The president and Democrats want to increase spending beyond the agreed-upon caps of the 2011 budget sequester, while most Republicans want to lift only military spending while making further cuts on the domestic side.
“Congress has to do its job”, he said.
Last night, President Obama signed a bill that prevents the government from shutting down-at least until December 11. “Unfortunately, that gimmick only sets up another shutdown threat two weeks before Christmas”.
President Obama is pressing lawmakers to raise the federal debt ceiling and says he won’t be drawn into negotiations.
The president also called on Congress to end sequestration spending cuts in any budget it sends to his desk.
Congressional leaders and the White House have started broader talks to work on a longer-term budget deal.
“We’re not going back there”, he said, adding: “Historically, we do not mess with it. If it gets messed with, it would have profound implications for the global economy and could put our financial system in the kind of tailspin that we saw back in 2007 and 2008….”
Obama said he would not indulge Republicans who aim to win concessions in exchange for raising the debt limit.
Mr. Obama said the transition is certain to complicate coming budget negotiations. “It has to get done in the next five weeks”.
Treasury Secretary Jacob Lew informed Congress on Thursday that it needs to act by November 5, earlier than most on Capitol Hill had thought.
The former ambassador to the United Nations made no secret of his disdain for the Iran nuclear deal.
Republican Rep. Jason Chaffetz of Utah plans to run for House speaker in a surprise longshot challenge to House Majority Leader Kevin McCarthy, three Republican aides said Friday, injecting new turmoil into an unsettled…