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Boehner abandons efforts to reach comprehensive debt-reduction deal

Posted By admin On July 10, 2011 @ 5:38 am In Money Watch | Comments Disabled

Paul Kane and Lori Montgomery
Washington Post [1]
July 10, 2011

House Speaker John A. Boehner abandoned efforts Saturday night to cut a far-reaching debt-reduction deal, telling President Obama that a more modest package offers the only politically realistic path to avoiding a default on the mounting national debt.

On the eve of a critical White House summit on the debt issue, Boehner (R-Ohio) told Obama that their plan to “go big,” in the speaker’s words, and forge a compromise that would save more than $4 trillion over the next decade, was crumbling under Obama’s insistence on significant new tax revenue.

“Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes,” Boehner said in a statement released less than 24 hours before the White House meeting was scheduled to begin. “I believe the best approach may be to focus on producing a smaller measure, based on the cuts identified in the Biden-led negotiations, that still meets our call for spending reforms and cuts greater than the amount of any debt limit increase.”

Full article here [1]

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URLs in this post:

[1] Washington Post: http://www.washingtonpost.com/business/economy/2011/07/09/gIQARUJ55H_story.html

[2] Image: http://www.prisonplanet.tv/

[3] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[4] No Deal: Debt Ceiling Talks Between Obama, Boehner Break Down: http://www.prisonplanet.com/no-deal-debt-ceiling-talks-between-obama-boehner-break-down.html

[5] Boehner’s House Has Increased Debt $18,944 Per Household: http://www.prisonplanet.com/boehner%e2%80%99s-house-has-increased-debt-18944-per-household.html

[6] Boehner “Absolutely” Trusts Obama; Says Debt Isn’t a Crisis: http://www.prisonplanet.com/boehner-%e2%80%9cabsolutely%e2%80%9d-trusts-obama-says-debt-isn%e2%80%99t-a-crisis.html

[7] Obama Team Threatens to Veto Boehner Debt Plan, House GOP Revolts: http://www.prisonplanet.com/obama-team-threatens-to-veto-boehner-debt-plan-house-gop-revolts.html

[8] Obama, Boehner close gap on fiscal cliff deal, eye trillion-dollar tax hike: http://www.prisonplanet.com/obama-boehner-close-gap-on-fiscal-cliff-deal-eye-trillion-dollar-tax-hike.html

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