Posted on 07/24/2011 6:57:43 AM PDT by kristinn
With the opening of Asian markets now hours away and talks between Congressional leaders at a stand-still, ABC News has learned of a new high-stakes turn in the debt ceiling drama.
I am told that Speaker Boehner and President Obama are once again having back-channel talks on a large-scale deficit reduction plan that would include cuts to entitlement programs and increases in tax revenues.
Boehner Obama are again negotiating a "grand bargain" address the debt crisis with deep spending cuts. Treasury Secretary Tim Geithner just confirmed this in his pre-taped interview on "This Week."
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It now looks like the original framework is back in play a deal with some $3 trillion in spending cuts and $800 billion in additional tax revenue.
One source described the talks as Boehner and the President footsie because the talks are indirect...
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I am told that Eric Cantor, Kevin McCarthy and Jeb Hensarling (the 2, 3, and 4 GOP leaders in the House) have all made it clear to Boehner they will not accept a deal that increases tax revenues by $800 billion.
If Boehner strikes such a deal with the President, he could lose more than 100 Republican votes in the House. It could ultimately cost him his Speakership. But it may be the only possible way to both avoid default and address the underlying debt crisis.
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(Excerpt) Read more at blogs.abcnews.com ...
What I understood the Speaker to say was that the tax rates would be flattened and cut, and the revenue was being projected from increased economic activity.
I read it was in the ‘gang of six’ proposal. Was wondering ‘Caveman’ Boehner is including it in his plan? http://www.azcentral.com/business/articles/2011/07/20/20110720bipartisan-tax-plan-targets-mortgage-deduction.html
I don’t know. Remember the other day when “sources” on Fox said a deal had been struck and that never occurred. I’m hoping Boehner sticks to his guns and let Obama and the Dems twist in the wind, but all this continued The Sky Is Falling talk about the Asian market has me worried.
We have to watch these weasels, or else they're going to sell us all down the road.
I would not want Boehner’s job, but at this point I would sure do it differently.
He has already demonstrated that the republicans were willing to negotiate. Obama simply spit in his face.
If I were Boehner, I’d tell Obama that he’s done and that there will NEVER be any further negotiating with him and that we would let the voters decide in 2012.
I would simply tell the American people that I work to save our country, while Obama and his democrats work to destroy it...... there is no longer any room for compromise.
Exactly. You can bet your boots that no TEA Movement conservatives who were elected to the House last Nov. will be allowed on those “committees”. They will be made up of RINOS and ‘RATS. They plan to “Co-Opt” us by aceing us out of the decision-making.
There was a reason the Israelites wandered the desert for 40 years. The ones who were used to living as slaves had to die off before fighting the battles for the Promised Land.
The Old Guard need to ALL be replaced by people like Allen West.
I like this.
IMO, nothing good ever comes out of the Senate.
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Well that’s true. Maybe we can get Demint in charge over there someday.
I agree, given that Cantor was actually IN THE TALKS last week, and when they broke down, he published his support for those talks up until Obama threw the $400b tax increase into the mix.
Why would Cantor refuse to support a deal he was working on all last week? And if he did, why would he tell it privately to a lefty reporter, instead of publicising it like he has repeatedly when he’s been against what was happening?
It’s not like Cantor doesn’t speak his mind.
Can’t speak to the other two. But it is ABC, and they would be working overtime to try to split the republicans, since it helps the democrats get a better deal.
If we can get Cornyn out when he’s up for re-election, that will be something bad coming out of the senate. LOL
It assures defeat of anyone who votes against it and gives the Republican house a royal flush in he debt ceiling game. Even with the help of the MSM there is no way to recover from voting against assuring the interest, SS, Medicare, and the military get paid.
If we can get Cornyn out when hes up for re-election, that will be something bad coming out of the senate.
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You are so right about that. Cornyn is bad news and needs to be booted out.
What, were you in the meetings? If not, why don't you supply an actual piece of evidence for this claim?
Anyway, as someone else said, the packages talked about are based on existing law, and under existing law the bush tax cuts expire. If you ask to extend them, you will actually INCREASE the deficit, and need to borrow even MORE money.
So, if we want to keep them, we need to propose even MORE spending cuts to cover them. Because the current deficit projections are based on ASSUMING the tax cuts expire, and the SS special tax break "stimulus" ends.
We lost that argument the day Bush signed the tax law with an expiration. Boehner got Obama to sign a 2-year extension. Without that, they'd already be expired.
Why don’t you want the Bush Tax Cuts made permanent for all?
0 would blow through 8 bill in less than 2 weeks.
Didn’t take him long to become elite, did it?
He always was a Bush Republican, or as we used to call their kind, a Rockefeller Republican.
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