Obama says will not sign short-term debt deal

WASHINGTON - JULY 11: U.S. President Barack Obama holds a news conference at the Brady Press Briefing Room at the White House July 11, 2011 in Washington, DC. President Obama discussed the ongoing budget and debit limit negotiations with Congressional Republicans and Democrats.

/ Alex Wong/Getty Images

President Obama vowed on Monday not to sign a short-term agreement on raising the debt ceiling as he expressed confidence Republicans and Democrats would make a deal to avoid the first-ever U.S. default on its debts, though he stopped short of using the word veto.

"I will not sign a 30-day or a 60-day or a 90-day extension. That -- that is just not an acceptable approach," Obama said when asked if would veto a short-term deal on raising the amount of money the United States can legally borrow.

"If we think it's hard now, imagine how these guys are going to be thinking six months from now in the middle of election season when they're all up. It's not going to get easier; it's gonna to get harder. So we might as well do it now, pull off the Band-Aid, eat our peas," Mr. Obama said.

Mr. Obama has repeatedly said he wants a deal that would allow the U.S. to avoid confronting the issue again until after the 2012 elections.

"This the United States of America and, you know, we don't manage our affairs in three-month increments. You know, we don't risk U.S. default on our obligations because we can't put politics aside," Mr. Obama said.

At the same time, he said the two sides would come together before August 2, when Treasury Secretary Timothy Geithner has said the government will exhaust its ability to make timely payments on it debt obligations. The current U.S. debt limit stands at $14.3 trillion and the administration expects it would have to be raised by more than $2 trillion to get the nation through the November 2012 elections.

Mr. Obama and House Speaker John Boehner had hoped to use the looming deadline over the debt ceiling to hash out a deal on larger issue of tax and spending priorities for the nation. They had talked about trying to get a deal that would save the government about $4 trillion over the next decade, but there was little agreement on how to get that done.

Mr. Obama said negotiators would continue to work everyday, including next weekend, to broker a compromise.

[carolo43]

The Republicans would like to bring this mess up again in 6 months right in the beginning of Obama's run for re-election. What would be more convenient for them to keep him in Washington sitting at his desk? NO to short term deals. Obama already conceded enough. And let's not forget the Republicans turned down 4.7 TRILLION.

[rowleya]

THE DEBT LIES ON HIS HEAD ALONE
If he will not end his Nursery Rhyme politics.
BULLY POLITICS IS PASSE'
GROW UP PREZ

[carolo43]

Must be you've forgotten that 6 Trillion of this debt was handed to us by Bush.

[wfw3536]

I could swear that Obama signed a bill to continue the Bush tax cuts in December of 2010. Oh, and then he went on to say how good continuing these cuts were so good for the country. Just another typical politican who wants to get re-elected.

[RobAla]

Where did President Obama pull this nonsense from? Nobody is advocating a 60 day deal. This is just smoke.

[AngryMobVoter]

Dear Mr. Obama:

No tax increases in the face of a serious economic situation.

As long as Americans have their hand out looking for food stamps and welfare, we can expect to continue to elect politicians like Obama who promise to give them more by "taxing the rich" and the "large corporations". One day we Americans will wake up and find "the rich" have all left the country and all the corporations have built plants overseas and no one will be left to pay for the food stamps and welfare.

Our high tax rates incentivize companies to keep earnings and growth outside the country. This situation contributes to economic stagnation and little job growth in America. If we want economic growth in American we need to eliminate intrusive regulation and our high and complex tax structure. Drastically cut the corporate tax rate and eliminate the loopholes so that companies have real incentives to grow here not search for ways to keep money, growth, and earnings outside the country.

Wealth, jobs, and economic growth will flow to where it gets the best return. With our tax structure, regulation climate, and high labor cost, that is not here. Like it or not, that is economic reality.

Obama is more interested in running for office than addressing the real problems:

* Reckless government spending at ALL levels of government
* Massive public debt
* Oppressive regulation
* High and complex tax structure
* Obamacare - a jobs killer
* Little incentive to work - 45 million on food stamps
* High gas prices
* High food prices

Obama's CHANGE has taken away our HOPE!!!

Our "leaders" are clearly out of touch with the lives of the average American. The huge increase in the price of gasoline combined with higher prices for food will mean Americans have less money to spend. That will stop any economic recovery. Obama must start sending clear messages that he will encourage drilling for oil everywhere, reduce the mountains of senseless and wasteful regulations faced by businesses and individuals, reduce the amount, number, and complexity of government taxes and fees, and drastically reduce the size of government or our future is bleak.

We must continue to VOTE THEM OUT!!!

[ClassA062]

Since Ronald Reagan took office in 1980, there has only been one demomcratic president, beside Obama and he left office with a surplus. So I assume when you say "VOTE THEM OUT", you are talking about the Republicans.

[BuckeyeChuck]

I see the republicans getting us into another depression, the second depression caused by not taxing the wealthy.

[catmomtx]

And they will be whining like stuck pigs blaming President Obama.

[AngryMobVoter]

In history it will be known as the Obama Doctrine:

Take credit for good news and blame Bush and the Republicans for bad news.