Obama: Both Sides Must Compromise or No Deal

Monday, 11 Jul 2011 11:57 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON — President Barack Obama declared on Monday there would be no deal on raising the U.S. government's debt limit if Republicans will not compromise, and he said he would not sign a short-term extension — raising the stakes on volatile negotiations with the clock ticking toward a Aug. 2 deadline.

The president warned that failure to reach agreement could create another recession and throw millions of Americans out of work, painting a picture of catastrophe if a partisan stalemate is not broken and Congress fails to act. Financial markets also could be thrown into turmoil.

"I don't see a path to a deal if they don't budge. Period," the president said in a challenge to his political opponents, accusing Republicans of having a "my way or the highway" posture.

Asked whether or not he would veto legislation temporarily increasing the debt ceiling, the president said: "I will not sign a 30-day, or 60-day, or 90-day extension."

The president spoke at a White House news conference the morning after convening a rare Sunday meeting with lawmakers in the White House Cabinet Room, where he continued to push for a "grand bargain" in the range of $4 trillion worth of deficit cuts over the coming decade. That ran into Republicans' refusal to raise taxes.

Obama conceded that House Speaker John Boehner, who pulled his support for a large-scale deal over the weekend, faced a potential revolt by his caucus, and suggested that the Republicans should take a political risk — as the Democratic president said he is ready to do.

"I am prepared to take on significant heat from my party to get something done," Obama said, contending he has "bent over backward" to work with Republicans.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Kerry Urges Global 'coalition' to Fight IS Jihadists

Saturday, 30 Aug 2014 07:53 AM

Secretary of State John Kerry has called for a global coalition to combat the Islamic State jihadist group and their ge . . .

Saudi King: West Will be Jihadists' Next Target

Saturday, 30 Aug 2014 07:50 AM

King Abdullah of Saudi Arabia has warned that the West will be the next target of the jihadists sweeping through Syria a . . .

Rep. Larry Bucshon: Dems Must 'Put Aside Politics,' Fix Economy

Saturday, 30 Aug 2014 07:26 AM

Obama administration economic policies make no sense for the jobless and millions of Americans struggling to make ends . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved