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Obama On Credit Downgrade: Problem Isn’t ‘Lack Of Policy’ But ‘Lack Of Political Will’

President Obama addressed the weekend downgrade of US credit standing by S&P today from the White House, and focused on opportunities presented by the wake-up call. The president did not mention the Tea Party by name (which he never really does), but he did call out those who refused to put what’s best for the country ahead of party or ideology. Many inside the beltway, and elsewhere, see this as the Tea Party’s role in the recent debt crisis, which ostensibly led to the credit downgrade.

The President addressed the political inflexibility by first citing the “grand bargain” compromises with which he and Rep. John Boehner had agreed upon, adding “It’s not a lack of plans or policy that’s the problem here. its a lack of political will in Washington, it’s the insistence in drawing lines in the sand, a refusal to put what’s best for the country ahead of self interest, or party, or ideology. That’s what we need to change.”

Obama then mentioned two specific items for the “super committee” of 12 members of congress to consider for the November recommendation, namely a reconsideration of Medicare, and tax reform that would lead to a more “balanced” tax burden, or in other words, an end to the Bush Tax Cuts that has long been the suicide pill for all negotiations between the administration and the GOP to date.

Watch the video below, courtesy of CNN:

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