Obama to Cabinet: Cut $100M From Budgets

President says budget talks will continue 'every day'

(NEWSER) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "all the leaders" agree that we absolutely cannot fail to raise the debt ceiling and thus "allow the US government to default." He also confirmed he is still looking for "the largest possible deal," and that he appreciates John Boehner's "good-faith efforts on that front." Obama also noted that nobody is talking about increasing taxes right now. More»

(NEWSER) - President Obama said today proposed budget cuts are “not a criticism of” federal workers. Still, they take a toll, from defense to education. The Washington Post takes a look at what’s being trimmed:

• Anthrax vaccine research: The administration says the goals of the program have been met, and its cancellation will save $8 million.
• Cotton storage: The government will save $570 million in payments to growers waiting for higher prices.

Federal spending is rising at slowest rate since '50s, report finds

(NEWSER) - Republicans are trying to fool the country into believing that they are the party of fiscal responsibility, President Obama told a fundraiser yesterday. "I’m running to pay down our debt in a way that’s balanced and responsible. After inheriting a $1 trillion deficit, I signed $2 trillion of spending cuts into law,” he told donors in Denver. "My opponent won’t admit it, but it’s starting to appear in places, like real liberal outlets, like the Wall Street Journal," he quipped. "Since I’ve been president, federal spending has risen at the lowest pace in nearly 60 years. Think about that.” More»

...even though 'this may bring my presidency down'

(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."

Ends Bush tax cuts, adds public health care option

(NEWSER) - As the budget debate continues, the House Progressive Caucus has released a plan of its own—and it's all about taxes. Their proposal would end the Bush tax cuts, add new tax brackets for millionaires, and raise corporate taxes. It would also add a public option to health care and boost Medicare’s drug-price negotiating power—and it would allow for $1.4 trillion in new investments. The plan, House progressives say, would cut the deficit more than either President Obama’s or Paul Ryan’s over the next decade. More»