Skip to content

Obama and Dems huddle in search of debt deal

US President Barack Obama held an urgent White House summit with key Democratic allies Saturday as his Republican foes said fever-pitch efforts to avert a disastrous debt default would soon pay off.

“That’s not true,” Democratic Senate Majority Leader Harry Reid said, pouring cold water on the upbeat Republican message after talks with Obama, Vice President Joe Biden and Democratic House Minority Leader Nancy Pelosi.

With three days before a midnight Tuesday deadline, Obama stayed largely out of sight but warned in his weekly address that “very little time” remains to reach a deal to raise the $14.3 trillion dollar US debt ceiling.

The US economy hit that limit on May 16 and has used spending and accounting adjustments, as well as higher-than-expected tax receipts, to continue operating normally — but can only do so through August 2.

Business and finance leaders have warned that default would send crippling aftershocks through the fragile US economy, still wrestling with stubbornly high unemployment of 9.2 percent in the wake of the 2008 global meltdown.

Absent a deal, the US government will have to cut an estimated 40 cents out of every dollar it spends, forcing grim choices between paying its debt or cutting back on programs like those that help the poor, disabled and elderly.

Republican Senate Minority Leader Mitch McConnell said he had spoken with Obama and Biden and declared himself “confident and optimistic that we’re going to get an agreement in the very near future.”

“Senator McConnell and I are both confident that we’re going to be able to come to some agreement with the White House and end this impasse,” Republican House Speaker John Boehner said as they held a joint press conference.

But a grim-faced Reid scolded McConnell on the Senate floor, declaring that “merely saying you have an agreement in front of television cameras doesn’t make it so” and stressing that “the process has not been moved forward during this day.”

McConnell shot back that he “actually cut short a conversation with the vice president to come out here” and added: “I would like to get back to work so we can hopefully solve this problem.”

The acrimonious back-and-forth came after the Republican-led House of Representatives voted to kill Reid’s proposal for raising the debt limit, a day after the Democratic-held Senate did the same to Boehner’s plan.

The House move, which amounted to a preemptive strike on a bill that had yet to get a Senate vote, came after an often angry and partisan debate punctuated by boos and cheers and spiced up with unusually personal broadsides.

When Republican Representative David Dreier said defeating the measure would help leaders of both parties negotiate a path forward, Democratic Representative Sandy Levin denounced the claim as “pernicious nonsense.”

Republican Representative and presidential candidate Michele Bachmann accused Obama of snubbing the negotiations while overseeing “insane, never-before-seen-in-the-history-of-this-country levels of spending.”

And Pelosi, recalling how Boehner had toughened his own bill to win over conservatives, said the speaker “chose to go to the Dark Side” — a reference to Star Wars movie franchise villain Darth Vader.

Obama noted that a stalemate could lead ratings agencies to downgrade the sterling Triple-A US debt rating, causing a spike in interest rates that would throw a wrench into the gears of the already sputtering US economy.

The Senate was on course for a 1:00 am (0500 GMT) Sunday procedural vote on Reid’s proposal to end the angry stalemate — but US Senate Republicans vowed in a letter to Reid that they would vote to kill the measure.

Behind closed doors, officials tussled over the contours of a compromise expected to call for spending cuts, no tax hikes and the creation of a special committee of lawmakers tasked with finding more savings in the future.

Key sticking points included the size of spending cuts to be tied to Obama‘s request for a $2.4 trillion debt limit increase, an effort to put off another political battle on the issue to after the November 2012 elections.

They also included a fight over a enforcement mechanism to ensure that lawmakers agree to future spending cuts, notably to cherished but pricey social safety net programs, according to a senior Republican Senate aide.

Related Posts with Thumbnails

Posted in Finance & Economics, Politics.

Tagged with , , , , .

0 Responses

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.

Some HTML is OK

or, reply to this post via trackback.

Support #altnews & keep Dark Politricks alive

Remember I told you over 5 years ago that they would be trying to shut down sites and YouTube channels that are not promoting the "Official" view. Well it's all happening now big time. Peoples Channels get no money from YouTube any more and Google is being fishy with their AdSense giving money for some clicks but not others. The time is here, it's not "Obama's Internet Cut Off Switch" it's "Trumps Sell Everyones Internet Dirty Laundry Garage Sale". This site must be on some list at GCHQ/NSA as my AdSense revenue which I rely on has gone down by a third. Either people are not helping out by visiting sponsors sanymore or I am being blackballed like many YouTube sites.

