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Obama Calls For “Balanced Approach” and “Compromise”

Obama Calls For “Balanced Approach” and “Compromise”

 

With only one week left to figure out a solution to the debt crisis and avoid an “imminent” default, President Barack Obama invoked Ronald Reagan and called for a “balanced approach” to resolve the impasse about the federal debt ceiling. In a nationally televised address, the President called on Americans to live “within our means” by asking “everyone to give a little without requiring anyone to sacrifice too much.”

Noting that both parties are “responsible” for solving the budget crisis, Obama endorsed the plan put forward by Senate Majority Leader Harry Reid — which calls for cuts in domestic and defense spending but still preserves entitlement programs like Social Security, Medicare and Medicaid– and rejected House Speaker John Boehner’s two-step “cuts only” approach.


Care2′s Robin Marty explains the differences between the Reid’s and Boehner’s deals. Reid’s plan would cut about $2.7 trillion and leave entitlement programs unaffected, without adding “any revenue raisers like rescinding Bush era tax cuts for millionaires or closing corporate loopholes.”  Most of the plan’s $1 trillion in savings would be from troop drawdowns in Afghanistan and Iraq. Boehner’s “Two-Step Approach to Hold President Obama Accountable” calls for “$1 trillion ceiling raise in exchange for $1.2 trillion in cuts and caps,” and then “mandates another debt ceiling fight to be scheduled for October, 2011,” just in time for elections.


A  ”balanced approach” has yet to be instituted because, said Obama, “a significant number of Republicans in Congress” refused to agree to anything but a cuts-only approach. Such an approach “doesn’t ask the wealthiest Americans or biggest corporations to contribute anything at all” and  thereby places a “greater burden on working families” who are already scrambling to get by.

Compromise, said Obama, “has become a dirty word.” He emphasized that ”We can’t allow the American people to become collateral damage to Washington’s political warfare” and called on Americans to persuade their congressperson to vote against the Republican proposal.

In closing, Obama called on all members of US society to do their share in resolving the debt crisis and quoted Thomas Jefferson: “Every man cannot have his way in all things… Without this mutual disposition, we are disjointed individuals, but not a society.” The President noted that “The entire world is watching,” as it is indeed is: Earlier today, the International Monetary Fund called on the US to in essence “put its house in order” or risk losing its AAA credit rating and the confidence of large foreign holders of US treasury bonds. The negotiations about the US debt ceiling have become US partisan politics, but the results of these talks have effects far beyond our borders.

 

Previous Care2 Coverage

Daily Debt: A Double Dose of New Deals

Daily Debt: Another Missed Deadline

Daily Debt: Ashes, Ashes, It All Falls Down

Daily Debt: Everyone Signs On To Pledge That Will Never Pass

 

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58 comments

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5:33PM PDT on Jul 30, 2011

Failing to to increasce the ceiling will definitity be treason,Danny W. That's the constitution speaking,not me.

1:11PM PDT on Jul 30, 2011

He should have them all arrested for treason. Now that would be fair and balanced!

1:58PM PDT on Jul 29, 2011

Dear Mr. President
Please raise the debt ceiling CLEAN!!!!! Discuss the rest of it later on. Take Social Security/Medicare/Medicaid off the table except to raise the age limit when people can start receiving payments.. Concentrate on raising the taxes on the rich!!! DO NOT GIVE THAT AWAY!!!! Stop the wars - that'll pay bills for a long time to come.
I wonder how many seniors have committed suicide or died of heart attacks due to the anxiety you all have brought upon the American People. WE THE PEOPLE - that's who you all work for and have forgotten.

7:28PM PDT on Jul 28, 2011

Yeah David C! Sent you and several like-minded others a green star! People should stop voting for a 'party' and start researching and voting for policies.

