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Obama Addresses Stalled Debt Negotiations

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  • Description

    FBN's Rich Edson breaks down details of President Obama's press conference.

  • Duration 3:14
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Thanks Nicole moments ago as we mentioned President Obama wrapping up his third press conference this year.

Addressing the stalled debt negotiations and even proposing another stimulus plan to create jobs -- Jensen is at the White House rich.

I guess -- senate Democrats were seriously I talked about more stimulus spending not.

They were the president you know is talking about what they call more investments and I infrastructure -- things of that nature Republicans are pretty much said.

No -- that -- the president said that that we've identified the option Republicans and Democrats say -- what's on the table they know what can be cut.

And it's now time for congress to act president says he doesn't know.

How capital markets are going to -- -- by August 2 congress doesn't extend that debt ceiling -- deadline.

He's also calling for deeper defense cuts and we had debt had an agreement to a couple of months ago where the president Defense Secretary Robert Gates.

It signed off on 400 billion dollars for the defense cuts over the next twelve years or so we says we need to go deeper than that.

He says said that he's indicated support.

To extend that payroll tax holiday right now we got a two percentage point payroll tax cut for this year only he's indicated support for extending that and also other.

Temporary business tax breaks that helped to spur hiring he says that Democrats are willing to take on the sacred cows here.

They are willing to cut spending that may hurt them with their constituents and that Republicans in their position not to raise taxes is and sustainable.

And he says Republicans must sacrifice.

If everybody else.

Is want to take on their sacred cows.

And do tough things.

In order to achieve the goal real deficit reduction.

-- I think it would be hard for the Republicans to stand there and say that that.

Tax break for corporate jets.

Is sufficiently important that were not woman comes table get a deal -- The president was asked if their tax position that you must have an increase -- taxes or reduction of tax breaks.

And tax deductions must be part of this package for him to sign off on it.

He wouldn't answer that directly but does senator Chuck Schumer of New York just -- he says that there are not enough Democrat votes in the senate and they do control the senate.

To get a deficit reduction package through.

That raises the debt ceiling without any revenue raisers IE tax increases and he's laid that out there right now Democrats are staking out their position.

Republicans are saying no taxes on this they say taxes are high enough already.

They say the president's charges that congress ran up the bill they say it's the president who signed trillions of dollars worth of deficit spending in the law back to you.

They rich guy at the very end of the press -- I thought it was notable that the president does sort of you know said look I'm involved in this process -- -- -- kind of firing back at some other Republicans and some of those instead.

He hasn't been as involved as he needs to be did you find editors think is well.

Get in and -- -- something for awhile that was kind of a frustrating response -- the president he's been hearing for so long from Republicans.

Where are you Mr.

President show some leadership and he threw back in their -- saying they're the ones need to show leadership.

Congress is the one that raised up all these.

But that -- signed all these laws are that approved all these laws -- these -- and send him.

Very interesting it's sort of like the tennis match back and forth continues thanks rich rich --

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