Was it a blow up? Obama, GOP get tense in talks

As negotiations continue over raising the nation's debt ceiling to avoid any potential default on America's fiscal obligations, the daily meetings at the White House on the subject have been getting more tense, people familiar with the negotiations tell CBS News.

Wednesday's meeting was the most tense meeting of the week, a GOP aide told CBS News. In fact, the president ended the meeting by abruptly leaving the room.

A White House official, however, told reporters that President Obama did not actually storm out of the room.

Instead, Obama reportedly gave an impassioned statement to the congressional leaders at the end of the meeting, saying "enough's enough" with respect to delay and refusal to compromise.

The president reportedly told the group, "I've been very patient" and that he wants agreement now. The official said the president ended his statement, stood up and headed back to his office.

From left, President Barack Obama, Senate Majority Leader Harry Reid of Nev., and Senate Minority Leader Mitch McConnell of Ky., meet in the Cabinet Room of the White House in Washington, Wednesday, July 13, 2011, regarding the debt ceiling.

/ AP Photo/Charles Dharapak

Obama's speech was reportedly in response to House Majority Leader Eric Cantor's repeated insistence that only a short-term, smaller deal on debt savings was possible. Following the meeting, Cantor told reporters that after the GOP rep.'s third time insisting that his party wouldn't budge, the president reportedly said: "Eric, don't call my bluff. I'm going to the American people with this."

During the meeting, Speaker of the House John Boehner reportedly challenged the President to offer real spending cuts. He said the gimmicks and accounting tricks that Washington has used for decades are not applicable here, according to a GOP aide.

When White House officials allegedly attempted to justify budgetary gimmicks, Boehner said pointedly: "We're not doing that anymore," according to the GOP aide.

Boehner calls consequences of U.S. default "a crapshoot"
Bernanke warns of a "huge financial calamity"
McConnell: Not a single Republican will vote to raise debt limit
Obama's preferred strategy: Go Big

White House and Democratic officials said the Republicans characterizations of Wednesday's meeting were dramatic and overblown. They instead described the meeting in different terms to CBS News, saying the participants - who are party leaders from both the Senate and the House - had a constructive conversation on the numbers, and talked specifics.

Democrats agreed that Cantor reportedly kept pushing for a short-term deal, which President Obama promised to veto if it reached his desk.

Responding to reports that he interrupted the president during the meeting, Cantor told CBS News: "I never interrupted the president, and in fact was deferential, seeking his permission to speak to him, Jack Lew or whomever. I made the point in my opening that they were walking back the spending cut number, that we were nowhere close. At the end, I said because we were nowhere close, I would walk back our position of no short term in order to reach agreement if the President would agree not to veto it."

White House officials say the president is still eager for a large compromise, even though their Republican counterparts insist that is impossible.

Both sides will resume negotiations Thursday afternoon.

[notyrants]

noloyalisti July 15, 2011 3:55 PM EDT
This country really has become a temporary playground for the rich. Until they suck us dry, then they will simply move on....
---------------------------
Sometimes they do or they end up like King Ludwig who inherited it from generations of wealth but unattached from reality, he was deemed crazy and later his psychiatrist and him were drowned in a river.

[noloyalisti]

The billionaires are running America and are scamming us all out our money. On a daily basis. And they have to be taken out for the Class War they started. It is up to We the People to finish it.

[rw2088]

No this elected officials you will all loose your seats a year from now americans are pissed off and tired of this playing with our lives as pawns in a game of chess cut your salary if you love this country so much or go hungry like many amricans are doing quietly while you bicker a bunch of babies in a board room cant tell your ass from your feet

[noloyalisti]

This country really has become a temporary playground for the rich. Until they suck us dry, then they will simply move on.

[Hala_c]

CHEVYNIMROD, what patents? Give us patent numbers to look up? Otherwise you're nothing but a liar. And Google, I think the prober verb you're looking for is, "Ask", "query" or "search". But then the corporate slaves always do what they're told, when in need of "asking" a question, you're told to "Google" it, and you OBEY! So again, give us patent numbers that we can look up at the PTO. Or are you just a liar?

So "dependence on the government" is bad, but when I point out that VETERANS depend on the governement then you change your stance to accomodate THAT group. Obviously you're as slippery as Michell Bachman and Sarah Palin. You LADIES really need to get together because no one would ever get a solid straight answer and all would just have to eat the $hit you shovel.

