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Complete Transcript Of Obama's Not So Grand Compromise
Good evening. There are still some very important votes to be taken by members of Congress, but I want to announce that the leaders of both parties, in both chambers, have reached an agreement that will reduce the deficit and avoid default -- a default that would have had a devastating effect on our economy.
The first part of this agreement will cut about $1 trillion in spending over the next 10 years -- cuts that both parties had agreed to early on in this process. The result would be the lowest level of annual domestic spending since Dwight Eisenhower was President -- but at a level that still allows us to make job-creating investments in things like education and research. We also made sure that these cuts wouldn’t happen so abruptly that they’d be a drag on a fragile economy.
Now, I’ve said from the beginning that the ultimate solution to our deficit problem must be balanced. Despite what some Republicans have argued, I believe that we have to ask the wealthiest Americans and biggest corporations to pay their fair share by giving up tax breaks and special deductions. Despite what some in my own party have argued, I believe that we need to make some modest adjustments to programs like Medicare to ensure that they’re still around for future generations.
That’s why the second part of this agreement is so important. It establishes a bipartisan committee of Congress to report back by November with a proposal to further reduce the deficit, which will then be put before the entire Congress for an up or down vote. In this stage, everything will be on the table. To hold us all accountable for making these reforms, tough cuts that both parties would find objectionable would automatically go into effect if we don’t act. And over the next few months, I’ll continue to make a detailed case to these lawmakers about why I believe a balanced approach is necessary to finish the job.
Now, is this the deal I would have preferred? No. I believe that we could have made the tough choices required -- on entitlement reform and tax reform -- right now, rather than through a special congressional committee process. But this compromise does make a serious down payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year.
Most importantly, it will allow us to avoid default and end the crisis that Washington imposed on the rest of America. It ensures also that we will not face this same kind of crisis again in six months, or eight months, or 12 months. And it will begin to lift the cloud of debt and the cloud of uncertainty that hangs over our economy.
Now, this process has been messy; it’s taken far too long. I’ve been concerned about the impact that it has had on business confidence and consumer confidence and the economy as a whole over the last month. Nevertheless, ultimately, the leaders of both parties have found their way toward compromise. And I want to thank them for that.
Most of all, I want to thank the American people. It’s been your voices -- your letters, your emails, your tweets, your phone calls -- that have compelled Washington to act in the final days. And the American people’s voice is a very, very powerful thing.
We’re not done yet. I want to urge members of both parties to do the right thing and support this deal with your votes over the next few days. It will allow us to avoid default. It will allow us to pay our bills. It will allow us to start reducing our deficit in a responsible way. And it will allow us to turn to the very important business of doing everything we can to create jobs, boost wages, and grow this economy faster than it’s currently growing.
That’s what the American people sent us here to do, and that’s what we should be devoting all of our time to accomplishing in the months ahead.
Thank you very much, everybody.
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I used to laugh joke about cold fusion.
It's now the only thing that will save us. We are truly screwed.
Oh, yes you are. Stick a fork and you'll see.
I agree with you, but they still won't allow the science to truly flourish.
The first gigawatt fusion reactors of any kind will probably cost upwards of $50B each. Minimum. The very first unit could easily cost $100B. Who's gonna be able to afford enough of them to make any actual difference?
Even smaller units for local power generation would be horrendously costly.
Sovereign Money.
Of coarse the usurers will have to give up their stranglehold on humanity.
Will that ever happen?
When unicorns shit skittles and piss rainbows.
The answer is the Chinese
For the second part
See the first line
Daily - with you cash - white trash
Oh thats gunna get me some red arrows
Bring it on Deniers because they made it so
truth does hurt ......
Wait for it ..........
Bitches
Maybe not as costly as you imagine. Andrea Rossi surely doesn't think so.
http://pesn.com/2011/04/07/9501805_Rossi_Cold_Fusion_Validated_by_Swedish_Skeptics_Society/
"cold fusion.. only thing that will save us"
LOL.. I use that line with my friends and family, but I include aliens arriving with the secret of traveling through time and faster than light.
"it will allow us to pay our bills" by having new and completely different bills to pay. But we'll leave that to our children and grandchildren. Sasha, Melia, daddy loves you. Thanks for paying for my debt habit...
I want to thank the American people. It’s been your voices -- your letters, your emails, your tweets, your phone calls -- that have compelled Washington to act in the final days. And the American people’s voice is a very, very powerful thing.
Either have fun with the double-speak or get owned by it...that was a hoot!
Mission Accomplished.
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
America’s debt weakens us domestically and internationally. Leadership means that ‘‘the buck stops here.’’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
I therefore intend to oppose the effort to increase America’s debt limit."
U.S. Senator Barack Obama (3/16/2006)
Yes I posted the tele liar yesterday - The one who is a failure has spoken. Two red cents will be sent to your forwarding address.
What is it with short term memory in America. You all can't be smoking weed
who the fuck invokes d eisenhower?
I wonder if he chuckled with that whopper about spending the smallest amount since Ike. WTF?
On what planet is he from?
