Putting Americans Back to Work: President Obama Speaks on the Debt Compromise

This afternoon, Congress approved a compromise to reduce the deficit and avert a default that would have devastated the economy. Speaking from the Rose Garden,  President Obama thanked the American people for reaching out to their elected officials during the debate, and stressed that this compromise guarantees more than $2 trillion in deficit reduction, and will ensure that as a nation we live within our means, while still making key investments in things that lead to new jobs, like education and research.

The President noted that this is just the first step, and that both parties must work together on a larger plan for the long-term health of our economy:

And since you can’t close the deficit with just spending cuts, we’ll need a balanced approach where everything is on the table.  Yes, that means making some adjustments to protect health care programs like Medicare so they’re there for future generations. It also means reforming our tax code so that the wealthiest Americans and biggest corporations pay their fair share. And it means getting rid of taxpayer subsidies to oil and gas companies, and tax loopholes that help billionaires pay a lower tax rate than teachers and nurses. 

I’ve said it before; I will say it again: We can’t balance the budget on the backs of the very people who have borne the biggest brunt of this recession.  We can’t make it tougher for young people to go to college, or ask seniors to pay more for health care, or ask scientists to give up on promising medical research because we couldn’t close a tax shelter for the most fortunate among us.  Everyone is going to have to chip in.  It’s only fair.  That’s the principle I’ll be fighting for during the next phase of this process.   

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Source: http://www.whitehouse.gov/blog/2011/08/02/putting-americans-back-work-president-obama-speaks-debt-compromise

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New Mexico mayor was drunk when he signed deal

ALBUQUERQUE, N.M. ? Sunland Park, N.M., Mayor Martin Resendiz says he was drunk when he signed nine contracts with a California company that is now suing the city for $1 million.

The Albuquerque Journal reports Thursday that Resendiz acknowledged during a deposition that he had been drinking for several hours with executives of the architectural design firm Synthesis and didn?t know what he was signing.

The lawsuit claims the company is owed $1 million for work performed under the contracts. The city contends the contracts were not valid because they weren?t approved by the City Council.

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Source: http://feeds.washingtonpost.com/click.phdo?i=060c1fb11b48311c2fc8a84f928eb1b3

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Message from the President to the U.S. Congress

Release Time: 
For Immediate Release

TO THE CONGRESS OF THE UNITED STATES:

Pursuant to section 3101A(a)(1)(A) of title 31, United States Code, I hereby certify that the debt subject to limit is within $100,000,000,000 of the limit in 31 U.S.C. 3101(b) and that further borrowing is required to meet existing commitments.

BARACK OBAMA

THE WHITE HOUSE,
August 2, 2011.

Source: http://www.whitehouse.gov/the-press-office/2011/08/02/message-president-us-congress

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Wu notifies governor, speaker of resignation (AP)

FILE - In this March 7, 2011 file photo, Rep. David Wu, D-Ore. speaks in Hillsboro, Ore. Wu has notified state and federal authorities that his resignation will be effective at the end of the day Wednesday, Aug. 3, 2011, making him the fourth member of Congress to resign this year in the wake of a sex scandal.  (AP Photo/Don Ryan, File)AP - Democratic Rep. David Wu of Oregon resigned his seat late Wednesday, making him the fourth member of Congress to quit this year in the wake of a sex scandal.


Source: http://us.rd.yahoo.com/dailynews/rss/uscongress/*http://news.yahoo.com/s/ap/20110804/ap_on_go_co/us_wu_resignation

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