Debt Ceiling
June 22nd 2011 15:43
Rising Stakes Spur White House, Congress in Debt Talks as Deadline Looms
By Jim Angle
Published June 21, 2011 | FoxNews.com
The debt reduction talks led by Vice President Joe Biden are in what insiders call "a make or break week," as negotiators try to find $2 trillion or more in spending cuts as part of a deal to increase the debt ceiling.
Treasury Secretary Tim Geithner says the negotiators are getting closer.
"We need to make some progress this week to give everybody more confidence that there's a framework that has the votes, Geithner said. You know, ultimately what matters is how do we get the votes to pass something in the House and the Senate."
One of the negotiators, House Majority Leader Eric Cantor, R-Va., indicated the talks are at a critical moment. "It's crunch time now in those meetings, he said. We are at some really tough stuff."
Meanwhile, other Republicans have made clear what they see as essential elements in any agreement.
"Entitlements are the biggest drivers of our debt, noted Senate Republican Leader Mitch McConnell, R-Ky. By definition, they have to be a part of any plan to lower the debt. This is hardly a controversial view."
To avoid attacks on that as a Republican assault on entitlements, McConnell notes he has plenty of Democratic company, including the Vice President and even President Obama himself.
To preserve our long-term fiscal health, we must also address the growing costs in Medicare and Social Security, Obama said to a joint session of Congress soon after he was inaugurated.
And McConnell adds that Biden, the president's lead negotiator in the debt talks, said last January that "everyone talks about we have to do something about Social Security and Medicare, and we do."
Though Geithner didnt rule out savings from Medicare, Medicaid or the like, he said fundamental reform cannot be done in the next few weeks. Republicans say the same applies to raising revenues in these talks.
However, House Democratic Whip Steny Hoyer, D-Md., said Tuesday, "It's hard to see how you get to $2 or $4 trillion in reductions without revenues or Draconian cuts that Democrats would not support."
But Republicans say any changes, other than savings from ending some subsidies, such as ethanol, belong in entirely separate talks about tax reform.
"Some Democrats are insisting that they'll only agree to cuts if Republicans agree to raise revenue," McConnell said. "That's Washington-speak for tax hikes, and it's absurd."
Secretary Geithner seemed to agree on that one.
"We're not going to resolve in the next few weeks the precise shape of tax reform, he said. Not feasible."
The two sides need to agree soon because the last time a major deficit reduction package was produced back in 1997, it took about a month to be drafted, analyzed and voted on. With the government able to operate under the current debt limit only until early August, that means the deadline clock is now ticking louder and louder.
By Jim Angle
Published June 21, 2011 | FoxNews.com
The debt reduction talks led by Vice President Joe Biden are in what insiders call "a make or break week," as negotiators try to find $2 trillion or more in spending cuts as part of a deal to increase the debt ceiling.
Treasury Secretary Tim Geithner says the negotiators are getting closer.
"We need to make some progress this week to give everybody more confidence that there's a framework that has the votes, Geithner said. You know, ultimately what matters is how do we get the votes to pass something in the House and the Senate."
One of the negotiators, House Majority Leader Eric Cantor, R-Va., indicated the talks are at a critical moment. "It's crunch time now in those meetings, he said. We are at some really tough stuff."
Meanwhile, other Republicans have made clear what they see as essential elements in any agreement.
"Entitlements are the biggest drivers of our debt, noted Senate Republican Leader Mitch McConnell, R-Ky. By definition, they have to be a part of any plan to lower the debt. This is hardly a controversial view."
To avoid attacks on that as a Republican assault on entitlements, McConnell notes he has plenty of Democratic company, including the Vice President and even President Obama himself.
To preserve our long-term fiscal health, we must also address the growing costs in Medicare and Social Security, Obama said to a joint session of Congress soon after he was inaugurated.
And McConnell adds that Biden, the president's lead negotiator in the debt talks, said last January that "everyone talks about we have to do something about Social Security and Medicare, and we do."
Though Geithner didnt rule out savings from Medicare, Medicaid or the like, he said fundamental reform cannot be done in the next few weeks. Republicans say the same applies to raising revenues in these talks.
However, House Democratic Whip Steny Hoyer, D-Md., said Tuesday, "It's hard to see how you get to $2 or $4 trillion in reductions without revenues or Draconian cuts that Democrats would not support."
But Republicans say any changes, other than savings from ending some subsidies, such as ethanol, belong in entirely separate talks about tax reform.
"Some Democrats are insisting that they'll only agree to cuts if Republicans agree to raise revenue," McConnell said. "That's Washington-speak for tax hikes, and it's absurd."
Secretary Geithner seemed to agree on that one.
"We're not going to resolve in the next few weeks the precise shape of tax reform, he said. Not feasible."
The two sides need to agree soon because the last time a major deficit reduction package was produced back in 1997, it took about a month to be drafted, analyzed and voted on. With the government able to operate under the current debt limit only until early August, that means the deadline clock is now ticking louder and louder.
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Well, as far as the economy goes, I would not have done anything. The government caused the problem and the government is keeping us in it longer the more they spend and regulate. The problem started because Clinton (I think it was him) passes laws making it easier for people to get mortgages, even those that could not afford it and should have never been given a mortgage. Whey they could not pay their house payments it started all of this. Secondly, why is the governments budget not like mine? Yes theirs is much bigger, but spending less that you bring in is not as hard of a concept as people make it out to be. The US did it for a long time. This massive debt issue did not start until the 1960s ish.
You say you cant get by on a limited government. Why not? We fought two world wars, won out independence, and many other things on a limited government. People think that the government has always been large. Not true. It was not until the New Deal and all of the welfare programs started that government grew by leaps and bounds in size. If we cut these immoral programs we can cut taxes and cut spending at the same time!
As far as no oversight causing the bankers bringing down the economy, the exact opposite is true. It was the forced rules making these banks give out risky loans that caused the problems. The crap about too big to fail is a pant load!! If some of those businesses were allowed to fail, I bet fewer companies in the future would have made the same mistakes. But now they know the government will bail them out.
As far as McDonalds and negative choices, the solution to your problem is capitalism. If there are only negative options, someone will come out with a health option, since they know they can make money on it. No one goes to McDonalds and thinks that what they are eating is good for them. Most people dont even understand the nutrition facts anyways. If they did they would pay more attention to what they buy at the store!!!
As far as school goes, I will give you that one. They do need to increase the amount of gym and physical activity time. Also school lunches can always be improved. So I guess we can agree on something!!!