Posted on 07/23/2011 3:01:59 PM PDT by FourPeas
House Speaker John Boehner wants to unveil a plan to increase the U.S. debt limit and curb federal spending by Sunday afternoon to avoid any potential havoc in Asian financial markets, media reports said.
The Ohio Republican told GOP colleagues in a conference call Saturday afternoon that he still wants to cut as much as $4 trillion from the budget during the next decade, according to participants in the call, the reports said.
[snip]
Later in the day, Senate Republican Leader Mitch McConnell (R., Ky.) said congressional leaders were dedicated to the task of keeping a default from happening.
“The president wanted to know that there was a plan for preventing national default,” McConnell said in a statement. “The bipartisan leadership in Congress is committed to working on new legislation that will prevent default while substantially reducing Washington spending,” McConnell added.
Boehner also said during his conference call he wanted to avoid using a proposal from McConnell that would give Obama the authority to hike the debt ceiling, subject to congressional disapproval, GOP sources told Politico.
The Republican leader conceded in the call that he might not be able to get details of a plan to all members by the time he wants to make an announcement on Sunday, but cautioned colleagues their leverage in negotiations could be in jeopardy if something isn’t done by Aug. 2, the Politico report said.
Like McConnell, Boehner also issued a statement Saturday afternoon, saying, “Over this weekend Congress will forge a responsible path forward. House and Senate leaders will be working to find a bipartisan solution to significantly reduce Washington spending and preserve the full faith and credit of the United States.”
(Excerpt) Read more at marketwatch.com ...
This does not look good.
McConnell as well.
Any cutting that is spread out over 10 years is a canard and WILL NOT HAPPEN. We’ve been down this road before.
Let’s see some serious, detailed, makes ya wanna cry it hurts so much, spending cuts for this year and next. Then we’ll know the Repubbies are serious. Anything else is just a bunch of bullsh1t and not worth our time.
Willikers! We certainly don’t want to put a scare into our good friends the Chinese do we? I mean, like OMG!
What boner really said was “obama, if you and Reid will just hold out until August 2, and since Timmy has said we’re okay until August 10, you can have whatever you want”.
Then he turned to Michael Steele and said “Did I say that out loud?”
Actually what he said to Steele was “The reporters and tea party freshmen didn’t hear that, did they? I mean, you don’t think the democrats would tell the press I’ve caved, would they?”
Yep, I think that was the reason for the whole “if the cuts don’t materialize, then the Obamacare individual mandate goes away” stipulation. It was an interesting play.
"American financial markets? Truthfully? We don't give a crap." Boner added.
WTF?????
All markets are inter-linked. In the commodities markets, it is possible to trade 24/7.
Our financial institutions will be trading US Government securities the second the Asian markets open.
Remember, on 9/11, the inter-linked trading desks in Tokyo and London took over for NYC.
All markets are inter-linked. In the commodities markets, it is possible to trade 24/7.
Our financial institutions will be trading US Government securities the second the Asian markets open.
Remember, on 9/11, the inter-linked trading desks in Tokyo and London took over for NYC.
Heck these guys didn’t even bother to pass a budget for the current fiscal year, if they can’t do that...
Have we EVER had a real Conservative Republican Speaker of the House in the last hundred years?
Havoc in Asian financial markets would most likely spill over into American markets.
I don’t think Boehner is concerned about the MSM and Democrats blaming him; I think he’s genuinely concerned about the whole August 2 deadline. It appears he thinks he has more leverage before than after August 2nd. I find it hard to believe that he’s buying the Democrat hype, but what else it could be, I don’t know.
However, Treasury officials have said it’s not clear they have the legal authority to selectively pay what Congress has already legislated the agency disburse.
This is forshadowing of what they plan to do. It looks like they are planning (or at least threatening) to not send out the checks and blame the republicans. They seem to be saying that they do not have the authority to decide who gets pad. That is what should pass congerss. Aplan on who gets paid. Then they can work on the debt ceiling
Then I guess he should have mentioned that. He’s trying to make points with the voters. If he’s going to fearmonger, he needs to do it correctly.
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
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