Posted on 07/25/2011 11:17:23 AM PDT by Ernest_at_the_Beach
WASHINGTON (AP) -- President Barack Obama's insistence that Congress solve the nation's debt crisis through the 2012 elections emerged as a key sticking point as Democrats and Republicans urgently pieced together competing plans Monday to prevent a first-ever government default next week.
House Speaker John Boehner forged ahead with a plan to raise the current $14.3 trillion debt ceiling by about $1 trillion, along with commensurate spending cuts. That would require lawmakers to go through the painful process again next spring with an even larger debt and deficit package.
With little more than a week before an Aug. 2 deadline, Obama canceled fundraising appearances Monday.
In the Senate, Majority Leader Harry Reid was set to reveal a $2.7 trillion package of spending cuts to accompany a debt hike big enough to avoid another vote before 2013.
Both the Dow Jones and Standard & Poor's 500 were down only slightly in early trading Monday on Wall Street, an indication that investors believe a default will be avoided.
Boehner was set to meet with his chamber's Republicans to discuss his plan in detail. Aides described it as a two-step process, with an immediate $1.2 trillion in cuts and spending caps coupled with a $900 billion debt ceiling increase.
A new congressional panel would be charged with producing nearly $2 trillion in additional cuts and another increase in the debt ceiling to be voted on next year and a second increase in the debt limit would have to be voted on next year, conditioned on congressional approval of the additional cuts.
(Excerpt) Read more at hosted.ap.org ...
These Very Rats brought OUR country to its knees and Bonehead wants to PLAY NICE with them??
Blow the whistle and throw the flag then pull this third string ,Idiot out of there and put in Bachmann!
Hey griz {that surely isn't short for grizzly bear?} did you lose all your guns in the boat that sank last year?
How about spine and 'nads?
You quit before the first shot was fired both figuratively and literally.
Here’s what really bothers me about all the wrangling and posturing in D.C. right now:
It’s Unconstitutional. It is an abandonment of the separation of powers and clearly defined constitutional procedures for setting spending policy.
The House is supposed to pass written legislation, the Senate is to consent, and changes in the versions are to be resolved through conference, and then final legislation is approved by both houses and it’s off to the President’s desk to be signed into law or vetoed. To allow the President to even take part in the legislative process until it reaches his desk is a violation of separation of powers.
We’ve abandoned that clear and orderly process for an exhibition of mud wrestling. We can never hope to get this under control until we return to the orderly Constitutional process for passing legislation.
I suggest the House pass their resolution and send it to the Senate, and then Boehner can tell them to do something with it. He needs to do anything more, nor should he.
That's kind of like me saying that I'm cutting $50,000 from my personal budget because I'm not going to buy a new car in five years.
In the Senate, Majority Leader Harry Reid was set to reveal a $2.7 trillion package of spending cuts....
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I will believe this when I see it; the Rats excel at bait-and-switch.
In the Senate, Majority Leader Harry Reid was set to reveal a $2.7 trillion package of spending cuts....
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I will believe this when I see it; the Rats excel at bait-and-switch.
Only if the ceiling gies beyond 2012. Anything earlier and all the supposed cuts get exposed and they will have to go argue wiling again.
This entire fight is to either get Obama past November, or take it off the table as an election issue entirely.
Boehner and Reid will get the bill through then Obama will veto it and demand a bill that goes through 2012 with no conditions applied other than the fictitious cuts.
The GOP needs to pass the Boehner bill and warn Obama that there will be no more heading his way.
He caved because the raise in debt is immediate and the cuts are spread over 10 years, cuts that will never happen. This is a cave pure and simple. BTW, many people call him Boner, I do so as well, it is a sign of disrespect for the RINO a**hat.
It's not a cave since that's been the Boehner-Cantor plan all along.
He got exactly what he wanted. We did not get a tax hike and did not get increased spending over 10 years.
Now we go on to the Ryan plan and push for even more cuts.
We did not get a tax hike and did not get increased spending over 10 years.
We haven't "gotten" anything yet, and BTW, we didn't "get" any spending cuts either.
A cave is when you promise something and don't deliver...kind of what Obama is now doing with agreeing to more cuts than debt hike with NO tax increase. DU can justifiably say Obama is caving.
Just because Boehner didn't give you what you want doesn't mean he caved.
Phulleeeeze! Are you really that gullible? I used to be, when the only news access I had came from the “Big 3....or 4” networks. But not any more! Because of the alternative media, and especially because of FR, you should know by this time that anything the government promises, if it is to be spread out over ten years in the future, will NEVER happen! The democRATS have used that ploy for 40+ years. In what way is there any evidence that ANY cuts, spread out over a number of “OUT YEARS” have ever happened? The only evidence would be a decrease in the size or spending of government. Please get a clue.
In the glorious days of yesteryear, in the vernacular, the word “BONER” was a slang term for a boo-boo, a screw-up, a flub or a mistake. (There were other meanings, as well).
I spelled the name in exactly the way that I view The Speaker and the direction he’s heading in the handling of this problem: Going to give The Conniver-in-Chief the Debt Ceiling Increase he wants, so there will be Trillions more for him to launder and funnel off to the unions, et al, like he did with the $Trillion$ of “Stimulus” money. After all, he is counting on the unions getting him another four-year gig in the White Hut.
When the dust settles, let’s see how far off I am.
Thanks for the reply.
These days the general meaning has a sexual connotation so sick groups like DU of course eagerly use it constantly to denigrate the Speaker. Go ahead and join them if you like.
let’s see how far off I am.
You're going to be way off because that debt limit is not going to be the center of attention. Instead, in coming months MORE cuts will be the main debate starting with Ryan right after this bill's passed because Obama has had no power in this debate. Unions, Obama, Reid, etc. are all on the ropes. This bill is widely seen as a cave for Obama and his left-wing support is falling apart as a result.
In Conclusion!
1. I can’t help it if the sleazeballs on the left enjoy using dirty language.
2. I am NOT going to be way off. My prediction is that Obama will be GIVEN additional TRILLIONS to blow; taking us even DEEPER into hock to the ChiComs, and that WILL happen. Also, no matter how much they SAY that spending is going to be cut; if it isn’t done NOW; if it is over any number of years, IT WILL NEVER HAPPEN.
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