During a speech at the White House today, President Obama stated that there had been progress on the deficit limit but that there was still work to be done.
The President is still working for tax increases on big business, oil and gas companies and Americans making over $250,000 annually.
We as average Americans know damn well that any tax increase on the big business folks will be passed through to us and we will be left paying the tax as prices will increase once again unless a guideline is written in to the tax laws. I wouldn't hold my breath waiting for such a guideline.
House Speaker John Boehner still stands opposed to the tax increase proposed by the President.
The deadline of August 2nd is just around the corner and we can expect the pace of the debt limit debate to increase rapidly as President Obama will want this to be a closed issue for the upcoming election cycle.
Read the full Wall Street Journal story here Obama Calls for Debt-Limit Summit
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