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US broke?
Today the President stated that the budget negotiations that took place today were very constructive, although the too sides are far from coming to an agreement.
He said that discussions will continue throughout the weekend and that a meeting is set with Congressional leaders on Sunday. After the weekend, the president is hoping that Democrats and Republicans would, at least, establish and get to “know where each other’s bottom lines are”, so that they may enter the critical bargaining stage. These negotiations need to end successfully in order to reduce the deficit and prevent the government from defaulting.
President Obama arrived at the White House after meeting with several Republican and Democratic leaders. On arrival he said that both sides vowed to reach an agreement before the end of the deadline on 2nd of August. On that day, the Treasury Department says, a debt ceiling will be reached which will prevent further borrowing. President Obama stated that the people were frank and he was able to discuss several options they may want (or have to) undergo.
The president’s renewed efforts may have a connection with the secret meeting he and Mr. Boehner had last weekend. They considered something as much as 1 trillion dollars in unspecified revenue. These money would appear as a result of an overhaul of taxes.
Before the meeting started, Mr. Boehner told the reporters that “everything is on the table” with the exception of tax raises. He also stated that these changes were required in benefit programs that covered the poor or the elderly in order to insure their “survival” on long term. Boehner stated that these entitlement programs are of vital importance to tens of millions of Americans, but we must understand, that without any future reforms, these programs will cease to exist.
The increasing negotiations between the speaker and the president have brought the Democrats on edge. They are worried about the fact that they might have to be forced into a deal that draws more benefits toward the Republicans.
Congressional Democrats were unpleasantly surprised by the surprised visit Mr. Boehner made to the White House, especially since a private party luncheon was established on Wednesday.
Officials said that Mr. Boehner would go along with the idea of 1 trillion dollars or even more in new revenue that would be generated by the killing breaks within the oil or the gas industry, ending preferential treatments for company airplane and finally, eliminating ethanol subsidies.
Democrats didn’t place must trust in Mr. Boehner’s idea since this kind of approach would give the Republicans the ability to block future tax and revenue changes.
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