Budget talks have broken down. The Republicans really do seem prepared to sacrifice the country on principle — the principle that only the poor should suffer and the rich should be protected.

Republican Leader John Boehner simply lies when he said Obama wouldn’t touch “entitlement” — read essential safety net — programs. The president was willing to give plenty, too much for some Democrats. But, yes, all have to chip money into the pot, the president said, and Republicans simply aren’t willing.


Essentially what we had offered Speaker Boehner was “over a trillion dollars in cuts to discretionary spending,” Obama said. “Both domestic and defense.”

“We then offered an additional $650 billion in cuts to entitlement programs,” he added. “Medicare, Medicaid, Social Security.”

In return, Obama said he asked for $1.2 trillion in revenues, none of it coming from tax rate increases.

“It’s hard to understand why Speaker Boehner would walk away from this kind of deal,” Obama said. He asked about the Republicans: “Can they say yes to anything?”

Next up: Crashing markets as the reality of a U.S. default approaches. Kiss your retirement savings goodbye unless they are buried in the yard.