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 ...
kind of like a temporary tax hike.. only shorter, yaknow..
UHHH,
No Thanks!
And So the caving starts!!
Cue Admiral Ackbar: It’s a trap!
Here we go again...
The House has hinted at this only if there a significant short term spending cuts. The object is to reduce borrowing to about 18% of GDP. I think there should have been more context to his statement since nothing can come out of the Senate it must originate in the House.
So then, the GOP will be bending over for Obama only a little. How brave of them!
Increments....Increments and before ya' know it, we are f***ed!
EVERYTHING in Washington has only one direction to it, to the left and destruction of the US as we know it.
It's just a matter of how fast we move to the left.
The short answer is “NO!”
McConnell should tell Zero and the Dems—start figuring out a way to shave expenditures, or take the blame for a default.
McConnell is such a wimp. Between him saying this stupidity, and Bonehead playing golf with Obama, it makes you wonder why we vote for Republicans anyway.
If they don’t get Sarah into the White House come 1/20/13, the GOP is going the way of the Whigs.
It's amazing how in the middle of the night, overnight that we can RAMROD QE's (I forgot the number of them) and government forced health care, and the taking over of industry by the government BUT we always NEED more time to find a way to cut back on spending....ALWAYS!
Didn’t take the GOP long to sell us out now, did it? Buncha bat rastids!
They just don’t want to face reality.
Step two will be the agreement, spread over 10+ years and weighted to not really start for three or four years.
Which means, of course, the ole can gets kicked again.
McConnell is a wimpy RINO. Grow some Mitch!
keep borrowing money to pay its bills.
I thought that was called “kiting”.
What a sorry way to run anything.
Yeah, short-term. Right Washington Bureaucrat.
Maybe we could rearrange our payments a bit. Say first checks out the door go to the interest accruing on the debt. Them maybe a payment on the debt.
Then maybe the Washington elitists need to cut off some of their buddies from the US Treasury ... foreign and domestic.
Maybe cut your own salaries down to something closer to what your actually worth. To be sure that would be less than minimum wage to be sure. Cause right now the federal legislature and executive is a big drag on the budget.
BS
There is more than enough revenue coming in each month to pay the debt service -- starting cutting out large portions of the ILLEGAL extra-Constitutional agencies and direct those $$$ to the debt service. (Starting the process of killing two birds with one stone.)
Unexpected! /s
What exactly have they been doing for the first 6 months of this congressional term? Jeesh!
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