Obama on Debt Talks: 'I Will Not Yield'
...even though 'this may bring my presidency down'
By Evann Gastaldo,  Newser Staff
Posted Jul 14, 2011 7:51 AM CDT
Updated Jul 14, 2011 7:59 AM CDT
President Barack Obama meets with Congressional leaders regarding the debt ceiling, Wednesday, July 13, 2011, in the Cabinet Room at the White House in Washington.   (AP Photo/Charles Dharapak)
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(Newser) – We already knew last night's debt talks did not go well—but not only did President Obama leave "abruptly," he really put his foot down, Talking Points Memo reports: "I have reached the point where I say enough," he said, according to those present. "Would Ronald Reagan be sitting here? I've reached my limit. This may bring my presidency down, but I will not yield on this." More of the latest developments:

  • Obama reportedly gave both sides a deadline to determine whether they will seek long-term spending cuts or a short-term solution: tomorrow. His reason for leaving last night, at least according to one Democrat? Eric Cantor interrupted his closing remarks to push, for the third time, a short-term extension of the Aug. 2 deadline. Obama's response? "See you guys tomorrow."

  • Cantor also clashed with Mitch McConnell yesterday, rejecting his plan and insisting that deep federal spending cuts must still be pursued, the Washington Post reports. Meanwhile, Harry Reid is working with McConnell to pair said proposal with $1.5 trillion or more in spending cuts.
  • Speaking of tiffs, the president isn't too happy with the White House press corps, either. Obama apparently doesn't like the traditional practice of having questions shouted at him during "pooled, non-press conference events," Politico reports. The West Wing ruffled feathers by excluding TV and print reporters from the pool covering last night's meeting. Jay Carney noted that "the purpose of the meeting is not to create a circus," leading several irked reporters to accuse Carney of "punishing us."
Before yesterday's blow-up, Obama reportedly offered a package of $1.7 trillion in spending cuts and said he would go higher if revenue increases were accepted. Talks will continue today.
 

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