WH: "Significant" deal possible on deficit, debt ceiling

White House spokesman Jay Carney said today that a "significant deal remains possible" on cutting the deficit and raising the debt ceiling, although he emphasized that reaching an agreement on deficit reductions would require a "balanced approach."

In a White House press briefing, Carney told reporters that "everybody believes a significant deal remains possible" - but that such a deal would necessarily include tax increases, or the elimination of tax breaks and loopholes, for major corporations and high-earning Americans.

"It's the only way to get it done," Carney said.

Ongoing negotiations led by Vice President Joe Biden fell apart late last week after Republicans and Democrats remained unable to compromise on the issue of raising taxes.

And while President Obama on Monday stepped up his personal engagement in the negotiations - meeting separately with Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky. - the question remains as to who, if anyone, will be willing to budge on the issue.

Reid described his conversation with the president as "productive" and emphasized that a bipartisan solution was the only way forward.

"Neither party should confront this crisis alone and no one will be successful unless we confront it together," Reid said.

But he emphasized his hope that "my Republican colleagues will put the economy ahead of politics."

Prior to his meeting with Mr. Obama on Monday, McConnell reiterated his opposition to any form of tax hikes as a means to a deal.

"I intend to ask the president what he is prepared to do outside of raising taxes about the massive deficits and debt that have accumulated on his watch," McConnell said. "Let's start by taking both proposals off the table and focus on what can actually pass Congress and what will actually spur the private sector in our future and create jobs."

Increasing tax revenues, McConnell said, was "politically impossible."

"Throwing more tax revenue into the mix is simply not going to produce a desirable result, and it won't pass," he added, in a Sunday interview on ABC's This Week With Christiane Amanpour. "I mean, putting aside the fact that Republicans don't like to raise taxes, Democrats don't like to either."

Reid, meanwhile, urged Republicans to "set aside their desire to please the Tea Party and defeat President Obama" in the interest of the greater good.

"We owe the country our commitment to do at least the small things," he said.

The Obama administration has urged Congress to raise the debt limit as soon as possible in order to prevent the country from defaulting on its loans for the first time in American history. The Treasury Department has taken what it calls "extraordinary measures" to stave off economic catastrophe since the U.S. hit its limit on May 16, but Treasury Secretary Tim Geithner has repeatedly warned that those measures will only get the country through August 2.

[liberalmike]

The republican's are BIG liars and only support BIG business and the wealthy.

[endurorob_5]

Let's make it simple. If you were one of my (adult) children and had overcharged on your credit card and could not make the payments I would naturally try to help you out. Of course the first thing that would happen before I gave you any assistance would be that you would have to cancel your credit card and make arrangments to pay it off. What Obama and the dems want is to keep the credit card active and have us give more to pay it off.

[tcyb]

The Government is not run like a household.

GOP: Passed two tax cuts, 2001 and 2003. CBO said they would bust the budget if not allowed to sunset. SURPRISE! They're now busting the budget.

GOP: Started two wars, 2001 and 2003. Both unpaid for with either cuts to services or increases in revenue. SURPRISE! They're now busting the budget, since Bush always made sure Congress passed them as "supplemen?tal appropriat?ions" and never had them included in real budgets; President Obama did the PERSONALLY RESPONSIBL?E thing and put the war funding back into the budgets.

GOP: Passed Medicare Part D with no increase in revenue or spending cuts to pay for it. SURPRISE! It's now costing money to implement a 100% unpaid-for entitlemen?t program, that is largely a giveaway to private prescripti?on drug companies with NO provisions to hold down costs.

GOP: Now blaming the Democrats for being a party of "tax and spend" when in fact it's been the GOP all along who spent all the money and cut taxes at the same time. They do this EVERY time they're in power (spend, spend, spend) and out of power (Chant "We need tax cuts!" ad nauseum).
Bush spent Clinton's trillion surplus, maxed out the credit cards and raised the debt ceiling.

