Skip to comments.Republicans Mulling Short Extension of Debt Cap (They're wimping out alert)
Posted on 06/10/2011 4:29:58 AM PDT by Zakeet
As the deadline for raising the $14.3 trillion debt ceiling approaches, House Republicans are discussing a temporary extension of the cap so the country can avoid default and they can continue to negotiate large spending cuts with the White House, the FOX Business Network has learned.
The discussions among key Republican staffers are by no means written in stone, according to people with knowledge of the matter.
But they do reflect the tightrope Republicans must walk if they dont reach an agreement with the Obama Administration. Treasury Secretary Tim Geithner has said that if the ceiling isnt raised by August the country would effectively run out of money and wont be able to pay back bond holders.
Staffers concede that even a hint that the country could default on its debt could severely rattle the markets, causing not just stocks to plummet, but also make it difficult for private businesses to float bonds such as commercial paper that finance short-term spending needs such as payroll. But Republicans also want to force the administration to make deep spending cuts that could put a dent in the countrys massive debt load.
One possible solution is a temporary raising of the cap; one house staffer told FOX Business that a 48-hour or 72-hour extension has been discussed as a way to keep negotiating and to keep pressure on the White House to make large-scale spending cuts.
This would be a temporary move pending a massive agreement by both sides, said one staffer who spoke on the condition of anonymity.
The notion of a temporary extension indicates just how worried Republicans are becoming about the possibility that playing hard ball with the White House over the debt cap could weaken an already weak economy.
(Excerpt) Read more at foxbusiness.com ...
... and we solemnly pledge that if we are elected, any failure to cut spending will be a temporary move pending a massive agreement by both sides
They are not wimping out. Please read the article. The short term raise in the debt ceiling would only happen if there are spending cuts. I am so sick of people passing judgement based on a headline.
They are wimping out. How about no raise in the debt ceiling AND spending cuts?
FoxNews put the Big Lie right in the very first sentence. The truth is that the country WILL NOT DEFAULT if the debt ceiling is reached. It is a Win-Win for Conservatives. By not raising the debt ceiling, we will automatically get $1.6 trillion in spending cuts, and interest rates will no longer be tied to federal borrowing. Unfortunately, John Boehner is not a Conservative.
This is exactly how they caved on the 2011 Continuing Resolution, passing extensions until they lull everyone into complacency.
Grow some balls!
Git 'er done!!
You cowards have almost two months to get this done. Don't tell me it can't be done. Lay it on the line. Make your proposal. Force the RATS to respond.
I wonder how many Pubbies have a Weiner problem...?
Here’s a suggestion for the 0bama regime: instead of giving money to Greece for their socialists, let’s keep it and pay OUR bills!
I didn't see that in the article.
I did see that, "[An] extension has been discussed as a way to keep negotiating and to keep pressure on the White House."
In other words, an extension would happen if the Rats continue to talk about spending cuts. On the farm where I grew up, talking is by no means the same as doing, hence my remark about the Pubs wimping out.
The Pubs can BS till the cows come home, but they never, ever have the stones it takes to deliver.
“I am so sick of people passing judgement based on a headline.”
I totally agree!!
Ok... and when the dems again stonewall.. the geldings will hand them yet another “temporary extension.”
Boehner: “We have a deal.”
Who needs a headline when we can let previous experience be our guide?
How about all of them are fired and take their huge staff with them.
Idiots... everything is always “temporary.” 0bama will just get the GOP to raise the debt ceiling $1 at a time if must.
Today's note to republicanans... The German credit rating agency Feri and conscious, fiscally responsible, voting Americans are closely watching what you do.
When it is all done... you will see how wrong you are. I am praying that you are correct... but I know that they are who they are and we will get a knife in our backs... watch.
“a temporary extension of the cap”
Here we go again. I suppose because Bonehead thought it worked so well last time.
Next congress, Bonehead and Mitchie McConnell have to be replaced by vertebrates.
The sad part is that if they did nothing and we hit the debt cap, we’d have a month or two or three where we would have revenue to cover debt, interest and a lot of spending and would simply have to cut spending. It could be done. A bunch of Obama public works projects would grind to a halt but who cares? Parks would get shut down but who cares? If Americans can’t live without going to a national park for a couple months, we really are doomed.