Obama Works Court Of Public Opinion On Debt Fight

By Kenneth R. Bazinet

It is back to the bully pulpit today for President Obama, who will try to one-up Republicans in their face-off over lifting the federal debt limit before an early August deadline.

Obama and the Democrats are insisting that slashing the federal budget to the tune of at least $1 trillion is not enough to begin to corral the more than $14.3 trillion debt.

Obama wants to open a revenue stream, preferably by closing tax loopholes for hugely profitable corporations like the oil and gas industries that are banking billions in profits while Americans get squeezed at the gas pump.

Another cost-cutting idea being floated is raising the age for Medicare eligibility from 65 to 67. There also has been discussion of making the super-rich pay for their own health care costs.

Stubborn GOP lawmakers say tax increases of any kind are a non-starter, but Obama will try to make his case at a White House news conference later this morning.  

Read more from Kenneth R. Bazinet at The Baz File