July 31st, 2011
08:56 PM ET

Debt agreement reached, Obama says

[Updated at 8:56 p.m.] President Barack Obama announced Sunday an agreement with congressional leaders would extend the federal debt ceiling and reduce deficits. The deal still needs to be approved in votes by the House and the Senate.

Cuts worth $1 trillion over 10 years would be enacted in the plan's first stage. In the second stage, a bipartisan commission would report back by November with suggested additional cuts and potentially revenue increases to address the nation's budget deficit.

"At this stage, everything will be on the table," Obama said of this second round of cuts.

Obama said the deal would ensure "that we will not face this kind of crisis in six months, in eight months, or in 12 months."

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Filed under: Budget • Economy • Politics
soundoff (69 Responses)
  1. Government employee

    @Private Sector Employee
    I completely understand. You can't teach an old dog new tricks. More than tax reform is needed and I know 1st hand that certain ideas/requests always fall on deaf ears. It is not fun/easy to work in the stone age.

    July 31, 2011 at 11:23 pm | Report abuse |
  2. ajd041

    Here's another solution DONT PAY THE IDIOT POLITICIANS get rid of their benefits etc. Because they're not doing their jobs so why should they get paid? If two people got a job at the same building and did nothing but bicker like 2 year olds all the time they would get fired very quickly

    July 31, 2011 at 11:25 pm | Report abuse |
  3. Unemployed

    .........

    July 31, 2011 at 11:47 pm | Report abuse |
  4. Utopia

    Good luck with not paying them. They control how they get paid. Lol The only way to hit them would be for everyone to stop working or paying taxes. You're right though. Anyone in a normal job would be fired for performing this way.

    July 31, 2011 at 11:55 pm | Report abuse |
  5. harold

    Obama's been had again! So much for a "balnced" resolution to the debt ceiling problem which would have spread the cost of government around. The Republicans just want to protect the wealthy who fund their election campaigns.

    While Republicasns talk "job creation," what do they think the result of cutting government spending will do to jobs?

    August 1, 2011 at 1:04 am | Report abuse |
    • Me

      @harold: Looks like you've been had. You still believe in the myth that Democrats aren't rich. You also believe that no Democrat gets campaign financing from corporations. If Obama cared about the working man then why hasn't he done things to end outsourcing, or tried to push tax hikes for companies that try and escape their financial responsibility to the country they live and play in? The proof is in the actions and not the rhetoric. Why hasn't Obama tried to stop drugs from entering the country which plagues the inner city and has had a detrimental effect on the black community? He's said and done some good things in my opinion, but he hasn't gone after the causes of why we are in such a mess.

      August 1, 2011 at 9:24 am | Report abuse |
  6. Joey Isotta-Fraschini

    NOT MY POSTS:
    9:04 PM
    9:48 PM
    I detest communism, and my troll knows it.
    However, I am always flattered when he highjacks me. I must be doing something right.
    BTW, what ever happened to Ersatz Ellis from Panama?
    Did he fall into himself?

    August 1, 2011 at 6:13 am | Report abuse |
  7. Mmmmm

    Same ole govt record playing: instead of whipping and regulating the banks you continue to whipped the people...!

    August 1, 2011 at 7:07 am | Report abuse |
  8. CSnSC

    Morning JIF, we know when youre beeing hi-jacked. Wondered about about 'a man a plan' also.

    August 1, 2011 at 7:19 am | Report abuse |
  9. Joey Isotta-Fraschini

    @ CSnSC:
    Good morning.
    "A man a plan?"
    Was I highjacked as saying that?
    I think I grasp it's insinuation.

    August 1, 2011 at 7:55 am | Report abuse |
  10. Joey Isotta-Fraschini

    NO!
    "Its!" Not "it's!"
    I NEVER make mistakes.
    Typo. Typo. Typo.

    August 1, 2011 at 7:57 am | Report abuse |
  11. Joey Isotta-Fraschini

    I'm basically on vacation now–all of August, except to keep some pupils going because they have careers and have to prepare for engagements next season.
    I'm doing Nothing today. Nothing.
    It's relief time.

    August 1, 2011 at 8:02 am | Report abuse |
  12. charles697us

    It is a wake up call for all of us.Store food because prices are going through the ceiling.Rice, wheat,and sugar.These are worldwide and nobody is thinking

    August 1, 2011 at 11:18 am | Report abuse |
  13. CSnSC

    @JIF, thats part of a famous palindrome. About Panama.

    August 1, 2011 at 11:49 am | Report abuse |
  14. Jimmy wilson

    My suggestion to both houses those that oppose the debt increase. Cut off their money and health care for their remaining term. See how they feel. No debt celing raise means no pay to those who oppose. Won't have money to pay themselfs.

    August 1, 2011 at 2:50 pm | Report abuse |
  15. JF

    The government or to say " Rich People " think the only life to care about, is people with much money. The government
    and " Rich People " are one and the same. So if the government really want to do sometime about poor people, why
    not change the laws on what people can do if they feel that their life is not a quality life. And they should be free to
    see what is next. If we are really free, we should be free to see if the next life is better. Rich people need so very much,
    but want other people to be happy with very little.

    Atlanta, Ga.

    August 1, 2011 at 6:54 pm | Report abuse |
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