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Obama: Debt crisis could 'do serious damage' to economy, With the U.S. government hurtling toward an Aug. 2 deadline to avoid default, President Obama and House Speaker John Boehner squared off on national television tonight, making their separate cases about how to go about deficit reduction and raise the debt ceiling.

The two issues are tied together in the current Washington debate, Republicans insisting that any increase in the nation’s credit limit be accompanied by equal spending cuts and Democrats seeking to increase revenue by raising taxes on the rich and thus reduce the amount of budget cuts needed to cut the deficit.

Obama, speaking first from the White House, described a “stalemate” between the two parties and encouraged citizens to call Congress and encourage lawmakers to work together.

“America, after all, has always been a grand experiment in compromise,” he said.

And to that end, he invoked presidents from Ronald Reagan and George H.W. Bush to Bill Clinton, all of whom raised the debt ceiling and tried to deal with deficit spending by working across party lines.


Democrats have moved toward Reid’s plan even though it does not guarantee any of the sweeping entitlement and tax reform that the President long advocated. And Liberals are wary of the plan.

“While we applaud Majority Leader Reid for his commitment to protecting Social Security, Medicare and Medicaid -- and his opposition to a short-term deal that could drive up mortgage and interest rates for the middle class -- we strongly urge him and all Democrats to insist on a balanced approach that ends outrageous tax breaks and loopholes for big corporations and the rich. Unfortunately, this plan doesn't do that,” said Moveon.org Executive Director Justin Ruben in a statement.

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Debt crisis could 'do serious damage' to economy: Obama INDIANOFS Obama, Debt, Crisis, Could, Do, Serious, Damage, To, Economy, | INDIANOFS