It's not just Google/YouTube defunding altenative chanels (mine was shut), but Facebook is also removing content, shutting pages, profiles and groups and removing funds from #altnews that way as well. I was recently kicked off FB and had a page "unpublished" with no reason given. If you don't know already all Facebooks Private Messages and Secret Groups are still analysed and checked for words related to drugs, sex, war etc against their own TOS. Personally I know there are undercover Irish police moving from group to group cloning peoples accounts and getting people booted. Worse than that I know some people in prison now for the content they had on their "secret private group". Use Telegrams secret chat mode to chat on, or if you prefer Wickr. If you really need to, buy a dumb phone with nothing for the NSA/GCHQ to hack into. Ensure it has no GPS tracking on it and that the battery can be removed. These are usually built for old people to get used to technology storing only a set of numbers to call. However they have no games, applications to install or other ways people can exploit the computer tracking device you carry round with you most of the day - your smart phone. If you are paranoid ensure that you can remove the battery when travelling around and do so to prevent GPS tracking or phone mast triangulation. Even with your phone in Flight mode or turned off, it can be turned on remotely and any features like front or back cameras, microphones and keylogging software can be installed to trace you.

So if your not supporting this site already which brings you news from the Left to the Right (really the same war mongering rubbish) then I could REALLY do with some..

Even if it's just £5 or tick the monthly subscription box and throw a few pound my way each month, it will be much appreciated. Read on to find out why.


Any support to keep this site would be appreciated. You could set up a monthly subscription for £2 like some people do or you could pay a one off donation as a gift.
I am not asking you to pay me for other people's articles, this is a clearing house as well as place to put my own views out into the world. I am asking for help to write more articles like my recent false flag gas attack to get WWIII started in Syria, and Trump away from Putin. Hopefully a few missiles won't mean a WikiLeaks release of that infamous video Trump apparently made in a Russian bedroom with Prostitutes. Also please note that this article was written just an hour after the papers came out, and I always come back and update them.

If you want to read JUST my own articles then use the top menu I have written hundreds of articles for this site and I host numerous amounts of material that has seen me the victim of hacks, DOS plus I have been kicked off multiple hosting companies, free blogging sites, and I have even had threats to cease and desist from the US armed forces. Therefore I have to pay for my own server which is NOT cheap. The more people who read these article on this site the more it costs me so some support would be much appreciated.

I have backups of removed reports shown, then taken down after pressure, that show collusion between nations and the media. I have the full redacted 28/29 pages from the 9.11 commission on the site which seems to have been forgotten about as we help Saudi Arabia bomb Yemeni kids hiding in the rubble with white phosphorus, an illegal weaapon. One that the Israeli's even used when they bombed the UN compound in Gaza during Operation Cast Lead. We complain about Syrian troops (US Controlled ISIS) using chemical weapons to kill "beautiful babies". I suppose all those babies we kill in Iraq, Yemen, Somalia and Syria are just not beautiful enough for Trumps beautiful baby ratio. Plus we kill about 100 times as many as ISIS or the Syrian army have managed by a factor of about 1000 to 1.

I also have a backup of the FOX News series that looked into Israeli connections to 9.11. Obviously FOX removed that as soon as AIPAC, ADL and the rest of the Hasbra brigade protested.

I also have a copy of the the original Liberal Democrats Freedom Bill which was quickly and quietly removed from their site once they enacted and replaced with some watered down rubbish instead once they got into power. No change to police tactics, protesting or our unfair extradition treaty with the USA but we did get a stop to being clamped on private land instead of the mny great ideas in the original.

So ANY support to keep this site running would be much appreciated! I don't have much money after leaving my job and it is a choice between shutting the server or selling the domain or paying a lot of money just so I can show this material.

Material like the FSB Bombings that put Putin in power or the Google no 1 spot when you search for protecting yourself from UK Police with "how to give a no comment interview". If you see any adverts that interest you then please visit them as it helps me without you even needing to give me any money. A few clicks per visit is all it takes to help keep the servers running and tag any tweets with alternative news from the mainstream with the #altnews hashtag I created to keep it alive!

However if you don't want to use the very obvious and cost free ways (to you) to help the site and keep me writing for it then please consider making a small donation. Especially if you have a few quid sitting in your PayPal account doing nothing useful. Why not do a monthly subscription for less money instead. Will you really notice £5 a month?