick, someone throw a gallon of gasoline on me!
LOL...Krugman, what a putz.
Suggestions for drinking games? Take a shot every time he says 'corporate jet'?
obuma today: no one watches it..they turn off the lights and obuma says WTF..sorry sir no one cares...timed so that his small audience can be explained away..games they play.
Tiger Woods is having an announcement at the same time, will anyone notice Obama.
We will save 4T in the next 10 years, but will spend another 10T+ above what we earn ... good plan..
We will invent some new sort of math in which this will work out, let's call it double-price math.
So in this math when we save 1$ we will mutliply by 2, but when we spend 8$ for gas we will divide by 2 and imagine we just spent 4$, everybody is happy..