Debt showdown continues

Tuesday, July 12, 2011 - 8:42am

WASHINGTON, D.C (FOX44) - "This is the same shot you got yesterday except we're wearing ties today,” said the President pointing out we've been here before and those close to the talks say little but the dress code is changing.

The two sides still far apart on spending cuts and taxes.

"I'm prepared to take on significant heat from my party to get something done and I expect the other side should be willing to do the same thing," said President Obama.

The President says he'll put the Democrats so called sacred cows like Social Security and Medicare on the table, but insists Republicans need to be open to tax changes that would go into effect in 2013.

House Speaker John Boehner said, "No tax increases ever on the table. There was never any agreement to allow tax rates to go up in any discussions I've ever had with the White House, not one."

But Republicans still can't find agreement on the two and a half trillion in deficit reduction they want, to allow the government to pay its bills through 2012.

The one thing the sides do agree on? That something needs to be done soon.

President Obama said, "It's not going to get easier it's going to get harder so we might as well do it now, pull of the band aid. Eat our peas."



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