You are a waste of energy and anything said to refute your ignorance will just be responded to with even more snake oil to slip out of earlier statements. Maybe you should run for supreme dictator.

[noloyalisti]

When you are negotiating with corporate terrorist Republicons who do not care about Americans, of course you will get angry.

Frankly the Republicons have not done one thing good for America since before Reagan and they are pretty much wacked out nutjobs now.

[yankskeptic]

One truth is obvious now, even to the liberal, lame stream media: Obama and his secret hero President Reagan have absolutely nothing in common.

[marzipansii]

I'm hitting all the news sites with this as it may be incredibly relevant when trying to get Cantor's attitude.

Huffpost ran this article by Amanda Terkel last week which I think flat needs some looking into:

"The Democratic resolution, obtained by The Huffington Post from a Democratic source on the Hill, argues that Cantor "stands to profit from U.S. treasury default, which thereby raises the appearance of a conflict of interest," and that he "may be sabotaging [debt ceiling] negotiations for his own personal gain."

"The resolution goes after Cantor's investment in ProShares Trust Ultrashort 20+ Year Treasury ETF, a fund that "takes a short position in long-dated government bonds."

The fund is essentially a bet against U.S. government bonds. If the debt ceiling is not raised and the United States defaults on its debts, the value of Cantor's fund would likely increase.

"According to Dayspring, Cantor owns $3,327 in the ProShares trust. His congressional pension in the Thrift Savings Plan, on the other hand, is invested in the G Fund of government bonds and is valued at over $263,000. The value of his investment in the ProShares fund is highly variable and could change significantly if the government defaults."


Thing is, another poster looked it up and said Cantor actually owns between 15 and 50K in short shares, moreover, his G Fund is the safest fund on the planet.

[credibility2]

...like as if Dems, including Obama, haven't profited from his decisions...sounds like class envy...wonder how many shares of stock the Dems own in companies they pass legislation on...

[Hala_c]

So CHEVYNIMROD, you're one of those geniuses that BURNS EXCESSIVE QUANTITIES of gasoline because,"IT GOES VROOM!"
Great, thanks for helping to contribute to the rapid depletion of the world's resources.

As for you I(gnorant)ntelligent comments...
From each according to his ability, to each according to his need.
Karl Marx
Yes, that is 100% communist and has failed every time it has been tried.
If you need something, you should earn it and not have it given to you. There are people that cannot work and should get help, but cradle to grave government dependence has to end.
------------------------------------------------------------
I agree, communism has failed, just as unabashed, unchecked, and unbalanced CAPITALISM is CURRENTLY FAILING!

And in one sentence you contradict yourself from one phrase to the next, "There are people that cannot work and should get help, but cradle to grave government dependence has to end", how can VETERAN that has been DEBILITATED for LIFE break their depencence on the government that put them in their position before the VET reaches the grave. Tell me, at what point do YOU decide that the DISFIGURED VETERAN has received enough assistance and should be on their own? So will you be EUTHANIZING people when they no longer fit in your TOTALITARIAN world? I'd rather be a communist than the fascist totalitarian that you apparently are, CHEVYNIMROD.

[Hala_c]

by chevyhotrod July 14, 2011 1:59 PM EDT
Money for the wealthy that don't need it = "subsidy"
Who gets to deside who needs and and who doesn't? YOU?
This is not a communist country.
Fascist need larger government to control their citizens, that would be you.
--------------------------------------------------------------
So CHEVYNIMROD, YOU deciding that the WEALTHY and NOT IN NEED of anything should recieve WELFARE from BIG Government ISN'T communist, but my belief that Government ASSISTANCE should be based on need is COMMUNIST? Quit HUFFING on your MADE IN MEXICO (CHEVY) tailpipe.

[Molly-Pchr]

There is TOO much talking outside of the room! All these politicking smirking Tea Party cupcakes, all these speculative "journalists", all these smirking politicians on both sides, all these financial "experts", there is just TOO much being said, and it makes more problems and panic. Too bad we have so much freedom of speech. There needs to be a gag order, and the only people talking are the ones in that room negotiating.

[Molly-Pchr]

Boy, did you miss the mark. You have absolutely no idea what I was talking about.

[Hala_c]

Next time you go to the election booth just flip a coin. D or R, head or tails, it ALWAYS comes up MONEY! This is the Garbagement we have now. It's of the business, by the business and for the business. WE THE PEOPLE are merely a resource from which profits can be extracted.