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."
SNIP
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 ...
ABC is lying.
Office of the Speaker
H-232 The Capitol
Washington, DC 20515
Phone: (202) 225-0600
Fax: (202) 225-5117
U.S. Capitol Switchboard, (202) 224-3121
When Newt won Congress in 1994, I don’t recall a tax increase. What does this idiot Boner not understand? We won. Obama demands a tax increase so he wants to find a way to give it to him. Brilliant. Why didn’t Clinton think of that. They thought he “won” because Congress didn’t cut as much as it wanted to from his budget, and it didn’t CUT taxes as much as it wanted to. That is the compromise to make now, pending a new President. Let him keep some of his spending and not cut taxes as much as we would like. Or extend the Bush tax cuts for “only” 2 more years, instead of permanently, to give business some comfort level. Those are valid compromises Boner can make. Increasing taxes is not something he can make a deal on. Period.
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