Reuters: No ‘Clear Path’ To Resolving Debt Limit/Spending Debate
September 26, 2013 - 9:14 pm
U.S. House of Representatives Republicans on Thursday refused to give in to President Barack Obama’s demand for straightforward bills to run the government beyond September 30 and to increase borrowing authority to avoid a historic default.
In a direct challenge to Obama, they said they will seek not only a one-year delay in the full implementation of the national healthcare law known as “Obamacare” in return for raising the debt ceiling, but also seek a Republican wish-list of tax measures, energy bills, regulatory proposals and spending cuts that Democrats have already refused to endorse.
President Barack Obama has said he will not negotiate over the debt ceiling at all.
Treasury Secretary Jack Lew has informed Congress that the government will exhaust its borrowing authority by October 17, after which it could default on its loans.
When the nation with the largest GDP on Earth continuously is faced with the need to borrow more, the problem isn’t the people who keep saying that’s a bad position to be in. The problem is the people who spent until it was time to dig a deeper hole.
Paging anyone in the GOP who would like to get some face time on TV and explain it that way. Also, you’re welcome.