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House Republicans Shut Down Obama’s Proposed Debt Limit Hike

June 3, 2011 by  

House Speaker Boehner calls for spending cuts instead of increasing debt limitOn Tuesday, President Barack Obama received a loud message from House Republicans and some Democrats for his proposed plan to increase the debt limit.

Speaker of the House John Boehner (R-Ohio) stated in the past that he was in favor of “spending cuts that exceed any increase in the debt limit” and now has the backing of 150 economists from around the country.

In the statement, Boehner says that increasing the debt ceiling will “send a message to American job creators that we still are not serious about ending Washington’s spending addiction, and this will bring further harm to private-sector job growth in America.”

Two former directors of the Congressional Budget Office, Douglas Holtz-Eakin and June O’Neill, were among the 150 economists backing up Boehner’s demands.

House Majority Leader Eric Cantor (R- Va.) also released a statement comparing the situation to the White House “maxing out the credit card,” and said the Federal government should learn to live within its means instead of borrowing 40 cents of each dollar spent with a debt of more than $14 trillion.

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