This Day On The Street
Continue to site
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 Ready to Break Debt-Ceiling 'Logjam'

NEW YORK ( TheStreet) -- President Barack Obama said on Friday that Congress had drawn closer to an agreement to raise the debt ceiling before the Aug. 2 deadline.

Obama stressed that it was crucial to include a stipulation in the plan to raise revenue, language that Republicans have interpreted as a tax hike.

"You'll probably see the House vote on a couple of things just to make political statements, but if you're trying to get to $2.4 trillion without any revenue, then you're effectively cutting [a credible plan]," Obama said.

Obama said that politicians had the opportunity to stabilize the financial credibility of the United States for the next 10 to 20 years.

House Speaker John Boehner (R., Ohio) addressed the media before Obama's speech and stressed that the plan could not include tax hikes.

"There can be no tax hikes because tax hikes destroy jobs; we need real spending cuts and real spending cuts that will exceed the amount of increase in the debt limit," Boehner said. "We asked [Obama] to put forward a plan -- not a speech, a real plan -- and he hasn't. We will."

Obama said that polls showed Republicans and Democrats agreed that they needed to take a balanced approach to spending cuts and revenues.

"I'm hopeful we'll see, in the next couple of days, this logjam broken," Obama said. He added that it was time to set politics aside and do some "tough stuff."

The president also addressed calls for a balanced budget constitutional amendment when he said that politicians didn't need to pass an amendment, instead they needed to do their jobs.

"We have a unique opportunity to do something big," Obama said. "Let's still be ambitious."

-- Written by Joe Deaux in New York.

>To submit a news tip, send an email to:

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
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $117.81 0.00%
FB $105.45 0.00%
GOOG $750.26 0.00%
TSLA $231.61 0.00%
YHOO $32.94 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs