Posted on 06/19/2011 1:30:23 PM PDT by NormsRevenge
WASHINGTON (Reuters) – Congress and the White House could raise the debt limit for a few months while they seek a comprehensive, long-term budget deal, Senate Republican leader Mitch McConnell said on Sunday.
The Obama administration has warned it will run out of money to pay the nation's bills if Congress does not raise the $14.3 trillion debt limit by August 2 -- a prospect that could push the country back into recession and upend global financial markets.
Congressional Republicans, particularly in the House of Representatives, have balked at raising the debt ceiling unless it is accompanied by significant spending cuts.
McConnell said on Sunday the ceiling could be raised enough to last a few months so that negotiations can continue on a larger deal that would include changes to so-called entitlement programs like Medicare.
"The president and the vice president, everybody knows you have to tackle entitlement reform," McConnell said on CBS's "Face the Nation."
"If we can't do that, then we'll probably end up with a very short-term proposal over, you know, a few months. And we'll be back having the same discussion again in the fall," McConnell said.
Vice President Joe Biden is leading negotiations with congressional Democrats and Republicans who are trying to agree on how to narrow huge budget deficits and raise the debt limit so the United States can avoid defaulting on its financial obligations and keep borrowing money to pay its bills.
Biden and top Democratic and Republican lawmakers aim to reduce the country's stubborn budget deficits by $4 trillion over the next 10 years in order to give lawmakers the political cover to raise the debt ceiling.
(Excerpt) Read more at news.yahoo.com ...
Naw, they wouldn’t! I can’t believe it! [Little irony there. It’s too late. They won’t turn their main constituents against them by cutting spending enough to make a difference.]
Geithner warns Congress on need for debt boost, extends default deadline
http://www.freerepublic.com/focus/f-bloggers/2713846/posts
Damn. They should be talking about reducing the debt ceiling
RINO capitulation. Nothing new.
RINO capitulation. Nothing new.
Which begs the obvious question:
Then what's the point of raising it in the first place??
I'll believe that when I see it. So far, Crybaby Boehner has caved on every issue of importance. I don't think that he will, all of a sudden, magically become a man.
Put out the fire, pack the vehicle, and FOLD THE TENT as the Campfire Girls (GOP congresshits) go home to DaddyO to do the lumbusco.
B(M)itch had to cover for Boner who failed to drive the ladies tee this weekend, so he didn’t have to do the pencil nonads walk. It’s all part of the “fore”play for them to give us the chariso.
It’s all a chess game and we are the sacrificial pawns.
BLINK!
Absolutely....NO!
This coming from the GOP “leader” who did such a stellar job holding the party together during the DADT repeal and START votes.
Besides, Mitch... it`s a fiscal issue, so the House is driving that train.
Just the tip, just for a second, just to see how it feels. . .
Republicans: DO NOT RAISE THE LIMIT, PERIOD. IF YOU RAISE THE LIMIT, YOU LOSE NOT ONLY YOUR LEVERAGE, YOU LOSE THE AMERICAN PEOPLE.
If this extension is to allow them more time for negotiation and it starts on August 2nd I assume this means they will forego their summer vacation and remain at the negotiation table during this time.
Of course, all members and the President must be in Washington to be prepared for an emergency vote.
You knew this was coming. In the next installment, we’ll go from “Short and Temporary” increase to “3 Trillion Dollar” increase.
It makes no difference whether GOP or Democrats are in power - the only thing that changes is the drama behind spending more money we don’t have. What never changes is the “spending more money we don’t have” part.
Anyone who presumed it would go any other way is deluded.
“I knew it was just a matter of time! They will never learn .... unfortunately for this Country”
We need to send those DC infected puffed up loons home,You are right these “People” betray us every time,they forgot WHO their Boss is!!
No they don't.
Conservative (and liberal!) voters can call, write, and vote like crazy, but when Wall Street whispers "Jump. frog!", Congress yelps, "Yassuh, boss! How high t'day??"
Once the money's out, it's DEBT that must be REPAID.
Nossir. They remember just fine. I posit that it is *you* who have forgotten who their bosses are.
Globalists, One-Worlders, Communists and Fascists.
IOW, they wants their damned vacations.
GRRRRRRRRR.......
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