Posted on 07/29/2011 10:11:44 AM PDT by Ernest_at_the_Beach
* House puts off vote on Republican measure
* Boehner plan faces opposition from party rebels
* Tuesday deadline looms to avert risk of U.S. default
* Obama administration: Americans want compromise
* House Republicans to meet on Friday morning (Adds Chinese comments)
By Andy Sullivan and Richard Cowan
WASHINGTON, July 28 (Reuters) - Urgent efforts to avoid an unprecedented U.S. debt default suffered a new blow on Thursday when some fiscally hardline Republicans blocked a budget deficit plan proposed by their own congressional leaders.
After hours of trying to get enough votes, the Republicans who control the House of Representatives put off action for the night and scheduled an emergency meeting for Friday morning.
The Republican infighting further delays any compromise with Democrats to stop the countdown toward Tuesday when the government says it will run out of money to pay all its bills.
Lawmakers must lift the government's $14.3 trillion borrowing limit by Aug. 2 or risk a devastating default and downgrade of the top-notch credit rating that helps make U.S. debt a pillar of the global financial system.
There was speculation House Speaker John Boehner, the top Republican in Congress, may revise his plan to attract more votes from rebels who want bigger cuts in spending than the roughly $900 billion over 10 years he has proposed.
"Republicans have taken us to the brink of economic chaos," House Democratic Leader Nancy Pelosi said. "The delay must end now so we can focus on the American people's top priority: creating jobs and growing the economy."
(Excerpt) Read more at reuters.com ...
The mask is slipping form the DC Political media machine. The truth is coming out. This is why Progressive Facists in the 0-bot media are in hysteria today
The big DC political machine lie of this whole thing is the GOP needs a bill.
NO, the 0 Democrats need a bill. They are the party of spend. They are the ones who have to go to the voters in 2012 and defend their total mishandling of the economy for the last 4 years.
The GOP candidate in 2012 is going to be running against DC. The 2012 election will be a referendum on 0’s Presidency.
Time for people to quit buying the propaganda fed them by the DNC Media-Political machine, the 0 Dems, not the GOP, will be hurt the worst by a failure to strike a deal.
Here what you do GOP, you tell the Senate “Sorry but all your Debt bills are D.O.A. CCB was the compromise, if you want a bill, there it is.”.
Reuter’s panic attack.
Support shifts as Boehner adds balanced-budget amendment
***********************************EXCERPT*******************************************
By The Hill Staff - 07/29/11 11:12 AM ET
House Republicans will link passage of a balanced-budget amendment to Speaker John Boehner’s (R-Ohio) last-ditch debt-ceiling plan, which GOP lawmakers said would move the measure to passage in a high-stakes vote later on Friday.
Republican lawmakers voiced confidence the enhanced bill would pass muster with conservatives, as Rep. Mo Brooks (R-Ala.) predicted the balanced-budget amendment change would bring 10 to 20 more GOP members on board.
Rep. Jeff Flake (R-Ariz.), a key holdout, and a Senate candidate, quickly took to Twitter after the meeting to say that he was a yes vote. The conservative Club for Growth also offered a tentative endorsement.
The rebels they are talking about are American citizens. They haven’t see American rebels yet.
god bless the rebels
I agree. This whole exercise in stupidity is to get Barry’s crappy economy off the table before the next election. When the Republicans agree to raising the debt ceiling, they become accomplices and become half owners of Barry’s crappy economy. One thing about the DemocRATS, they never let a good “crisis” (real or imagined) go to waste.
Agreed! (And greetings... we've not crossed paths in awhile.)
If they can keep this going past Aug 2, and force Barry to delay his Martha’s Vineyard vacation, he will implode before our very eyes. You don’t get between a Malignant Narcissist and his rarified Vineyard ‘downtime’. Barry has been losing it a little more each day for a while now. Postpone his vacation, and he’ll call a presser and demand to know who took his strawberries.
Nice!
Nope. According to >this: "Standard & Poor’s President Deven Sharma appeared before a House subcommittee overseeing credit agency ratings and had this to say:
"'The more important issue is really the long-term growth rate of the debt … as well as the deficit,' Sharma told a House Financial Services subcommittee according to the LA Times.
"The head of the rating agency said they S&P thought that the U.S would not default on its debts. But he also reminded everyone that even if the country gets clear of the debt ceiling issue, a credit downgrade, which could cost the country hundreds of billions of dollars annually in interest payments, is all but assured without at least a $400 billion per year cut almost immediately."
Lifting the debt ceiling will in no way prevent a downgrade in our credit-rating. All it will do is worsen our deficit and increase dramatically the interest we owe on our debt.
Hold the line!
The conservative Club for Growth also offered a tentative endorsement.”
Well, this is nothing to scoff at....
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