Source: Center for American Progress Action Fund
President Obama is scheduled to address the nation at 9 p.m. EDT (0100 GMT) regarding the nation’s debt crisis. According to officials familiar with the speech, the President will address the current debt talk stalemate, urge compromise between the two parties and emphasize the importance of “avoiding default and the best approach to cutting deficits.”
According to anonymous sources, the Presidential address will also criticize House Republicans for their “my way or the highway” approach during the talks, and urge Americans to tell their elected officials that flexibility and compromise is needed.
Today, Democrats and Republicans unveiled wildly differing plans to rescue the nation from default, with seemingly little hope for compromise in the near future. Eight days remain until the August 2 deadline to raise the $14.3 trillion debt ceiling, and while both Democrats and Republican both support raising the debt ceiling through 2012, the parties differ on tax and spending reform. Obama endorses Senate Majority Leader Henry Reid’s $2.7 trillion deficit-cutting proposal, calling it a “reasonable approach” that both parties should be able to get behind.
The stalemate sent a ripple through investors worldwide today. Stocks and the dollar fell and gold hit an all-time high. However, investors didn’t dump mass amounts of stock as predicted by politicians.
Last week, President Obama warned the nation that default on U.S. debt would affect millions of Americans. Failure to reach an agreement would mean that government benefits would not be paid, and social security benefits would halt as soon as August 3.
President Obama, you are. Smart enough to OUtSMART the opposition. We the people are with you all the way!
Louise goldsmith
Reno,NV
Ha Louise Goldsmith you can give your money I earn my money and work 7 days a weeks and extending a payroll tax another year is totally ridiculous and does ZERO to offset anything in ones monthly income.
Let’s get real! I pay federal income tax and always have my question is are you one of the 51% that pays federal income taxes and qilling to sprad the wealth while 48% do not pay income tax and expect us to pay on their behalf and want more of our money. WHY don’t they put money on the table and help out!