This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Obama: We Will Solve Debt Ceiling

NEW YORK ( TheStreet) -- President Barack Obama addressed the media on Monday about debt ceiling negotiations and the deficit.

The president made it clear that he and Congress would reach a deal to raise the debt ceiling by Aug. 2.

Obama addressed members of the media on Monday about debt ceiling negotiations.

"The good news is that all the leaders continue to believe, rightly, that it is not acceptable for us not to raise the debt ceiling and to allow the U.S. government to default," Obama said.

He said that politicians from both major parties had to construct a balanced package, share sacrifices and take on their "sacred cows."

Obama said the possibility of a 30-, 60- or 90-day extension was an unacceptable approach to the problem.

"We are now in a situation where, because the economy has moved slower than we wanted... taking an approach that costs trillions of dollars is not an option," Obama said. "We don't have that kind of money right now."

The president continued to push increased taxes on millionaires, billionaires and "authors of best-selling books" -- an apparent reference to himself.

Obama said that bi-partisan agreement on a strong debt ceiling plan could lead to a solid fiscal situation, which he said would put the United States in the position to make the kinds of investments necessary to win the future.

-- Written by Joe Deaux in New York.



>To submit a news tip, send an email to: tips@thestreet.com

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG
AAPL $125.01 -0.63%
FB $78.10 0.70%
GOOG $524.22 -1.24%
TSLA $230.43 -1.08%
YHOO $41.66 0.87%

Markets

DOW 17,841.98 -86.22 -0.48%
S&P 500 2,080.15 -9.31 -0.45%
NASDAQ 4,919.6440 -19.6830 -0.40%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs