Obama: A long-term deficit reduction deal is still necessary

President Obama used his bully pulpit Monday to continue to call for a larger deficit-reduction deal that would produce closer to $4 trillion in spending cuts and include tax increases.

"Now is the time to deal with these issues. If not now, when?" Obama said at a press conference. "I've been hearing from my Republican friends for quite some time that it is a moral imperative for us to tackle our debts and our deficits in a serious way. I've been hearing from them that this is one of the things that is creating uncertainty and holding back investment on the part of the business community. So what I've said to them is, 'let's go.' "

His remarks flew in the face of demands by House Speaker John Boehner, R-Ohio, Saturday that negotiators work on a smaller deal that can pass the House.

Boehner's announcement that he would abandon attempts to pass a long-term deal indicated that the conservative wing of his caucus is indeed powerful enough to limit the size of an agreement. House Majority Leader Eric Cantor, R-Va., represented that wing of the party and dominated discussion at tense talks at the White House Sunday evening. The only agreement negotiators and Congressional leaders reached was a commitment to meet again Monday, at 2 p.m.

Cantor is urging the group to adopt the $2.5 trillion framework for reduction that was discussed during talks led by Vice President Joe Biden. Cantor pulled out of those talks two weeks ago, calling on Obama and Boehner to lead negotiations.

The president's press conference, which was announced on Sunday night, is an attempt to gain political cover by convincing the public that Republicans are to blame if leaders fail to reach a deal and the U.S. defaults on its debts. Obama's advisors, including Treasury Secretary Timothy Geithner, have warned that it would have an immediate and disastrous effect on the economy.

Stay up-to-date with federal news alerts and analysis — Sign up for GovExec's email newsletters.
FROM OUR SPONSORS
JOIN THE DISCUSSION
Close [ x ] More from GovExec
 
 

Thank you for subscribing to newsletters from GovExec.com.
We think these reports might interest you:

  • Sponsored by G Suite

    Cross-Agency Teamwork, Anytime and Anywhere

    Dan McCrae, director of IT service delivery division, National Oceanic and Atmospheric Administration (NOAA)

    Download
  • Data-Centric Security vs. Database-Level Security

    Database-level encryption had its origins in the 1990s and early 2000s in response to very basic risks which largely revolved around the theft of servers, backup tapes and other physical-layer assets. As noted in Verizon’s 2014, Data Breach Investigations Report (DBIR)1, threats today are far more advanced and dangerous.

    Download
  • Sponsored by One Identity

    One Nation Under Guard: Securing User Identities Across State and Local Government

    In 2016, the government can expect even more sophisticated threats on the horizon, making it all the more imperative that agencies enforce proper identity and access management (IAM) practices. In order to better measure the current state of IAM at the state and local level, Government Business Council (GBC) conducted an in-depth research study of state and local employees.

    Download
  • Sponsored by Aquilent

    The Next Federal Evolution of Cloud

    This GBC report explains the evolution of cloud computing in federal government, and provides an outlook for the future of the cloud in government IT.

    Download
  • Sponsored by LTC Partners, administrators of the Federal Long Term Care Insurance Program

    Approaching the Brink of Federal Retirement

    Approximately 10,000 baby boomers are reaching retirement age per day, and a growing number of federal employees are preparing themselves for the next chapter of their lives. Learn how to tackle the challenges that today's workforce faces in laying the groundwork for a smooth and secure retirement.

    Download
  • Sponsored by Hewlett Packard Enterprise

    Cyber Defense 101: Arming the Next Generation of Government Employees

    Read this issue brief to learn about the sector's most potent challenges in the new cyber landscape and how government organizations are building a robust, threat-aware infrastructure

    Download
  • Sponsored by Aquilent

    GBC Issue Brief: Cultivating Digital Services in the Federal Landscape

    Read this GBC issue brief to learn more about the current state of digital services in the government, and how key players are pushing enhancements towards a user-centric approach.

    Download

When you download a report, your information may be shared with the underwriters of that document.