Obama Adopts GOP Agenda, Offers Deep Cuts in Social Safety Net Programs to Get Debt Ceiling Budget Deal
Interview with Richard Eskow, senior fellow with Campaign for America's Future, conducted by Scott Harris
With the clock ticking toward an Aug. 2 deadline to raise the current .3 trillion U.S. debt ceiling, White House and congressional negotiators have yet to come up with a deal to avert what most economists agree would be a disaster for the American and world economy. Last week, President Obama and GOP Speaker of the House John Boehner, reached an impasse on a deal they were negotiating behind closed doors that would have reduced the federal debt by trillion over ten years. Although Obama had agreed to make substantial cuts to social safety net programs, such as Medicare, Medicaid and Social Security, Boehner was unable to get support from his House Republican caucus to end tax breaks for the wealthy and take away tax subsidies from profitable big businesses, including the oil industry.