On Saturday President Obama made a statement on his weekly radio address in which he said “nothing can be off-limits” in the debt talks, including tax increases. According to the President, every tax break must come under scrutiny. Ironically, this comes just days after his refusal to meet with Republican leaders in discussion for working out a deal. Some things may be off limit it seems.
Republican leaders have already stated tax increases are out of the question, as cuts in spending directly solve the problem instead of supporting continued spending that can not be maintained.
Treasury Secretary Timothy Geithner has pressed Obama and lawmakers to raise the $14.3 trillion dollar debt ceiling before August 2nd to avoid the nation from defaulting and being unable to pay its debts. With both sides in their trenches, and the Senate working through the Independence Day recess, a compromise may be worked out.