OBAMA PLAYS POLITICS as Time Runs Down on Deficit Talks
Barack Obama increased the national debt by over $3 trillion in just over 2 years.
Obama tripled the deficit in one year with his failed stimulus plan.
The Obama deficit this year may reach $1.65 trillion. (The Captain’s Comments)
Barack Obama and Democrats also added over One Trillion Dollars to the Federal Budget in the last 4 years.
That’s at least a 30% increase in federal spending in just 3 years.
Which brings us to the latest budget talks…
Rather than propose a budget deal that is acceptable to both parties, President Obama continued to insist on tax hikes yesterday. Such a plan will never pass the Republican House. But, this doesn’t matter to Obama. He hopes to score some political points to use against Republicans in the next election.
The Politico reported:
President Barack Obama called congressional leaders back to the White House for another round of budget talks Monday, telling them during a testy meeting Sunday that they will gather daily until a deal is reached, Democratic and Republican officials said.
In a bid to take his case to voters, the president also will hold a press conference Monday morning, the White House announced at the conclusion of the meeting.
During a 75-minute session Sunday at the White House, Obama told the congressional leaders that America is not a “banana republic,” so he won’t agree to several months-long debt increases that raise fears of a default, according to two Democratic officials familiar with the meeting.
The president argued several times that negotiators should work toward a $4 trillion package for reducing the deficit rather than the smaller one favored by Republicans, calling on them to stand up to their base to get it done. He said both parties would suffer politically, but they need to do something substantial, said a third Democratic official familiar with the meeting.
“If not now, when?” the president said to the group, according to the official.
House Majority Leader Eric Cantor (R-Va.), who spoke most often for the Republicans, argued that a grand bargain that includes new tax revenue would not pass the House, so they should fall back to the $2.5 trillion framework from the talks led by Vice President Joe Biden.
The meeting, which featured several sharp and frustrated exchanges, broke without settling much other than negotiators’ plans for their next meeting, according to multiple Republican and Democratic officials briefed on the session.