President Obama summoned the top four congressional leaders to the White House on Saturday morning, July 23, 2011. The night before, House Speaker John A. Boehner had withdrawn from negotiations to raise the $14 trillion federal debt limit and save the government from a catastrophic default. “Nobody wanted to be there,” Boehner later recalled. “The president’s still pissed.”
They had about 10 days left before the government would run out of money. Given the global importance of U.S. Treasury securities, failing to extend the debt limit could trigger a worldwide economic meltdown.
Boehner said he believed that he and the others — Senate Minority Leader Mitch McConnell, Senate Majority Leader Harry M. Reid and House Minority Leader Nancy Pelosi — had a plan. He told Obama: We think we can work this out. Give us a little more time. We’ll come back to you. We are not going to negotiate this with you.
Obama objected, saying that he couldn’t be left out of the process. “I’ve got to sign this bill,” he reminded the leaders as they sat in the Cabinet Room off the Oval Office.
“Mr. President,” Boehner challenged, “as I read the Constitution, the Congress writes the laws. You get to decide if you want to sign them.”
Reid, the most powerful Democrat on Capitol Hill, spoke up. The congressional leaders want to speak privately, he said. Give us some time.
This was it. Congress was taking over. The leaders were asking the president to leave the meeting he had called in the White House.
Fine, Obama said. Talk. Knock yourselves out. There is no pride of authorship here, just do it — if you can.
How did it feel, I asked the president in an interview on July 11, 2012, to be voted off the island in his own house?
“I’m not concerned about protocol,” he said. His concern was “an end run around the White House.”
Before the meeting, without telling Obama, the four leaders had tentatively agreed on the framework of a deal. The congressional plan guaranteed that the debt limit would have to be revisited during the 2012 presidential campaign, and Obama was insisting that any agreement would have to take the country through the election....
Obama never had to confront the veto question. A few days later, House Republicans dropped their insistence on the two-step plan. The final plan accepted a debt limit increase that would take the country through the 2012 presidential contest. It also postponed $2.4 trillion in spending cuts until early 2013.
The long-term deficit crisis had not been solved, but merely put off, leaving the United States at the edge of the fiscal cliff, where it remains today.
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