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    “Don’t call my bluff,” the president said.

    “Don’t call my bluff,” the president said.

    Per ABC News, Obama stormed out of a meeting with Eric Cantor and others when Republicans suggested a short term solution to the debt ceiling dispute because the negotiations were still far apart:

    “Don’t call my bluff,” the president said. “I am not afraid to veto and I will take it to the American people.”

    If Moody’s, the credit rating agency that announced a review of U.S. credit, downgrades the United States, President Obama said, “it will be a tax increase on every American.”

    There needs to be a long-term debt extension, the president argued.

    “This may bring my presidency down, but I will not yield on this,” he said.

    Then he stood up.

    “Enough is enough,” the president insisted. “We have to be willing to compromise. It shouldn’t be about positioning and politics, and I’ll see you all tomorrow.”

    Then he left the room.

    At the press conference on Monday when Obama said that he would not agree to any short term extensions, I noted those would end up “famous last words.”

    He’s locked himself into a position from which he left himself no face-saving means of exit.

    Added:  More background on the problem, the Democrats were backtracking on promised spending cuts, via NRO:

    Cantor expressed a growing frustration over the rapidly dwindling spending cuts believed to have been agreed to in the Biden negotiations, having gone from about $2 trillion in savings to less than $1.4 trillion over the course of several days. As Rich mentioned, much of the discrepancy is the result of Democrats’ taking cuts to mandatory programs and entitlements off the table, and insisting on additional spending. Cantor said this was likely the result of significant disagreement between congressional Democrats and the president.


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    astonmartin83 | July 14, 2011 at 5:35 pm

    You fools! LOL No, the republicans are the real threat to America. We were driven into the abyss by the republicans and are just now starting to claw our way out. NOW the republicans will do anything in their power to drive us back into that abyss by not raising the debt. It was raised 7 times under the Bush Administration without a care in the world. All of a sudden a President a couple of shades darker presents you with the same idea it’s a problem? This is a clear indication that the Republican’s behavior is clearly motivated by racial tension. To witness an African American succeed in the White House seems to be a tough pill to swallow in the Republican House, but in America it just may be the cure the country needs to function as a whole. The Republican would be wise to stop watching Glenn Beck, Rush Limbaugh, and the fools who follow their political tirades.

    […] of the fedora to William Jacobson, via Wombat-Socho’s Live At […]

    YourMaster | July 15, 2011 at 7:32 am

    Bush presidency was going well the first 5 years or so
    he fixed the Clinton economy clinto left us with… (but that was with Republicans in control of congress)
    ….and then when it fell to Democrats in 2006….

    you suddenly see… the economy start to decline…
    leading up to the 2008 economic crisis.

    you should never put Democrats in charge of anything….
    Especially when it concerns the economy or economic prosperity ….Bohner should think about this….

    he should know that with a defaulting economy he would have 0bama by the balls …on these talks…. so don’t cave or give in on anything. (even if it does cost them congress…)

    ….if the country does default… or if a short term agreement is made forcing 0bama to raise taxes on the all americans… he will pay the price in 2012…
    he will pay it moreso if the economy declines at an accelerated rate at about the time of this coming election.

    also… 0bama caved on bush tax cuts….
    what makes ya think this time would be any different?

    All of the blame will fall on him if a default happens
    he’ll also be blamed for tax hikes. he’ll cave.
    he acts like it will not effect him…
    but he will cave as he don’t want to deal with another economic crisis.

    that would be that much worse for him than conservatives.
    and he would have no one he could really blame for it. (especially if he’s the one that veto’d the bill) *LOL*

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