What next? He will increase our chocolate rations to 20 grams from 30 grams.
Too funny.
pods
They will be increased from 20 to 10 grams over the next 6 months.
Yes, from 20 to 30 but the cacao will be replaced by dogshit.
Nay Nay SD - O bummer poop -me thinks my Lord
Cacao will be affordable only by Bankers of Bonus.
The regular Guys will get (hopefully) his great crumbs.
And inflation will drop due to the chained CPI. Convenient solutions to the problems of modern living.
Sorry, I didnt read it. I had to stop at the "my fellow Americans" part.
that was the best part
you nailed it!
I Like Ike.
dick
What is the point of this post?
Here's a prediction:
After this charade is made law, we will hear the drums beating for QE3, as this mess that CONgress created has caused our green shoots to wither a bit, and we just need this much more <> to help.
With Q2 GDP being revised negative soon, and 3Q confirming the trend, what else can they do?
They are monetizing like 10% plus of GDP as it is. That cannot change and in fact will have to increase.
pods
What was America thinking when they put this monkey in the White House?
Because he was different from the previous one? Have you forgotten the previous one?
Other than having a better tan, I see no difference.
He orates more competently than Dubya -- but US corpse still write the spiel.
So I agree with you
+42 (1 for each crappy pres)
His rhetoric is cumbersome; this may be why it works.
Well, it wasn't the Gettysburg address, was it!
Four trillion $ and three bad years ago, this country elected a self-absorbed, disingenuous, sophomoric boob. I blah blah, I bla bla bla blah, blah bla, Blah bla blah blababa....
I guess this is where "terrrorists" as a fear factor stop working, and the elites have to drag out ETs from Area 51.
Either that, or they tell us about mining Helium3 from the moon ala the last Japanese anime I saw (Moonlight Mile).
The shysters... are they out of cards yet? Methinks so.
HopeLESS
Wipe that hope and change off your chin bitchez
Great speech as usual. Next...
"It will begin to lift the cloud of debt...." - classic Obama. He acts as though he is working responsibly, he compromised, and he had nothing to do with the current debt situation.
$1T is peanuts over 10 years - $100b/year - or $8.3b per month - a whopping 6% of the current DEFICIT (not total budget). Compare this to current Obama deficits of $1,650 billion per year, or $137.5b per month. And that's IF - and its a BIG IF - future congressional action continues with these reductions.
Rating agencies are looking more for $4T reductions to save our AAA credit rating. Talk about too little too late. Bond yield increases are likely to consume all of these 'savings' for interest payments.
As they continue to fire up dollar bills to pay (via the Fed) the majority of these budget excesses, you will have your wealth stolen from you via inflation. The great hypocrisy is inflation hits savers, the elderly, and the lower wage earners the hardest, and hammers the middle-class - supposedly the people Obama is trying to help.
This is a start, but both parties know this is a scam and a fairly meaningless gesture. Knowing that Obama knows this, you have to start asking yourself what his motives are - certainly do not seem to be aimed at helping the country through this mess.
Yuck.
" supposedly the people Obama is trying to help."
Communist societies do not have a "middle class", just "one class", the serfs (and the unmentionable class, the nomenklatura, or elites). Thus the middle class has to be destroyed, and all the while he is grinning in your face.
I for one still look up to America. Well, with that Debt Pile, it's rather hard to look down!!
Still on the positive side [ please fill in the blank space]......
Still on the positive side, it'll take a lot longer to fall from the top of the higher pile of FRNs! :>D
Tyler called this one a month ago; the ceiling has been lifted, the can has been kicked. Now we just need the S&P puke leading into Jackson Hole to cause the 'need' for OT2 so everyone's metal collections can turn on the afterburners again.
"The result would be the lowest level of annual domestic spending since Dwight Eisenhower was President." Implication - OMG, see, we're cutting to the bone! Just a repeat of his Feb rhetoric around his budget proposal. Talk about a 1/2 truth.
Eisenhower: Govt spending as a % of GDP ran between 16.5 & 20.4%. Surpluses 4 out 8 years. Compare that to where government is today.
http://federal-budget.findthebest.com/directory/d/Dwight-D.-Eisenhower
http://www.politifact.com/truth-o-meter/statements/2011/feb/16/barack-ob...
Reminds me of the scene from the Lord of the Rings when Pippin accidentally dumps the bucket down the well. It crashes around on its way down echoing loudly, and you know - you just KNOW - that is isn't going to be good. But it isn't until you hear the drums that you know it's about to get real.
This debt deal was the bucket going down the well.
Geitner has a strong resemblace to Pippin.
I found the characters of Pippin and Merry to be quite annoying. I wish the Company has thrown both down that well, or that Treebeard had eaten them.
I will gladly pay you Tuesday for A hamburger I can eat today today.............
"The result would be the lowest level of annual domestic spending since Dwight Eisenhower was President..."
Uh? At $1.4 trillion?!
DavidC
"And the American people’s voice is a very, very powerful thing."
This is a nice touch. Kind of like the emotional equivalent of buying us a nice dinner before we're gang-raped again.
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