4:21am November 22, 2011

President’s Statement on Debt Committee Failure, 11.21.11


President Barack Obama‘s statement earlier in the day on the failure of the Joint Committee on Deficit Reduction (otherwise known as the “Super Committee”) to reach a compromise:

Now, we are not in the same situation that we were — that we were in in August.  There is no imminent threat to us defaulting on the debt that we owe.  There are already $1 trillion worth of spending cuts that are locked in.  And part of the law that I signed this summer stated that if Congress could not reach an agreement on the deficit, there would be another $1.2 trillion of automatic cuts in 2013 -– divided equally between domestic spending and defense spending. 

One way or another, we will be trimming the deficit by a total of at least $2.2 trillion over the next 10 years.  That’s going to happen, one way or another.  We’ve got $1 trillion locked in, and either Congress comes up with $1.2 trillion, which so far they’ve failed to do, or the sequester kicks in and these automatic spending cuts will occur that bring in an additional $1.2 trillion in deficit reduction.

Now, the question right now is whether we can reduce the deficit in a way that helps the economy grow, that operates with a scalpel, not with a hatchet, and if not, whether Congress is willing to stick to the painful deal that we made in August for the automatic cuts.  Already, some in Congress are trying to undo these automatic spending cuts. 

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Politic365 Staff
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One Comment

  1. Kevin

    Im all for solving debt issues. But what about this damn war on poverty. What makes it so bad the people who are poor folks have to go to war with the rich who are also in charge of congress. If they cared so much about the poor middle class everyone give up all yo riches and we can all just be middle class. Return all of the governments toliet paper that you politicians wipe your ass with. American toliet paper aint gone ever be worth shit the only thing that holds value is gold and dumb ass bonds which are also peices of paper. Print some more of that shit and get over yourself and stop trying to scare americans into submitting to modern day slavery. If enough people give in too bullshit all the government need is enough law enforcement to control our dumb ass. We dont have any say so over laws or voting any more did i say anymore we never had rights that was just a belief installed in us by the government. The real truth you gone either work for a living maybe not at slave wages meaning for free but with the inflation. It will still be like your working for free. If you cant pay debts they violate our constitutional right not only that biblical rights also. You devils are so two faced. I hope im there the day that God judges you. How in the hell do you go to jail if you cant afford health care. How the hell do your lively hood get taken away from you if you cant pay child support. Its a recession. 15 million jobless not by choice and you cocksuckers got the nerve to damage a reputable persons future because of ignorance And We The People just sit back and allow it. Woman if your childs father cant support himself because of being jobless how the hell can he support you. If the state comes in to intervene then he will owe go to jail get all type of harassment on behalf of our government lose everything and they take away his right to become gainfully employed making a decent enough salary to even support himself let alone a family leaving his will to survive slim. I dont now if its just me but im not feeling the whole thing you know a group of rich mutha fu@kers deciding poor peoples futures

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