I'm what is known as a 'swinging voter'. When Australia was in the grip of out of control unionism, I voted Liberal and things became more balanced. Then when Australia was in the grip of 'out of control' far right policies which favoured the rich, stripped rights from the working man, and pulled massive amounts of money from public health and education in favour of privatisation - including giving 75% of public taxes to already rich private schools while public schools grovelled along with the remaining 25%, I voted Labour.

It is only by being vigilant about where we place our precious, long fought for votes that we keep control of our destinies. We are the ones that vote the parties in; we are the ones stuck with the consequences. If you favour the idea of everything for the rich and let the devil take the hindmost when it comes to the ordinary working man and the poor, vote Republican. If you believe in a fair day's work for a fair day's pay for all, and equality for all in education and health care, vote Democrat. It's up to you, guys!

6:18PM PDT on Jul 28, 2011

Here is a petition I came across today please help by signing it!

Tell the GOP: Stop Imperiling U.S. Economy

The Petition

I won’t stand by as Republican posturing over the debt ceiling threatens our economy. Republicans need to stop holding the economy hostage over their obsession to end Medicare, while keeping subsidies for oil companies.

https://dscc.org/

Please sign the petition also send to your friends if possible, thanks!

5:13AM PDT on Jul 28, 2011

Cutting spending on, so called, entitlements is ineffective for addressing the deficit. Cutting programs that support the low and middle class will further strain both who don’t even receive lower prices as a result of the U.S. job losses and create a disconnect that will end in another financial collapse. The justification for attacking government benefits as opposed to raising taxes is the creation of jobs. But where?

Corporations have over-powered our government which now believes that out-sourcing and off-shoring of U.S. jobs is inevitable and necessary with expectations that the middle class should fall on their swords. It is the underlying cause of the financial collapse and borders on national security with the loss of our middle class tax base. Yet, this nation does nothing, not even demand it be restricted by whatever method. International businesses are doing the UN-AMERICAN activity of destroying U.S. salaries, U.S. businesses that hire in the U.S., and as an end result, destroying the U.S. marketplace while still demanding BUSINESS ENTITLEMENTS and protections for themselves.

Infrastructure spending and tax breaks will not replace enough jobs to keep up with the hemorrhaging loss of U.S. jobs from out-sourcing over seas. Neither party will do anything about it unless we begin grass roots efforts to protest out-sourcing and off-shoring of U.S. jobs. If nothing is done we will deserve what we get and it will get a lot worse before it gets better

7:37PM PDT on Jul 27, 2011

Obama needs to go through with taxing the wealthiest Americans. And it's ridiculous that General Electric (among some other companies) doesn't pay any federal taxes but the middle class gets taxed out the butt. Obviously it's going to take more than that to fix the economy, but hey, it's a start!

4:42AM PDT on Jul 27, 2011

I'm sorry Mr President but a 'balanced approach' and 'compromise' isn't possible when the Republican Party are acting like petty children in a playground. They'd rather ruin the American economy than act like adults and do something intelligent. What a pathetic bunch of losers. And if they do shut down the government and ruin America's credit rating in the world, do they think if they take over in 2012 that they'll be able to sort out the mess they've put the country in? Not a chance in hell. After all, Obama's still trying to sort out the complete mess the Republicans left the US in last time.

9:05PM PDT on Jul 26, 2011

Boehner and the tea party want to kill the US and Obama is trying to help them.

8:24PM PDT on Jul 26, 2011

10% of americans pay 70% of the taxes collected, 47% of americans pay no income tax.
I would say that does not seem to be a fair modal
The first thing that should done is to cut the million dollar vacations for the obama family.
Obama has yet to produce a plan, now that not leadership, but then there has not been a federal budget for over 900 days, how's in charge here.
to busy passing obamacare to care about the countries economy or creating jobs.
the democratic answer for the last 2 1/2 years is to spend our way out of being broke, and the country is broke folks.

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Kristina Chew Kristina Chew teaches and writes about ancient Greek and Latin and is Online Advocacy and Marketing... more
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