I just finished watching the President’s speech and when as again about Social Security checks going out on Aug.3rd….he dodged the question and didn’t really answer it…..But I’ll tell you all I’ve listened to said the checks could go out, that there was no reason that they wouldn’t even if the US defaults, because the government takes in $250 billion monthly, interest is $20 billion and social security checks are around $60 billion, plus the military could be paid along with 70% of everything else according to what I’ve heard….So the president continued his fear mongering in his news conference today with seniors….shame on him….
Boehner sent a letter to lawmakers saying, “In the end, we couldn’t connect. Not because of different personalities, but because of different visions for our country.”
Here’s PDF of Speaker Boehner’s letter to members of Congress on why he can’t make a deal with Obama.
In a hastily arranged news conference in the White House briefing room, a visibly irritated Obama said that “it’s hard to understand why Speaker Boehner would walk away from this deal.”
“This was an extraordinarily fair deal,” he said, explaining that the White House offered more than $1 trillion in cuts to discretionary spending, both domestic and defense and $650 billion in cuts to Medicare, Medicaid and Social Security in exchange for $1.2 trillion in new revenues.
Boehner will now work with Senate leaders on an alternative “to find a path forward,” he wrote in the letter to lawmakers. But Obama said he wants to see congressional leaders at the White House Saturday to figure out how to avoid a government default.
“We have now run out of time,” Obama said.
According to a GOP leadership aide close to the talks, the sides were moving forward toward a total package that would cut $3 trillion to 3.5 trillion over a decade. It would have included an incremental increase in the $14.3 trillion debt ceiling now and force another one late next winter.
But the aide said a disagreement over revenues “blew this up.”
Senate Republican leader Mitch McConnell said in a statement “it’s disappointing that the talks with the White House did not reach a favorable conclusion, and I appreciate the speaker insisting on reduced spending and opposing the president’s call for higher taxes on American families and job creators.”
“As I’ve said before, it’s time now for the debate to move out of a room in the White House and on to the House and Senate floors where we can debate the best approach to reducing the nation’s unsustainable debt,” McConnell said.
House Majority Leader Eric Cantor said in a statement that “Democrats’ insistence on raising taxes on small businesses and working families” has stalled months of negotiations. But he expressed confidence the country will not default on its financial obligations.
“America will pay its bills and meet its obligations, and in coming days we will offer a path forward that meets the president’s request for a debt limit increase, manages down the debt, and achieves serious spending cuts,” he said.
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