Obama Addresses Deficit Problem; Says We Need Savings 'In The Trillions'

President Barack Obama held a press conference at the White House today to discuss the current debt situation. According to CNN, Treasury Department officials have warned that the federal government's current $14.3 trillion debt ceiling has to be raised by August 2 in order to avoid a potential default.

News that Obama may include reductions in popular entitlement programs such as Social Security and Medicare in a deal he is seeking for between $3 trillion and $4 trillion in deficit cuts over the next decade has not set well amongst liberal House members, and they're getting out there and taking action. House Democrats said this morning that they are collecting signatures for a letter to Obama opposing any cuts in Social Security, Medicare, or Medicaid. The members warned that they would oppose any deal that cuts entitlement programs or fails to raise taxes on the wealthy.

Obama and Boehner believe they can each gain politically from making an attempt to cut a grand deal, even if rejected, as the public would see they tried to actually make moves to solving the problem. If it is rejected however, the two can fall back on a $2.4 trillion deal put forth before the talks collapsed. — Keenan Higgins

Check the video below for more of what Obama had to say & read up on it more by checking out CNN Politics