Obama: Debt Ceiling Talks Fell Apart, Boehner Walked Out

Obama has signed on to cutting Social Security and Medicare:

Speaking to a half-fille­d room of reporters, the president laid out just how dramatic the cuts to the social safety would have been in the deal he was trying to give Republican­s. He said that he couldn't believe Boehner walked away from the proposal he was offering: $3.5 trillion in spending cuts over 10 years, smaller tax increases than those laid out in a bipartisan Senate plan and cuts to entitlemen­t programs, something Democrats have pushed hard against. It also didn't include revenues that Obama has insisted be in a final package, namely via closing tax loopholes and ending subsidies for the oil and gas industry.

"In other words, this was an extraordin­arily fair deal," Obama told reporters. "If it was unbalanced­, it was unbalanced in the direction of not enough revenue."

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