http://www.whitehouse.gov/the-press-office/2011/07/11/press-conference-president11:15 A.M. EDT
THE PRESIDENT: Good morning, everybody. I want to give a quick update on what's happening with the debt negotiations, provide my perspective, and then I'm going to take a few questions.
As all of you know, I met with congressional leaders yesterday. We're going to be meeting again today, and we're going to meet every single day until we get this thing resolved.
The good news is that all the leaders continue to believe, rightly, that it is not acceptable for us not to raise the debt ceiling and to allow the U.S. government to default. We cannot threaten the United States' full faith and credit for the first time in our history. We still have a lot of work to do, though, to get this problem solved. And so let me just make a couple of points.
First of all, all of us agree that we should use this opportunity to do something meaningful on debt and deficits. And the reports that have been out there have been largely accurate that Speaker Boehner and myself had been in a series of conversations about doing the biggest deal possible so that we could actually resolve our debt and our deficit challenge for a long stretch of time. And I want to say I appreciate Speaker Boehner's good-faith efforts on that front.
What I emphasized to the broader group of congressional leaders yesterday is now is the time to deal with these issues. If not now, when? I've been hearing from my Republican friends for quite some time that it is a moral imperative for us to tackle our debt and our deficits in a serious way. I've been hearing from them that this is one of the things that's creating uncertainty and holding back investment on the part of the business community. And so what I've said to them is, let's go. And it is possible for us to construct a package that would be balanced, would share sacrifice, would involve both parties taking on their sacred cows, would involved some meaningful changes to Medicare, Social Security, and Medicaid that would preserve the integrity of the programs and keep our sacred trust with our seniors, but make sure those programs were there for not just this generation but for the next generation; that it is possible for us to bring in revenues in a way that does not impede our current recovery, but is fair and balanced.
We have agreed to a series of spending cuts that will make the government leaner, meaner, more effective, more efficient, and give taxpayers a greater bang for their buck. That includes defense spending. That includes health spending. It includes some programs that I like very much, and we -- be nice to have, but that we can’t afford right now.
And if you look at this overall package, we could achieve a situation in which our deficits were at a manageable level and our debt levels were stabilized, and the economy as a whole I think would benefit from that. Moreover, I think it would give the American people enormous confidence that this town can actually do something once in a while; that we can defy the expectations that we’re always thinking in terms of short-term politics and the next election, and every once in a while we break out of that and we do what’s right for the country.
So I continue to push congressional leaders for the largest possible deal. And there's going to be resistance. There is, frankly, resistance on my side to do anything on entitlements. There is strong resistance on the Republican side to do anything on revenues. But if each side takes a maximalist position, if each side wants 100 percent of what its ideological predispositions are, then we can’t get anything done. And I think the American people want to see something done. They feel a sense of urgency, both about the breakdown in our political process and also about the situation in our economy.
So what I’ve said to the leaders is, bring back to me some ideas that you think can get the necessary number of votes in the House and in the Senate. I’m happy to consider all options, all alternatives that they’re looking at. The things that I will not consider are a 30-day or a 60-day or a 90-day or a 180-day temporary stopgap resolution to this problem. This is the United States of America, and we don’t manage our affairs in three-month increments. We don’t risk U.S. default on our obligations because we can’t put politics aside.
So I’ve been very clear to them: We’re going to resolve this, and we’re going to resolve this for a reasonable period of time, and we’re going to resolve it in a serious way. And my hope is, is that as a consequence of negotiations that take place today, tomorrow, the next day and through next weekend, if necessary, that we’re going to come up with a plan that solves our short-term debt and deficit problems, avoids default, stabilizes the economy, and proves to the American people that we can actually get things done in this country and in this town.
All right, with that I’m going to take some questions, starting with Ben Feller...
Full transcript of questions-and-answers session follows. Please see the White House page:
http://www.whitehouse.gov/the-press-office/2011/07/11/press-conference-president
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