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Obama warns against another debt-ceiling fight



Published: Wed, December 5, 2012 @ 11:56 a.m.

WASHINGTON (AP) — President Barack Obama warned Republicans today against picking another fight over the nation's debt ceiling, telling business leaders that it's "not a game that I will play."

Obama said in remarks to the Business Roundtable that he was aware of reports that Republicans may be willing to agree to higher tax rates on the wealthy as a way to avert the looming "fiscal cliff" and then come back next year with more leverage to extract spending cuts from the White House in exchange for raising the government's borrowing limit.

"That is a bad strategy for America, it's a bad strategy for your businesses and it's not a game that I will play," Obama said, recalling the "catastrophe that happened in August of 2011."

The president's cautionary tone to congressional Republicans came amid a standoff over the looming fiscal cliff, a series of automatic spending cuts and tax increases scheduled for the end of the year that could undermine the nation's economic recovery.

Negotiations have focused on whether tax rates for the wealthy should increase, how deeply to cut spending on entitlements such as Medicare and how to deal with raising the government's borrowing limit early next year.


Comments

1Ytownnative(985 comments)posted 1 year, 4 months ago

In other words he wants it his way or no way at all.

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276Ytown(1150 comments)posted 1 year, 4 months ago

Our house is on FIRE people!!! Where is the leadership in the country?

Taxing wealth at 100% would fund the government for only 2 1/2 months. Obama is still talking about INCREASES IN SPENDING not cuts in spending! Amazing!

Our national debt clock is over SIXTEEN TRILLION DOLLARS. We're spending more than we take in. We're adding $1 million per MINUTE to our deficit spending $1 TRILLION more than we take in. We borrow 40 cents of every dollar we spend. Interest rates are their lowest in history when the rates on our short term loans go up...we're screwed!

http://www.usdebtclock.org/

How much is a trillion dollars?
There are 1000 MILLIONS in a billion
There are 1000 BILLIONS in a trillion
There are one MILLION MILLIONS in a trillion

We are currently at a debt of $51,872 per citizen , $142, 250 per taxpayer of the national debt...not personal debt. Our personal debt of $50,324 per person is less than what we owe as a national debt.

These numbers are mind-numbing!

Does our president think the American people are stupid. Apparently so, because he's still thinking that taxing the rich is going to solve this problem. It's going to take serious budget CUTS and serious changes in tax revenue.

Don't be fooled. We are all going to pay.

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