President Obama made a press statement July 5 explaining his position on the budget and the debt limit increase, but that statement needs to be translated into what he really means. So here's my best effort to interpret Obama's words from that press conference:
Obama: Now, I’ve heard reports that there may be some in Congress who want to do just enough to make sure that America avoids defaulting on our debt in the short term, but then wants to kick the can down the road when it comes to solving the larger problem of our deficit.
Obama interpreted: Here, by "the larger problem of our deficit," Obama means that Congress is thinking about passing only a one-year increase of the national debt, or shorter, and not the unlimited increase Obama demands that would take the nation to beyond the next election in 2012. That's what he means by kicking the can down the road: another pesky congressional vote before the 2012 general election.
Click here to read the entire article.