House Speaker John Boehner accused President Obama Monday night regarding making a “crisis atmosphere” in negotiations over increasing the financial debt limit, stating that when the president will merely sign a House-passed measure to increase the debt limit that atmosphere “will simply disappear.”
Boehner made his comments following a prime address by Mr. Obama, who he recommended “wanted a blank check six months ago, and he wants a blank check today.”
“That is just not going to happen,” Boehner mentioned.
With just eight days remaining before the August 2 deadline which the Obama administration states the United States may breach its legal limit on borrowing, Boehner had been defiant in his remarks, indicating that House Republicans have passed one bill and will this week pass an additional that would relieve the crisis.
The speaker left out some essential context, however.
Boehner stated in his remarks that “the United States cannot default on its debt obligations,” echoing Mr. Obama and Democrats’ insistence that the financial debt limit be elevated. But he cast the president and his party as unwilling to compromise by passing the House GOP legislation, stating “the president would not take yes for an answer.”
“Even when we thought we might be close on an agreement, the president’s demands changed,” Boehner mentioned, a possible reference to Mr. Obama’s call for greater revenues as part of the “grand bargain” offer that might have reduced the deficit by as much as $4 trillion. Boehner walked away from that effort Friday.
Of Mr. Obama’s call to get a “balanced” approach in the financial debt limit deal – one that consists of both spending cuts and income increases – Boehner stated it amounts to Washington-speak for “we spend more, you pay more.”
“The solution for this crisis is not complicated: if you’re spending more money than you’re taking in, you need to spend less of it,” he mentioned. “There is no symptom of big government more menacing than our debt. Break its grip, and we begin to liberate our economy and our future.”
Boehner’s speech follows a Senate Democratic proposal to increase the financial debt limitby meansof through the end of next year together with a bill that cuts spending by $2.7 trillion. Critics notice that $1 trillion in those cuts come from anticipated savings from winding down the price of the wars in Iraq and Afghanistan.
Democrats say that plan meets both Republican objectives – it doesn’t consist of revenue increases and cuts more in spending than the financial debt limit increase – and therefore Republicans are confronted with a deal they “can’t refuse.” Boehner described that deal as “filled with phony accounting and Washington gimmicks” Monday.
The Obama administration has stated that without having congressional action, the U.S. will break the rules of its limit on borrowing next Tuesday. That may trigger the U.S. to default on its financial debt as well as being a host of other negative outcomes, which includes the suspension of Social Security checks, military pay and other obligations, and potentially cause global monetary chaos.
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