President Obama holds press conference on federal deficit debate

07/11/11 Robert Lorei
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Good afternoon, welcome to the Last Call. I'm Rob Lorei. Earlier today President Obama held a press conference regarding the ongoing talks on the debate over whet to do about raising the federal ceiling on the debt limit. At the press conference the President acknowledged that he was considering cuts to entitlements. He also said he was not considering raising taxes immediately, that he did not want to balance the budget on the backs of the middle class and that he was in favor of renewing the payroll tax cut this year. We played a portion of what the President said.

We're joined now by Jon Walker who writes for and has been covering the debate over raising the debt ceiling.

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