[La Enchiladita]

House Speaker John Boehner had scheduled a 4:30 p.m. conference call with his Republican colleagues. A 4 p.m. Eastern deadline set Saturday by Boehner for a report, on progress on a compromise plan to raise the nation’s $14.2 trillion debt limit to avert a potential Aug. 2 default, passed with no word.

I wonder what they talk about at these meetings, since they seem to get nowhere.

Heh.

[Sacajaweau]

Obama will meet with ONLY members of his own party...Sounds like that circa 1940’s German dude...what’s his name??

[La Enchiladita]

WSJ Live Blog: The U.S. Debt Battle

[Nervous Tick]

I wonder what they talk about at these meetings, since they seem to get nowhere.

No talk. Just dream...

[Parley Baer]

“Obama would meet with House Democratic Leader Nancy Pelosi and Senate Majority Leader Harry Reid”

Now that really gives one confidence in settling the debt issue. NOT! Three of the biggest spenders in the nations history.

[Pebcak]

I fear what he is going to talk about with Reid - is absolute assurance that he will block any impeachment trial should Obama raise the debt limit by Executive order.

This probably has been his fall back position all along.

[Diggity]

Screw the Reps if they cave in on this. No increase in debt ceiling. Enough is enough. Boehner and McConnel both need to go.

[McGruff]

The World hasn’t ended yet?

[camerongood210]

I think the Asian markets open in 17 minutes. I'll be keeping a distant eye on the Nikkei ticker.

[Beaten Valve]

Comment on “Huff-N-Puff”:

Just heard from CNN that Harry Reid and Nancy Pelosi are meeting with President Obama at 6pm EDT because Boehner would not accept any whitehouse proposal on raising the debt ceiling.

Boehner said he would not accept any deal that included an increase in revenue/ta­x hikes and when Reid sent word to the President, President Obama said there has to be revenue increases to any debt ceiling deal. Boehner called his caucus and conducted a teleconfer­ence with them and could not get any votes on raising the debt ceiling if it included revenues. So Reid came up with a proposal that would require $2.5 trillion in cuts, no increase in revenue and would raise the debt ceiling to 2013.

When word got out about this proposal, Pelosi and other dems weren’t happy and President Obama immediatel­y summoned Reid and Pelosi to the whitehouse for a meeting. It’s a wait and see concept for now.

[BfloGuy]

I’d have to agree that, if Reid proposed it, the cuts are phony. The House won’t pass it. THE CRISIS CONTINUES!

[CanaGuy]

I'm confused. Is it....

a. No NEW taxes.

b. No tax RATE increases to existing taxes, but there might be completely NEW taxes.

???

[matthew fuller]

I just recieved this from Congressman Michael McCaul (10th TX):

Dear Friends,

I want to forward you Speaker John Boehner's remarks, below, from a conference call with House Republicans Sunday. I remain optimistic that we will find an agreeable, long-term solution that will avoid default without causing more damage to our economy. I will continue to keep you updated.

With Best Regards,

Michael T. McCaul Member of Congress

-------------------------------------------------------------------------------- Speaker Boehner’s Excerpts From Sunday’s Member Conference Call

(Courtesy of the Speaker’s Office)

“I went on Fox News Sunday this morning because it was the most effective way to tell everyone where things stand. It boils down to this: The president wants his $2.4 trillion debt limit increase all at once, without any guarantees that we’re going to cut more than $2.4 trillion in spending. The administration says they it all upfront so we don’t have to deal with this again until after the next election. You heard the president say that himself on TV the other night.

“We’ve seen this coming all year long. But here’s the challenge: to stop him, we need a vehicle that can pass in both houses. “You know, last week we passed the Cut, Cap & Balance Act and showed America our solution, our vision, as we did months ago with our budget. So we’ve done our job. And I think the nation knows it. But as you all know, the Senate tabled the Cut, Cap & Balance Act. And I think the nation knows that, too. So the question becomes – if it’s not the Cut, Cap & Balance Act itself – what CAN we pass that will protect our country from what the president is trying to orchestrate?

“The White House has never gotten serious about tackling the serious issues our nation faces – not without tax hikes – and I don’t think they ever will. The path forward, I believe, is that we pull together as a team behind a new measure that has a shot at getting to the president’s desk. It’s won’t be Cut, Cap, & Balance as we passed it, but it should be a package that reflects the principles of Cut, Cap, & Balance. We’re committed to working with you – and with our Republican colleagues in the Senate – to get it done. No one is willing to default on the full faith and credit of the United States.

“And I think the leaders in both parties and both houses of Congress already agree that we need significant reductions. But if we stick together, I think we can win this for the American people. . .because I do think there is a path. But it’s gonna require us to stand together as a team. It’s gonna require some of you to make some sacrifices. If we stand together as a team, our leverage is maximized, and they have to deal with us. If we’re divided, our leverage gets minimized.

“Before I close, let me thank all of you for your patience, and for your confidence, and for your commitment to our country. We’re doing the right thing, and you all know that the right thing isn’t always the easiest thing to do.” # # #