Breaking: Obama's Statement on Debt Crisis

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Washington (CNN) -- Frustrated by continued delays in the House, President Obama urged Senate members Friday to reach a deal to increase the country's debt ceiling.

"We are almost out of time," he said.

Republican leaders in the House pulled their plan back from consideration on Thursday when it became clear they did not have the votes to pass it. GOP leaders will try to bring Speaker John Boehner's bill to a vote again by the end of the day.

But Obama said the bill being pursued in the House "does not solve the problem and it holds no chance of becoming law."



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John Boehner
U.S. House of Representatives
The delayed vote on the measure -- already pronounced dead on arrival in the Democratic-controlled Senate -- revealed a deep rift within the GOP that could undermine the party's latest attempt to avoid an unprecedented national default and stave off potential economic catastrophe.

Boehner, R-Ohio, spent much of Thursday night trying to assuage unhappy tea party-backed conservatives who believe his proposal doesn't do enough to cut spending and reduce the size of the federal government. The speaker may try to make the plan more appealing to conservatives by including a provision requiring congressional passage of a balanced budget amendment to the Constitution before the debt ceiling is extended through the end of 2012, according to a House GOP source familiar with the negotiations.

The entire House Republican caucus is scheduled to meet behind closed doors at 10 a.m. ET. Senate Democrats are planning to meet at the same time.

Regardless of the changes, few if any Democrats are expected to back the GOP measure. Assuming House Democrats remain united against the bill, Boehner will need the support of at least 216 of the chamber's 240 Republicans.

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[Urgearhead]

Lie, Lie Lie ...Blah, Blah.... bull shit...

[Acrosskitchentable]

What a bunch of lies. The baseline deficit that we are dealing with is around 1.6 Trillion dollars. Multiply that times ten years and you have 16 trillion. Reduce that by 4 trillion over 10 years and you have an increase to the debt of 12 trillion. Add that to the proposed increased ceiling for just two years of 16 close to 17 trillion in debt and you have in ten years 29 trillion in debt. Wake up American we are being spent into an abyss from which we will never recover!

[Acrosskitchentable]

What a bunch of lies. The baseline deficit that we are dealing with is around 1.6 Trillion dollars. Multiply that times ten years and you have 16 trillion. Reduce that by 4 trillion over 10 years and you have an increase to the debt of 12 trillion. Add that to the proposed increase for just two years of 16 close to 17 trillion in debt and you have in ten years 29 trillion in debt. Wake up American we are being spent into an abyss from which we will never recover!

[davids11131113]

Well I thought Obama was the one with all the answers to everything, the miracle man, the Messiah....now he tells someone else to fix it?

[6skiff]

Hard at work all weekend my ass.Just a bunch of smoke and mirrors.They will be drinking scotch and smoking 500 dollar cigars and eating prime rib all weekend(Paid for by the american people) and then at the last second obama will pull a rabbit out of the hat and look like the hero to the asleep american population.It is impossible to pay off dept using more borrowed money that did not exist in the first place.It has to crash,and it will! This really isn't rocket science!

[kellycat2552]

How can anyone believe him or anyone in the govt. It is disgraceful that in a country of millions there is not ONE person who is a trusted leader and cares about the country and us little people who are suffering. WE are LOST>

[JamesJablonski2008]

@salsa20 i agree

[salsa20]

When will Obama get arrested? I'm sick and tired of seeing and hearing his B.S.

I Wish he would be Hung for Treason.

Now that's change I can believe in...