Day: July 26, 2011

President Obama Addresses the Nation on Dangers of Default

Posted on by Bobby Broadway

Pres Obama addressed the nation Monday night but he really didn’t say anything new; well he did ask Americans to call their congressmen/women and let them know they support compromise and a balanced approach of reducing the deficit.

Obama once again stated his desire for a compromise between Democrats and Republicans; a compromise would include both sides giving in on long-standing beliefs.  Those beliefs being….

  1. Democrats – Cuts to entitlement programs; Social Security, Medicare and Medicaid
  2. Republicans – Raising taxes to increase revenues

The president believes you cannot truly reduce the deficit by simply reducing spending; he is of the opinion that reduction in spending will only hurt growth in the economy and set the country on the track for a double-dip recession.  Obama seem somewhat serious about a long-tern solution that will not only raise the debt ceiling through 2012 but it will also significantly reduce the deficit.

In his address to the people Obama described the stalemate and clearly pointed out that it was a select ‘Significant’ group on the Republican side that seemed to be holding up any deal that would raise the debt ceiling.  President Obama even went as far as invoking the words of former President Ronald Reagan (who raised the debt ceiling 18 times).

The next couple of days will be very interesting as Republicans seem hell-bent on the president failing and the Democrats will continue to fight any cuts to entitlements, many believe the Obama will fold and give into Republicans.  But is it really folding when so much is on the line?

As President Obama stated,

“The American people may have voted for divided government, but they didn’t vote for dysfunctional government…”

RAISE THE DEBT CEILING!!!

By the way it seems like the American were listening to the president when he said people should contact their congressional representatives; shortly after his address it was reported that the websites of congressional sites were down.

As always….

If there is something to be said, “It’s On Broadway” to step up and say it!!