WH Wants Debt Deal By July 4

June 10th, 2011 at 9:17 am | 11 Comments |

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Politico reports:

Picking up the pace, the White House wants three meetings a week with lawmakers for the remainder of June in hopes of hammering out a deficit-reduction agreement by the July 4th recess.

The accelerated schedule reflects both the political and very practical challenges of the immense task ahead.

The July 4th target leaves time for President Barack Obama to step in and make final decisions with leaders like Speaker John Boehner who are not part of the immediate talks. And even if a deal is reached, much of July is still needed for Congress to write complicated changes in federal programs and raise the federal debt ceiling before the Aug. 2 deadline set by the Treasury Department.

Adding to the urgency is the recent spate of bad economic news and concern that the continued impasse over the debt ceiling is becoming a drag on the recovery.

“The news economically on the jobs front in the last several days underscored the importance of this meeting that we just came out of,” said House Majority Leader Eric Cantor (R-Va.) “There’s a commitment for next week that we will be engaging, once again, in a robust series of meetings to see if we can achieve a result.”

“We believe that many of the problems surrounding the lack of job creation and growth in this country have to do with the fact that there isn’t a credible plan to manage down the debt and deficit in this country,” Cantor said. “That’s what we’re trying to produce here and we had much substantive discussion today and look forward to more next week.”

Revenues were the topic of Thursday’s more than two-and-a-half-hour session at the Capitol, which continued even after Vice President Joe Biden had to return to the White House for a meeting with President Obama.

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11 Comments so far ↓

  • Smargalicious

    Here’s the deal Obama: No raise of the ceiling unless $4T+ is cut.

    Thanks.

    • medinnus

      Start with Defense, tax religion, and eliminate the tax loopholes for the Rich. Then levy a stupidity tax on Smeggy the Closet Homosexual!

  • Pavonis

    The Obama administration better have a backup plan ready in case the GOP doesn’t return to their senses (or their financial backers don’t make them see the light). Either 1) announce the debt ceiling is unconstitutional via the 14th Amendment and plan on ignoring it or 2) instruct Treasury to start cutting off pork funding to projects in GOP districts and watch the Republican reps start to howl.

  • dante

    Since the GOP started playing chicken with the debt ceiling, the DOW’s dropped by…. 600pts? 700pts?

    Nope, my mistake, **900** points. It was 12,800 in the beginning of May, right about when the GOP started pulling their “strategic default” BS. Now it’s down to 11,900.

    I’m amazed that no one’s talking about this.

    • Smargalicious

      ^Bullfeces.

      The Dem’s welfare spendathon that’s driving us into an apocalypse is coming to roost, so the GOP has to reign in the Marxism.

  • valkayec

    “We believe that many of the problems surrounding the lack of job creation and growth in this country have to do with the fact that there isn’t a credible plan to manage down the debt and deficit in this country,” Cantor said.

    That’s the most idiotic remark possible. It shows that he’s either nothing more than a mindless partisan hack or is absolutely stupid when it comes to economics and what is actually happening in the economy. I vote the former.

    • indy

      It shows that he’s either nothing more than a mindless partisan hack or is absolutely stupid

      Are these mutually exclusive? If not, I vote for both.

  • pnumi2

    “Adding to the urgency is the recent spate of bad economic news and concern that the continued impasse over the debt ceiling is becoming a drag on the recovery.”

    More like a tertiary drag, after the primary drag of unemployment/demand, and the secondary drag of a $14 trillion National Debt and paying the interest thereon.

    Oh yeah, the demented Republicans in the Senate and the House.