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Welcome

Remarks by the President regarding Boehner’s walk-out on the debt ceiling

posted this on July 22nd, 2011.

THE WHITE HOUSE

 

Office of the Press Secretary

_________________________________________________________________

For Immediate Release                               July 22, 2011

 

 

REMARKS BY THE PRESIDENT

 

James S. Brady Press Briefing Room

 

 

6:06 P.M. EDT

 

     THE PRESIDENT:  Good evening, everybody.  I wanted to give you an update on the current situation around the debt ceiling.  I just got a call about a half hour ago from Speaker Boehner who indicated that he was going to be walking away from the negotiations that we’ve been engaged in here at the White House for a big deficit reduction and debt reduction package.  And I thought it would be useful for me to just give you some insight into where we were and why I think that we should have moved forward with a big deal.

 

Essentially what we had offered Speaker Boehner was over a trillion dollars in cuts to discretionary spending, both domestic and defense.  We then offered an additional $650 billion in cuts to entitlement programs — Medicare, Medicaid, Social Security.  We believed that it was possible to shape those in a way that preserved the integrity of the system, made them available for the next generation, and did not affect current beneficiaries in an adverse way.

 

     In addition, what we sought was revenues that were actually less than what the Gang of Six signed off on.  So you had a bipartisan group of senators, including Republicans who are in leadership in the Senate, calling for what effectively was about $2 trillion above the Republican baseline that they’ve been working off of.  What we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking taxes — tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base.

 

     So let me reiterate what we were offering.  We were offering a deal that called for as much discretionary savings as the Gang of Six.  We were calling [...]

July 22nd, 2011 | Tags: , , , , , , | Category: 2012 Presidential, Articles, Budgets & Economy, US House GOP | Leave a comment
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