After staying on the edge of the negotiations on budget cuts and a debt limit increase, President Obama moves into the middle of those talks today, as he meets separately with leaders of both parties in the Senate.
The meetings come after leading Republicans walked away from talks led by Vice President Biden last week, refusing to knuckle under to demands by Democrats to include tax increases in any debt limit deal.
"“It is my hope that the President requested this meeting in order to finally explain what it is that he’s prepared to do to solve our nation’s fiscal crisis," said Senate Republican Leader Mitch McConnell, who will meet with the President on Monday afternoon.
"He’s requested an increase in the debt ceiling, but hasn’t yet explained to the American people what, other than tax hikes, he’s prepared to do about the massive deficits we’ve seen during his administration," McConnell added, as Republicans keep hammering on that tax hike issue.
"The American people will not accept an increase in the debt limit that is accompanied by job-crushing tax hikes and fails to dramatically cut and reform government spending," said Speaker John Boehner.
Democrats and the White House meanwhile were trying to cast the GOP as beholden to Wall Street and Big Oil Fat Cats, intent on squeezing the poor and elderly for every nickel they've got.
"We won’t support an approach that gives millionaires and billionaires $200,000 in tax cuts annually while 33 seniors pay for that with a $6,000 per person increase in their Medicare costs," said White House Press Secretary Jay Carney.
"We just don’t believe that that’s a fair or balanced approach to solving this problem."
One interesting part of the debate was the leak by Democrats of some of their tax plans, as they try to argue that the GOP is intent on protecting the rich.
- Democrats would end subsidies for the oil and gas industry
- Those making over $500,000/year would have deductions limited
- Corporate jets would see a faster depreciation formula
