Obama hopeful on reaching US debt deal with Republicans

[Gerald]

US President Barack Obama has said he expects to reach a deal with Republican lawmakers on reducing national debt.

"We will reach a deal that will require our government to live within its means," he told news conference.

But Mr Obama said getting rid of tax breaks for oil companies and wealthy Americans must be part of any reduction plan, a move Republicans have opposed.

With the deficit set to hit $1.4tr (£873bn) this year, Republicans want spending cuts.

"The tax cuts I'm proposing that we get rid of are tax breaks for millionaires and billionaires, tax breaks for oil companies and hedge fund managers and corporate jet owners," President Obama told a White House news conference.

The president said both Republicans and Democrats must be prepared to "take on their sacred cows" as part of the deficit-reduction negotiations.

Leaders of both parties agree to the need to trim the budget, but Republicans have refused to allow tax increases, while Democrats have vowed to protect costly social programmes.

Mr Obama said on Wednesday that though some of the social programmes backed by Democrats are beneficial, "we cannot afford them right now".

http://www.bbc.co.uk/news/world-us-canada-13966712


Note: 29 June 2011 Last updated at 17:14 GMT

[AVGWarhawk]

"We will reach a deal that will require our government to live within its means," he told news conference.

Sure....

But Mr Obama said getting rid of tax breaks for oil companies and wealthy Americans must be part of any reduction plan, a move Republicans have opposed.

Nothing new here. Welcome to another stalemate.

"The tax cuts I'm proposing that we get rid of are tax breaks for millionaires and billionaires, tax breaks for oil companies and hedge fund managers and corporate jet owners," President Obama told a White House news conference.

Two years ago I believe the corporate jet owners were rewarded with jets for the good old government.

Leaders of both parties agree to the need to trim the budget, but Republicans have refused to allow tax increases, while Democrats have vowed to protect costly social programmes.

No new taxes and cling to the nanny state. Same song and dance.

Mr Obama said on Wednesday that though some of the social programmes backed by Democrats are beneficial, "we cannot afford them right now".

Bravo! Let's cut the programs that are failures. This would probably account for 95% of them.

[Osmium Steele]

Originally Posted by Vendor

"We will reach a deal that will require our government to live within its means,"

Go on, pull the other one.

[yubba]

"The tax cuts I'm proposing that we get rid of are tax breaks for millionaires and billionaires, tax breaks for oil companies and hedge fund managers and corporate jet owners," President Obama told a White House news conference.

What a hypocrite, god forbid corperate leaders have their own jets, at least they pay to have them, while Obama flies the wings off of Airforce one at our expence, and by the way where is Me chell and that plane, and how many times do they have to go to Africa and at what cost.?????? Cut the wasteful spending it's that simple stupid.

[AVGWarhawk]

Cut the wasteful spending it's that simple stupid.

I agree Michelle tours of Africa with kids in tow.....very wasteful.

[Takeda Shingen]

Originally Posted by yubba

"The tax cuts I'm proposing that we get rid of are tax breaks for millionaires and billionaires, tax breaks for oil companies and hedge fund managers and corporate jet owners," President Obama told a White House news conference.

What a hypocrite, god forbid corperate leaders have their own jets, at least they pay to have them, while Obama flies the wings off of Airforce one at our expence, and by the way where is Me chell and that plane, and how many times do they have to go to Africa and at what cost.?????? Cut the wasteful spending it's that simple stupid.

Great point, especially since the previous president never shuttled himself or his family anywhere on the taxpayer's time.

[AVGWarhawk]

Originally Posted by Takeda Shingen

Great point, especially since the previous president never shuttled himself or his family anywhere on the taxpayer's time.

They all do Tak but it is time to curtail this activity. Michelles last trip to Africa, what purpose did it serve other then getting out of DC with the kids for a week?

[mookiemookie]

The "debt ceiling" is nothing more than political kabuki. It's inevitably going to be raised every time it comes up for renewal. It's just a political stick for the party not in power to beat the one in power with. It serves no practical purpose other than to be used as a political football.

[yubba]

At least the previous president didn't punish corperations for having their own jets. And I bet he knows the age of his own kids. Hell the Republicans are going to cave on the debt ceiling anyway Sponge Bob has more backbone than most of those guys

[Takeda Shingen]

Originally Posted by yubba

At least the previous president didn't punish corperations for having their own jets. And I bet he knows the age of his own kids.

No, the previous president punished the entire nation with a war that should have never been fought and the entire world with the worst financial crisis since the 1930's.