Obama demands debt ceiling hike, rejects negotiating cuts with GOP | Fox News Obama argued he has already cut more than $1 trillion in federal spending but is willing to talk about more cuts, including some to Medicare, but would not make that part of the debt ceiling issue. He again suggested a potential mix of increasing taxes by closing loopholes and more spending cuts. Is that supposed to make them cave? Fuck that. If you was not so much of a damn liar, people might believe you, asshole.