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Obama Veto Threat After Supercommittee Failure: ‘We’ll trim deficit one way or another” (VIDEO)
President Barack Obama, reacting to the spectacular political belly-flop by the Supercommittee (which proved to be anything but) has announced that he will veto an attempt to remove the automatic domestic and defense spending cuts that will kick in now that Congress has failed to deliver with the Supercommittee. Here’s his full statement so you can analyze it for yourself:
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FOOTNOTE: Earlier today MSNBC’s excellent First Read had this item – which is more fitting than ever:
*** Worst. Congress. Ever? Last summer, during the height of the debt-ceiling debate, congressional scholar Norm Ornstein wrote an article dubbing this Congress the “Worst. Congress. Ever.” And there’s now even more evidence to back up that assertion. According to Gallup, just 13% approve of Congress’ job (and that percentage is lower in other polls). As far as productivity goes, congressional lobbyist Billy Moore tells First Read that this Congress has enacted just 55 public laws so far this year (and 34 of them merely extended existing laws), compared with the average over the last 20 years of 148 public laws for a first full session. Moreover, back in the spring, Congress almost allowed the federal government to shut down. In the summer, Standard & Poor’s cited Congress’ brinksmanship over the debt ceiling as its rationale for downgrading U.S. debt. And now, unless a miracle occurs, it appears that the so-called Super Committee won’t be able to reach an agreement to strike a deal over how to cut $1.2 trillion or more in spending.
10 Responses to “Obama Veto Threat After Supercommittee Failure: ‘We’ll trim deficit one way or another” (VIDEO)”
This committee was destined for failure from the day the members were selected.
The Republicans put no one on it that would compomise on taxes and the Democrats did not put anyone on it that would make a dent in the spending for social programs.
Then they began meeting separately for the most part and it appears staffers ran messages between the parties with different dead proposals before they were ever delivered.
The left side members were told by Queen Pelosi that she would not accept most any cuts in spending and the right side members were told by their leadership that taxes would not be acceptible.
But the failure is not in the committee. It is in the few members with leadership power that are following the power makers with money. We can argue about how much one side wanted to compromise or the the other side sending proposals that were rejected, but the failure can be laid on our form of government that has allowed outsiders to buy off the elected members at the expense of the country and its citizens.
Not until the OWS, the Tea Party and all the independants that are not part of a movement begin changing the leadership positions in congress will anything change. Term limits will never be allowed a vote in by the current criminal elements in congress protecting the 1% on both sides, so only those voters in King Boehners, Prince Cantor’s, Queen Pelosi’s and other royality’s districts will have to vote them out to make any significant change. That will never happen as those districts are radical right or left, so the common folk will never prevail and we will be stuck with what we have currently.
Obama is also to blame as he was out of sight,(southeat Asia–Australia for example) when his leadership would have come in handy. Called them all in, met with them like he did with healthcare and used the bully pulpit to make gains on a compromise, but that did not fit into his reelection plans.
Now it will be the Republicans running on their position that they protected people from higher taxes, while the Democrats and Obama will have the position the the right is only protecting “millionaires and billionaires” and they are supporting the 99%ers.
I for one find them all only looking out for themselves and their party and to hell with the country. Maybe the media will begin to realize that also and stop supporting either side and help begin making changes that are so desperately needed.
Keep a watch on the U.S. credit rating if Obama acts too strongly.
You also have to watch the credit rating if he doesn’t act strongly enough, dduck. While I didn’t like Obama’s usual passing of the buck to the GOP and failure to demand all sides take responsibility, I do agree with the veto threat.
I’m not sure which is worse, however, I do know that the “markets” hate uncertainty above all else.
The intent of the veto threat is to let republicans know they will be held accountable for any failure to do their part. There is nothing complicated about this. They need to take that no tax pledge and stick it where the sun doesn’t shine.
For those to young to know, those with poor memories, those who like to remember “selectively”, and those who fall into the “both parties” trap, here’s a little reminder of how we got here:
http://www.npr.org/2011/11/22/142641756/did-bush-tax-cuts-foreshadow-supercommittes-failure
I wanted Obama to push a deal back when to extend the tax break for all those UNDER $1 mil, AGI. I think he missed his chance back then. From that, they now know they can push him around.
JSpencer.. I agree the no tax increase should be taken off the table by the right and the no significant spending cuts should be taken off the table by the left. Put 12 moderates in the room and they would most likely have a deal in a couple days. But then, that is not possible because 25% of the voters choose the candidates for the left, 25% choose the candidates for the right thus giving the 50% in the middle a choice of radical leftist positions or radical right positions.
But I know that the spending cuts in Social Security, Medicare, Defense and other government programs will happen, I know that tax increases will happen and eventually the deficit will be cut. I also believe this will not happen until fiscal bankruptcy stares us in the face the same as Italy and Greece.
That is what the voters in Boehners and Pelosi’s districts are giving us.
JSpencer, it is difficult to forget the role of the Bush tax cuts and the wars in the Middle East in getting us into this fix since we are reminded very often. I would add to those factors 9/11 which had a disastrous effect on the stock markets, and also the housing bubble and bank crisis, all events that were non-partisan or bi-partisan.
I think where you and I disagree is in somehow thinking Bush being a poor president (which I agree with) is an excuse for poor performance from both Obama and also the current crop of Democrats and Republicans.
Al Queda won. The NYT today had an article that claims we lost over $600 Billion due to the drop in tourism because of tougher visa requirements. Even if half true, that is a lot of money.