Congress Back To Work To Tackle Debt Ceiling Issue

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The debt ceiling debate continues to rage in Washington.As Congress returned to work after canceling its week-long Independence Day break, Republicans and Democrats continued to have difficulty finding middle ground regarding the debt ceiling.

Fox News reported that Democrats have been calling for tax increases for those with high incomes, saying that households that make more than $1 million annually should make “a more meaningful contribution to the deficit reduction effort.”

However, the GOP has refused to yield in its fight to prevent tax hikes from entering the discussion regarding the debt ceiling. Republicans have said that they would agree to raise the ceiling only if meaningful spending cuts are made.

Treasury Secretary Timothy Geithner has said that if the ceiling is not raised by Aug. 2, the United States would begin defaulting on its obligations.

President Barack Obama has said that a short-term deal on the debt ceiling, which has been called for by some lawmakers, isn’t the solution. However, GOP members have said that Obama’s proposals have been unacceptable.

“We’re not dealing just with talking points about corporate jets or other ‘loopholes,'” House Speaker John Boehner (R-Ohio) said. “The legislation the President has asked for — which would increase taxes on small businesses and destroy more American jobs — cannot pass the House, as I have stated repeatedly.”

 

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