President Obama's debt ceiling update, begins at approx. 12:32 CDT, all paraphrased with no exact quotes
Last weekend I was in conact with the players in the process, there was some progress. Speaker Boehner and his caucus put forward to the President the "Cut Cap" plan to the President. Pres O. says understands need to test with the House Rs but it won't pass the house and he won't sign it because it's not balanced.
Where are we now?
Well there's good news! A senatorial gang of six or seven has put forward a proposal broadly consistent with Pres O's preferred "grand bargain" with a combination of domestic and defense cuts, healthcare and "entitlement" changes and increased revenue. Says this is the kind of shared sacrifice where everyone gives something up that they cherish:Dems must realize that the deficit and debt has long term negative implications for these programs if not addressed, and Rs need to realize revenue must be a component. President Obama hails this plan as a significant step. Emphasises again the consistency of this plan with his "grand bargain".
Where we stand as of today: Obama says there is a Dem Pres preped to sign a balance d package with both cuts and revenue,there are bipartisan sens who agree, and the american people agree with a balanced approach. He hopes the house leadership of both parties can 'talk turkey' on this very plan beginning. tomorrow.
Still, though, McConnellReid continues as last resort as bare minimum.
Again he emphasizes love of gang of six plan but acknowledges that it has not been reviewed by WH in it's complete entirety.
A comment on capital markets. They have up until now shown confidence that Washington will resolve it but O warns that need cooperation or else worldwide markets may spook. This needs to be moving quickly forward in the next couple of days. NO more symbolic gestrues or posturing.
He reiterates that we are now seeing a bipartisan consensus evolving. Many more negotiations to go and the ReidMcConnell plan remains a failsafe.
No questions. Will have a press conference again soon.