The president of the United States of America Barack Obama is asking for the largest deal in deficit reduction which is part of his strategy to increase the debt ceiling. President Obama spoke to the press today.
The president said that he will continue to appeal to the congress to allow for the largest possible deal. He said that it is possible to shelve their political differences to put forward a package that is balancing. The president was very optimistic that the congress would pass the deal before the end of the month. He said that congress will do it and that the ball could be set rolling by 2nd of August.
President Obama and his economic team had warned of dangers that could befall the US and the global economy should the congress fail to increase the debt ceiling. The Republican Party has been opposing the move arguing that the only condition they can do that is if the government will create a deficit and debt reduction plan before they will allow the $14.3 trillion that the government is asking for debt ceiling.
While the president is seeking for a deal of $4 Trillion for a decade the Republicans are canvassing a contrary opinion. The House Speaker John Boehner had advocated a mid sized reform of $2 trillion without tax as the solution.