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."
Give Harry a short term extension, and let him either approve it or take responsibility for a default. He’ll cave. The 2012 demand is just political gamesmanship. His idea of a “principled stand” is one that lasts over thirty seconds.
It’s actually pretty simple. If the debt ceiling is not raised, it’s an instant balanced budget. No new borrowing, no new spending.
Doing absolutely nothing is the best plan. Call the bluff. The citizens hold all the cards.
Keep kicking that can down the road to oblivion, Dirty Harry. And keep on helping them, RINO’s.
I agree, but will go further.
This is a deliberate attempt to flirt with financial disaster in an effort to blame this on the Republicans and the Tea Party.
The Senate and the President will veto ANYTHING Boehner sends to them.
Never thought I would see anything like this.
I’m no expert on the markets, but my take is it’s just a bunch of scare tactics. I think the smart money in the market knows the U.S. will be in no worse shape financially whenever the Debt Ceiling Kubuki Dance concludes, and the U.S. will ultimately pay its obligations. Over the long term, it may pay them in highly diluted dollars, but the smart money knew that already.
If the GOP were smart, they’d ignore the markets. They go down, and then they go back up again. Chaining your principles to the short-term gyrations of the markets is not a good way to govern.
I am certainly no expert either, but I think there is a psychological component to the markets. The dems and the Zero are deliberately trying to cause a financial panic which they can blame on the repubs and especially the Tea Party. Why is this not treason?
The House does need to stand firm. But the pressures must be enormous. They know a sycophantic press will say whatever Zero tell them.
Are there no honest dems left?
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... Senate Democratic leadership blocked "Cut, Cap, and Balance," House leaders stepped up work on the new proposal... "McConnell-Reid is just not a viable option in the House,"
With Democrats, it's "Party and Power First, Country and the People Last."
The Democrats intentionally wanted us to lose wars, (Viet Nam, Iraq, Afghanistan, ...)
I firmly believe they engineered the crash of 2008: Schumer, Dodd, Frank, Durbin, Soros, etc.) - I still want to know where those trillions of money market withdrawals went on Sept 18, 2008.
They will sacrifice American lives: soldiers, border guards to attempt to make Conservatives look bad.
It goes back to the 1930's. And the media are co-conspirators.
I agree that the crash of 2008 was engineered (behind the scenes)....and this time we see in the open how it was done.
Why is just the GOP developing a “new” debt ceiling plan?
Where is the Dems or the POTUS’ plan(s)?
So much fail here it is not even funny anymore. =.=
When klintoon got caught getting a blow job from an intern his daughters age, and all the demonRATs had to publically lie for him, they found out how easy it was since the press would cover for them.
Since that time, there hasn't been an honest, living demonRAT left on the planet.
They want to tell the truth, but they don't know what it is and it makes them feel better to lie.
thumb puppet says- ‘read Rules for Radicals by Saul Alinsky to see the game plan of my master’
I agree....
In dealing with the “debt ceiling”, we are playing into the Progressives’ hands - following their play book. The debt ceiling is not the issue -federal government spending is.
We need to get them to deal with our agenda.
STOP SPENDING.
How is it helpful to continue raising the debt ceiling???
“How about eliminating Obamacare as part of the package?”
No way!! That makes too much sense.
This isn’t a budget fix, it’s a rounding error. It has become time foe the states to take action. Either we force a constitutional convention to create a balanced budget amendment, line item veto for the president and term limits, or, we leave the union. This joke is broke.
There is no fiscal reason why there needs to be a long-term increase in the debt ceiling. In fact, if this were venture capitalists putting up money to save a struggling business, they would dole out money in small bits, with specific goals that must be achieved for the next cash infusion. The ONLY reason Reid and Obama demand that we go to the end of 2012 is politics. They might as well be honest about it and say "I will not agree to any agreement that allows the U.S. voters and taxpayers any input into the process."
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