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Obama: Debt Ceiling Fight Should Not Be A "Gun Used At The Heads Of The American People To Extract Tax Breaks For Corporate Jet Owners"

"Never in our history has the United States defaulted on its debt," President Obama said Wednesday during his Twitter town hall. "The debt ceiling should not be something that is used as a gun against the heads of the American people to extract tax breaks for corporate jet owners or oil and gas companies that are making billions of dollars because the price of gasoline has gone up so high. I mean, I'm happy to have those debates. I think the American people are on my side on this.

"What we need to do is to have a balanced approach where everything's on the table. We need to reduce corporate loopholes, we need to reduce discretionary spending on programs that aren't working, we need to reduce defense spending. We need to look at entitlements, and we have to say, 'How do we protect and preserve Medicare and Social Security for, not just this generation, but also future generations?' And that's going to require some modifications even as we maintain its basic structure.

"So, what I'm hoping to see over the next couple of weeks is people put their dogmas aside, their sacred cows aside, they come together and they say, 'Here's a sensible approach that reduces our deficit, makes sure that government's spending within its means but also continues to make investments in education and clean energy and basic research that are going to preserve our competitive advantage going forward."

**YESTERDAY: Obama On Debt Talks: "Leave Political Rhetoric At The Door"

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