Jul 25, 2011

Obama speaks tonight. Will he give a speech or kick some ass?

President Barack Obama endorsed a debt-ceiling proposal by Senate Majority Leader Harry Reid that would cut government spending by $2.7 trillion and increase the federal borrowing limit through 2012, the White House said.

Republican aides revealed details on a competing plan that House Speaker John Boehner is moving forward with separately; it would aim for roughly $3 trillion in cuts and raise the debt ceiling in two stages.

Democrats and Republicans are at an impasse on a deal to raise the nation's debt limit. Without an agreement in place by August 2, the U.S. government risks defaulting on some of its debt obligations.

Clarence B. Jones: Are There Any Republican Adults in the Room: The Challenge Confronting Our Country
At the hastily called White House news conference following the collapse of discussions with Speaker John Boehner, President Obama rhetorically asked: "Is there anything that the Republicans can say 'yes' to?" Yes, there is: his resignation or re-election defeat.

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