[radsenior]

Memo to all: President Obama has held a steady hand in this brew-ha-ha and I doubt that he care about name calling and BS spewed from the right, not that they are right. I know If we needed more money or cost reduction in my personal house, I would and have gotten another job, a second job and sold a few things to stabilize my personal finances. My wife would have done the same thing. We would work for additional income first before we trashed the house and sold off assets so that we would maintains our standard of living. This Social Conservative Libertarian ideological religious hypocrites will not do what needs to be done. The GOP/TEA party will not budge on increasing or enhancing revenue sources. All they care about is saving their rich benefactors money by reducing their taxes! They stand pat on raising taxes on the super-rich, mega-moguls, multinational-corporations and others with exceptional income or holdings.

[Mortarman429]

Nonsense. Typical liberal rant with no truth.

[endurorob_5]

The problem is not a revenue problem it is a spending problem. If your household were running short on cash would not cutting spending be the first thing you do?

[justme2012]

So is Obama working on this crisis today?

NOPE

Off for more campaigning all day long.

Can someone please tell him that as "one of the many" he could get away with simply voting "present" and not showing up for work for two years while he campaigned. However, as the POTUS, he has to get his work done. It can't be put on the back burner while he fundraises, vacations, campaigns, plays golf and throws parties.

[DJ_Independent]

So you think that John McCain went to Washington everyday and then campaigned? Please..... Give it up stop worry about what Obama is doing and start complaining that Congress is not doing their job. Remember they have to come up with something. Tell you what, since you expect Obama to work all the time, I don't expect to see you on this site. You have to work. Get your job done. Complaining about obama is not a job

[DJ_Independent]

And yet he managed to take out Bin Laden. Pretty big accomplishment for being a failure, don't you agree?

[endurorob_5]

These people in Washington have proven they are unable to control their spending. If you give them more money (raise taxes) then they will only spend more, they have proven that over and over. There should even be any discussion of tax increases until they prove they can control and reduce their spending addiction.

[justme2012]

So true!

[tcyb]

You must be wealthy not to want your SS, Medicare or 401k.

[sharong59]

Bottom line, Republicans . . . you don't agree to end tax shelters for big corps and the wealthy, you might as well kiss your jobs goodbye come November 2012! Don't you watch the news, read the polls, an overwhelming number of Americans (dems and Republicans) believe this is exactly what should be done! If you don't go along with it, you have a snowballs chance in hell of being re-elected!

[justme2012]

Actually you will find that the majority of conservatives want total tax overhaul. A simpler fair tax for everyone. Get rid of the thousands upon thousands of pages of tax code.

However the lawyers and accountants and IRS will never let that happen.

[tellingthestory]

Yea as soon as Obama pulls his head out of his A***** and stops trying to kill American jobs.

[tcyb]

The GOP killed all of the jobs bills. Jobs Boehner?

[vpcharan]

Raising debt-limit without shared sacrifice is NOT a bipartisan solution, but caving in by dems and the President. Spending cuts must be balanced by raising revenue (do away with Bush tax cuts, corporate tax loop holes and tax loop holes for the wall street hedge fund speculators). Anything short of this must be opposed by Arab spring type riots all across America.

[justme2012]

Oh great, now the socialists are talking about rioting.

[justme2012]

You do know that move-on is funded by one of the richest men in the world, George Soros, don't you?

[nojoy01]

I suppose it would be a novel idea for politicians of whatever pathogen (oops, I meant party) to try the concept of "living within our means". You know, don't spend money we don't have. Or is that a concept that's alien to a politician's persona?

[justme2012]

The problem is that they aren't spending their money, they are spending everyone's money.

[nojoy01]

You're right alasadiraq and I now extend my apologies for the unintended insult to all pathogens where ever found.

[discussthis]

Reid, meanwhile, urged Republicans to "set aside their desire to please the Tea Party and defeat President Obama" in the interest of the greater good.
>>>>>>>>>>>>>>>>>
Reid, you, pelosi, 0bummer and the rest of the left just do not get it. The Tea Party is the American taxpayer. I understand that you personally do not give a fig for the taxpayers of the country, but please do not dismiss them so easily.

[retm-w]

The tea party are the biggest hypocrits around, cut as long as it doesn't affect them.