US Debt Ceiling Vote Nears as Possible Default Creeps Closer
Despite strong support from the Republican Party's Tea Party faction and other fiscally conservative groups, however, the Cut, Cap and Balance Act is likely to meet with stiff resistance in the Democrat-controlled Senate. And the White House has said President Barack Obama would veto the bill if it got through.
Administration officials say the bill would severely harm the government's ability to help middle-class Americans and the elderly.
Meanwhile, Democratic Senate Majority Leader Harry Reid continues to hold talks with Republican Senate Minority Leader Mitch McConnell on McConnell's proposal to give the president sole authority to raise the debt limit by $2.5 trillion in three installments over the next year.
McConnell unveiled the plan last week as talks between the president and Republican lawmakers about the debt limit and the nation's deficit reached a stalemate. Democrats also are offering to include more than $1 trillion in spending cuts as part of the plan, and establish a joint House-Senate panel to recommend further spending cuts.
Congress must raise the $14.3 trillion borrowing limit by August 2 so the government can meet its financial obligations. The president held talks with congressional leaders last week in hopes of reaching agreement on a plan that would cut trillions of dollars from the budget, but Republicans have refused to accept Obama's insistence that such cuts be accompanied by revenue increases through higher taxes.
Republican House Speaker John Boehner said Obama is unwilling to cut spending, calling on the president to show more courage.
fuente: http://www.voanews.com/
Administration officials say the bill would severely harm the government's ability to help middle-class Americans and the elderly.
Meanwhile, Democratic Senate Majority Leader Harry Reid continues to hold talks with Republican Senate Minority Leader Mitch McConnell on McConnell's proposal to give the president sole authority to raise the debt limit by $2.5 trillion in three installments over the next year.
McConnell unveiled the plan last week as talks between the president and Republican lawmakers about the debt limit and the nation's deficit reached a stalemate. Democrats also are offering to include more than $1 trillion in spending cuts as part of the plan, and establish a joint House-Senate panel to recommend further spending cuts.
Congress must raise the $14.3 trillion borrowing limit by August 2 so the government can meet its financial obligations. The president held talks with congressional leaders last week in hopes of reaching agreement on a plan that would cut trillions of dollars from the budget, but Republicans have refused to accept Obama's insistence that such cuts be accompanied by revenue increases through higher taxes.
Republican House Speaker John Boehner said Obama is unwilling to cut spending, calling on the president to show more courage.
fuente: http://www.voanews.com/
Comentarios