Obama to meet lawmakers before deficit speech

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President Barack Obama speaks about his meeting with U.S. House Speaker John Boehner (R-OH) and Senate Majority leader Harry Reid (D-NV) to break the impasse over the budget in Washington April 7, 2011. REUTERS/Jim Young

President Barack Obama speaks about his meeting with U.S. House Speaker John Boehner (R-OH) and Senate Majority leader Harry Reid (D-NV) to break the impasse over the budget in Washington April 7, 2011.

Credit: Reuters/Jim Young

WASHINGTON | Tue Apr 12, 2011 3:42pm EDT

WASHINGTON (Reuters) - President Barack Obama will meet congressional lawmakers on Wednesday before delivering a major speech laying out his vision to reduce the long-term budget deficit, the White House said.

The meeting is set for 10:40 a.m. (1440 GMT) and leaders from both parties and both chambers of Congress are invited.

Obama's speech is scheduled for 1:30 p.m. (1730 GMT) at George Washington University in Washington. The president is expected to call for a balanced approach to tackling the deficit and rising debt -- a vision vastly different from the Republican plan the White House claims favors the rich at the expense of poor and elderly Americans.

Republicans congressional leaders invited to the White House include House of Representatives Speaker John Boehner and No. 2 House Republican Eric Cantor, as well as Senate Minority Leader Mitch McConnell and Senator Jon Kyl.

Congressional Democrats include House Minority Leader Nancy Pelosi, No. 2 House Democrat Steny Hoyer, Senate Majority Leader Harry Reid and Senator Richard Durbin.

(Reporting by Alister Bull; editing by Philip Barbara)
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Barack Obama
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Comments (10)
justuhvoter wrote:
Balanced approach?? The fact that there is a deficit indicates that there is NO balance — something no president since WWII has seemed to understand. The USA government this year alone is spending $1.4 TRILLION more than it is receiving in revenue. Where does that money come from? — Its borrowed and added to national debt.

Even Democrat US treasury secretary Timothy Geithner stated to the International Monetary Fund in January that quote, “There is a much greater recognition across the US political system that OUR FISCAL POSITION IS UNSUSTAINABLE in the long-run”. Interesting how that wasnt carried in American media. Source: http://www.bbc.co.uk/news/business-13050017

Balanced approach? The only balance which counts is a balanced budget which will pay off the deficit. At $14.1 TRILLION dollars in debt, 50% of all tax money is going to pay debt interest instead of improving education, health care, social programs and rebuilding industry. Balance? — that is more like a recipe for American economic collapse.

Apr 12, 2011 2:51pm EDT  --  Report as abuse
Thomas269 wrote:
The budget cannot be balanced by cuts alone, even if programs are eliminated, and it is not clear that the Tea Party has a mandate to eliminate any particular program. Until tax increases are put on the table, it is all posturing.

Apr 12, 2011 2:57pm EDT  --  Report as abuse
oldhiggy wrote:
The biggest problem with eliminating tax breaks for “wealthier Americans” is the threshold for being wealthy. The last time Washington defined as about $65k. Isn’t that middle class???

Apr 12, 2011 2:57pm EDT  --  Report as abuse
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