Skip to comments.GOP readies new debt ceiling plan; bill set for Sunday
Posted on 07/23/2011 9:42:37 PM PDT by STARWISE
House Republicans are finishing work on a new proposal to resolve the standoff over the debt ceiling. The proposal, set to be finished and crafted into the form of a bill by Sunday, will be in two parts. The first will combine a short-term increase in the debt ceiling with spending cuts.
The second will lay the groundwork for a longer-term increase in the debt ceiling coupled with far-reaching deficit reduction.
"Senator Reid said on Friday that he is going to wait for us to move," says a well-informed GOP House aide. "So we'll move." Another well-informed aide confirmed the basic outline of what's happening.
Staff of the House Rules Committee is involved in the work, which is an indication that the process is nearing completion.
Before any bill can be considered on the House floor, the Rules Committee must first pass a rule setting out the process for its consideration. Once the proposal is finished, it would likely be posted on the Rules Committee website, probably no later than Monday, so the committee could meet to consider it on Tuesday and it could be on the House floor by Wednesday.
Work on the new proposal was underway before negotiations with the White House blew up on Friday. Sources say the plan was being created last week, even as the House leadership devoted considerable time to passing the "Cut, Cap, and Balance" proposal.
Once the Senate Democratic leadership blocked "Cut, Cap, and Balance," House leaders stepped up work on the new proposal. Right now, the new direction is believed to be the only way forward. "McConnell-Reid is just not a viable option in the House," the aide says, referring to Senate Minority Leader Mitch McConnell's complicated proposal to allow the president to increase the debt ceiling.
In a 2 p.m. Saturday conference call with Republicans, House Speaker John Boehner said that a new proposal was in the works, and that it would have two parts, but did not go into significant detail about what it would involve.
Boehner told his fellow GOP lawmakers that he hoped to have something done by 4 p.m. Eastern Time on Sunday in time to reassure Asian financial markets, which open at that time.
It's unclear whether the new proposal would have any Democratic support.
After a meeting between Boehner, McConnell, Reid, and House Minority Leader Nancy Pelosi, Reid released a statement saying, "I have said repeatedly
that I will not support any agreement that fails to raise the debt ceiling though the end of 2012." Asked about possible Democratic support, another Republican aide said flatly: "I don't know."
I'm assuming this would go to the House first and then the Senate?
God save America.
Boehner will be on Fox News Sunday in the am.
raising the cap, means borrowing trillions more dollars. which must be paid back with interest.
the “cuts 4 trillion over the next 10 years” nonsense,
doesn’t even take care of the extra interest payments.
the cap should NOT be raised, unless the cuts are monumental. like returning to the 2001 budget, which was about half of now.
Thanks, BSF .. wonder if the racial, entitlement, radical, thugs will vote it down in the senate.
By evening, the outlines of a two-stage strategy were emerging. First, lawmakers would vote on a package to cut agency spending by as much as $1 trillion over the next decade and raise the debt limit, currently set at $14.3 trillion, by the same amount. That would give Geithner enough borrowing authority to cover the nation’s bills through this year.
Then Congress would go to work to produce as much as $3 trillion in additional savings through an overhaul of the tax code and major changes to Social Security and Medicare.
Sure doesn’t sound like we’re holding anyone’s feet much to the fire, but bozo has to sign whatever is passed, or else, even if it’s not thru the election ... which is his only agenda.
The Senate voting it down is a given. The Democrats and some Republicans have put themselves above country.
They'll squander $400 billion in a day at the drop of a hat. In fact they did worse than that by passing Obamacare.
This time, I don’t see Republicans being the obstacle. GOP gang of six etc will likely vote for this as they voted for CC&B. It is the Senate Dems that will stop it, if it is stopped.
Senator Reid said on Friday that he is going to wait for us to move,”
I may be in a minority, but I think things have shifted due to Obama’s bizarre TV appearance the other night. Reid is nervous, because with Obama proclaiming doom, the Republicans will be able to say “This is YET ANOTHER plan we’ve come up with, and Obama and Reid have said ‘no’ again!’
The Democrats are becoming The Party of No.
Smell the multi-stage debt ceiling hikes and tax hikes, yet?
This short on details plan almost certainly sucks!
My concerns include:
W. T. F. !!! Who gives a crap about Asian financial markets? Sounds like Geithner is trying to scare his ass, just as that douchebag Pauslon did over TARP.
How about eliminating Obamacare as part of the package?
Wah, Wah, Wah!
It was the best deal we could realistically get.
We’ll have to work on this in the coming years.
It’s not a fix that can be done over night or in one single event.
Where’s my Memosa?
Boehner needs to also bring up a bill that says interest on the debt, Social Security, Medicare, and military pay and benefits SHALL be paid in full from current income and if there is any money left over other expenditures shall be funded proportionateley. He needs to pass it and send it to the Senate before sending any plan to raise the debt limit.
Let the Democrats vote against paying Social Security and Medicare if they dare. Let president Flapper veto it.
It's clear through all this we do have a lot more Rino’s to dump in 2012. Any doubt that no matter who gets elected these same Rino’s that have been there far too long with try to derail any substantive changes? No doubt here...
Lets just start with the gaggle of six and then target the other pubs. We need to clean our own house first.
How about eliminating Obamacare as part of the package?
The Republican establishment doesn’t want to eliminate it. They want it as an issue in 2012.
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