"The president all but spells it out: He'll pay $1 trillion in ransom money to avert disaster"

[babylonsister]

Friday, Jul 15, 2011 13:08 ET
How The World Works
The shape of Obama's debt ceiling deal to come
The president all but spells it out: He'll pay $1 trillion in ransom money to avert disaster
By Andrew Leonard



President Obama's best line in his Friday morning press conference came in response to a question asking his opinion of Sen. Mitch McConnell's controversial proposal to give him the authority to raise the debt ceiling, without any firm deal on deficit reduction.

It was good to know, said the president, that a backup plan exists, that "if Washington operates as usual and can't get anything done, let's at least avert Armageddon."

The assembled press corp greeted the line with grim laughter, but it wasn't really a joke. At this juncture, averting Armageddon is about the best we can hope for from this mess.

snip//

"We've identified over a trillion dollars in defense and domestic spending cuts -- and that's hard to do. "

Obama was signaling, loud and clear, that he would be willing to agree to a trillion dollars worth of spending cuts over the next 10 years, in return for raising the debt ceiling by a sum large enough to cover all expected government borrowing through 2012 -- a figure calculated, not uncoincidentally, at $2.4 trillion.

Forget about the grand bargain. And put aside for now the McConnell backup plan. Some version of McConnell's scheme may end up becoming reality, but the real pushing and shoving on a debt ceiling deal is taking place between two numbers: $2.4 trillion and $1 trillion.

more...

http://www.salon.com/news/budget_showdown/index.html?story=/tech/htww/2011/07/15/obama_debt_ceiling_press_conf

[Vincardog]

1. I can cut a Trillion tomorrow. End Bush's wars/illegal invasions

[midnight]

2. Could you please... I'm so tired of the status quo holding us hostage...

[AnOhioan]

3. I will believe defense cuts when I see it

[Kahuna]

4. I don't think this is about capitulation. I think it's about campaign 2012. nt

[bahrbearian]

6. There's a difference ?

[Kahuna]

10. Is that the best you could come up with?

:eyes:

[bahrbearian]

11. Oh OK he doesn't need to win 2012 ,so he's just going to Capitulate.

Or is he going to Capitulate so he can win?

[LiberalEsto]

5. How much did GWB pay for his debt ceiling increases?

Probably zero.

[dennis4868]

7. well then maybe....

Dems in congress during Bush years should have made Bush pay for the debt ceiling with some much needed spending programs...dems in congress are weak!

[jwirr]

8. Keep calling it that - they have been holding the country hostage and

they are forcing us to pay a ransom. That is good framing.

[babylonsister]

9. Agreed! nt