Obama On Jobs Report: 'We Still Have A Long Way To Go'

Obama is plenty tough when he wants to be.

 Obama Threatens Veto – Of Any Debt Limit Deal Under $2 Trillion

Because we have a governing elite that doesn’t understand basic economic theory, the horrific jobs report will probably not change the mindset of the next 72 hours, which is to cement a deal to massively reduce the deficit, mostly through cutting spending. The White House has convinced themselves that this would increase confidence from the business community and lead to hiring. In fact, the President is so convinced this is a good idea that he, not the Republican­s, is using the debt limit as a hostage. He threatened to veto any solution that didn’t equal at least $2 trillion-p­lus in deficit reduction.

In his meeting with congressio­nal leaders today, President Obama said he would veto any deficit reduction bill that doesn’t raise the debt ceiling until after the November 2012 election, sources tell ABC News.


The president argued that this was a time to think big, sources said, and House Speaker John Boehner, R-Ohio, agreed. Though how to get there is another matter.

Obama presented three solutions to Congressio­nal leaders yesterday, and then said he’d veto one of them. The other two were a medium-ter­m solution of $2 trillion, along the lines of the Biden talks, and a “think big” solution of $4 trillion. There’s no reason that the increase in the debt limit has to be tied to deficit reduction – you can hardly think of an example of that from the past – but that was the clear message from the President. “Think big,” he told the assembled. And most of the Congressio­nal leaders agreed with him; the only dissenters­, apparently­, were Eric Cantor and Jon Kyl, who worked on the medium-siz­ed solution in the Biden talks.

Read the Article at HuffingtonPost