Obama hosts last-ditch debt talks

US President Barack Obama held emergency talks with top lawmakers on Saturday in an attempt to prevent the country from defaulting on its debt.




Congress must approve his plan to hike America's debt ceiling before August 2.




Obama warned of economic catastrophe if the 14.3-trillion-dollar (10-trillion-euro) limit on US borrowing is not raised.




The president called the meeting after Republican House Speaker John Boehner walked out of previous negotiations.




...
http://www.euronews.net/

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[mrpatience2007]

fast forward to next week..., debt limit will be raised, the rich will have no new taxes, and the middle and low class will get reamed from behind. the elderly will lose part of their ss and medicare. the end.

[HairH2O]

WEBSEARCH

The political scene tax code September 6 2004 new yorker

That should explain alot but you have to read the FULL article

[AntiYouist]

@winthiswar I know americans have the memory span of a goldfish but FY 2010 everything was blocked in the Senate unless the Bush Tax Kick-Backs were extended. FY 2011 House Dems passed a full-year resolution keeping the fed gov operating through the end of the year allowing the spending debate to take place on the 2012 budget,but teabaggers in the Senate blocked Congress passing full-year funding setting themselves up to create the current crisis....

[AntiYouist]

Whatever happens, whoever claims the "win" dems or rebs, the losers are going to be the american people yet again. The people always get screwed over in these manufactured crises.

[adulby]

@chillercm im not republican if thats what you were insinuating. Libertarian. So I believe that we shouldnt even have entitlements, public education, etc... So any political debate pertaining to the management of entitlement programs/education is really just skimming the problem. So when I say we should cut back on a program I am limiting my arguments to encompass the 2 most prominent political parties. If I continued to comment to my full beliefs I would get too many replies. haha.

[mssedmebich]

@nurb101 I'm not disagreeing with you. It's like the people we send there cut spending get whacked on the head as they walk in the door and are replaced by pod people. Term limits might help but, we can never seem to make that happen either. I don't even care if they raise the debt limit or if we default. Maybe the only way to cut spending is to run out of ways to spend. No borrowing, No printing money, no floating bonds to the chinese.

[winthiswar]

Perhaps we would not have had to raise the debt limit if obama had passed a budget 2 years like he was required to do.

[covGuk]

no wonder america has claimed it to be the msot powerful country, because its been funding itself with other countries money!

[nurb101]

@mssedmebich

Because republicans haven't reduced spending either since Reagan started his star wars program. No matter who's been in office, spending has been steadily increasing for 30 years and only 12 of those years were democratic presidents, Clinton and Obama's first term.

.

If you want to stop spending, end the damn wars, which have cost us 1.2 trillion by now without solving any problems, money that could have given everyone a public option and no cuts in SS and Medicare.

[wolfgangfaust]

@mastermike2580 -obama' plan?

"Gimmie Money"

[wolfgangfaust]

@88shizo -Haiti? no-Zimbabwe, yes. his middle name should be "mugabe"