"Landep News"
USA NEEDS MONEY
President Obama is feeling the pressure of that urgent deadline. He organized a meeting and discussed with the congressional negotiators a strategy for the nation’s debt ceiling.
There are setting their sights on the nation’s tax system and the benefit programs. Obama stated that the two sides are far from striking a deal and made a call to everyone to return to the White House.
The president had a meeting yesterday with top congressional leaders from both sides, republican and democratic in order to bridge some ideas that came from both sides. The meeting lasted 90 minutes and there were 8 congressional leaders present.
The democrats seemed especially disturbed by the idea of cutting spending that were suited for Social Security, Medicare and Medicaid programs.
After several weeks of speculations and decisions conflicted by other decisions, time is almost spent, and still no agreement seems to be settled, as August 2nd slowly converges upon us.
Obama proposed an ambitious and risky deficit reduction plan that should produce around 4 trillion dollars. This would mean major tax revenues, idea that doesn’t sit well with the republicans at all, and spending funds allocated for entitlement programs, idea opposed by many Democrats. Yet, the idea of a deal of this magnitude sat well with most participants. Officials stated that still, the details are yet to be discussed.
At the end of the 90 minute session, Obama told the Democrats and the Republicans, to establish their lines in order to show their bottom line demands on the Sunday meeting.
The stakes are very high. Republicans won’t get enough GOP votes without getting a good deal on deficit reduction. If they fail, the nation’s borrowing authority will drop, placing the U.S face to face with the first default on a debt that is over $14 trillion.
Obama sais that everyone realizes that this agreement needs to be set before the 2nd of August in order to make sure that America doesn’t default on its obligations for the first time.
One of the major disagreements is the spending reduction on entitlement programs like Medicaid and Medicare.
During the meeting Obama explained that there are three ways – a smaller plan, a medium and a larger plan in order to reduce deficits by 4 trillion dollars in the next ten years. Obama indicated that he would go for the biggest plan.
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