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Dems, GOP Make Little Progress In Debt Ceiling Talks

July 11, 2011 by  

The government continues to struggle with the debt ceiling.Lawmakers on both sides of the aisle have been meeting frequently to discuss the debt ceiling, but thus far no end to the debate is in sight.

President Barack Obama had proposed a plan that would reportedly cut $4 trillion from the debt over the next 10 years, but Republicans have balked at his insistence that the plan include $1 trillion in tax increases, according to USA Today.

House Speaker John Boehner (R-Ohio) has said that he believes a plan proposed by Vice President Joe Biden — which would see the debt reduced by about $2 trillion — is more workable. Republicans have insisted that in order for the debt ceiling to be increased, government spending must be cut an equal amount.

"The Speaker restated the fundamental principles that must be met for any increase in the debt limit: spending cuts and reforms that are greater than the amount of the increase, restraints on future spending, and no tax hikes," Boehner's office said in a statement.

Treasury Secretary Timothy Geithner has said that if the debt ceiling is not increased by Aug. 2, the country would begin defaulting on its obligations.

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  • s c

    Herr Geithner sounds like someone who is such a liar that if he told the truth his head would explode. Herr Obummer is doing what he’s told to do by his puppet masters. Whatever else he is, he’s no leader of ANY kind.
    Between the two of them, America is being flushed down a toilet. Pray for America, people. Either America sinks or swims. I thought politicians were an utterly worthless group before Bubba Clinton invaded the W H. Now, we’d be better off with organized crime and outright hoods in the W H and Congress. At least you know where you stand with ‘an old, established firm.’

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