WASHINGTON — President Obama warned Wednesday about "unpredictable" cuts in federal programs if Congress fails to raise the nation's $14.3 trillion debt limit by Aug. 2. He challenged lawmakers to "do their job."See also, National Journal, "Obama: It's Kids Versus Corporate Jets on Debt-Ceiling Talks," and New York Times, "Obama: Republican Leaders Must Bend on Taxes" (via Memeorandum).
In a news conference notable for its defiant tone, Obama defended both his leadership on the issue and his insistence that tax increases be included among the trillions of dollars all sides want to cut from future deficits while raising the debt ceiling.
The Republican leaders' position that as much as $4 trillion should be cut from spending alone, without any tax changes for the wealthy or profitable companies, isn't "sustainable" in bipartisan talks, Obama said.
"This is a jobs issue. This is not an abstraction," he said of the Aug. 2 deadline, which the Treasury Department has said could change by a few days. "The consequences for the U.S. economy will be significant and unpredictable. We don't know how capital markets will react."
VIDEO: President Obama News Conference Addresses Debt Ceiling and Taxes
At Los Angeles Times, "Obama challenges GOP on tax breaks at press conference." And at USA Today, "Obama challenges Congress on taxes, debt limit":