Obama Debt Talks

Friday, July 15, 2011 - 2:19pm

President Obama holds newser to lay out his position in the ongoing U.S. debt talks.

In Washington, there's a timeout in debt ceiling talks because, at this point no deal looks possible. Both sides made their case again and again the biggest difference was over tax hikes. President Obama spoke to the American people today for the second time this week.

President Obama held no talks today with republicans, instead pressuring them in public to avoid default.

President Obama said "we could end up for example where interest rates rise throughout the country effectively a tax increase for everybody."

He wants tax hikes on the well off and says polls prove most Americans do too.

President Obama said "that millionaires and billionaires can afford to do a little bit more. that we can close corporate loopholes."

House Republicans did not back down, insisting they'd cut spending 4 times more than democrats and denying they're the problem.

House Majority Leader Eric Cantor said "the talk or some of the reports have indicated that somehow Republicans haven't given. Now I just tell you that's not true. We're at $6.2 trillion they're at $1.5 trillion at best."

Next week they'll float a new spending cut plan and keep fighting tax hikes.

House Speaker John Boehner said "our stand on debt limit has been clear: there will be no tax hikes because tax hikes destroy jobs."

What about the republican senate plan? Mitch McConnell's, embraced by Senate democrats, to give President Obama authority to raise the borrowing limit and postpone the battle 'til 2013? House republicans say no.

Rep. Boehner said "we're far from the time for a last ditch effort."

The president too still wants the spending and tax fight settled now.

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