Don't Count on GOP to "Come to Their Senses" on the Debt Ceiling - Page 2
And no WAY the GOP would let THIS happen, right?
Congressional Republicans on Thursday abandoned budget talks aimed at clearing the way for a federal debt limit increase, leaving the outcome in doubt as they vowed not to give in to a Democratic push for new tax revenues as part of any compromise.
The breakdown was set off by the surprise decision of Rep. Eric Cantor of Virginia, the House majority leader and one of two Republicans participating in sessions led by Vice President Joe Biden, to quit the negotiations.
The reason they gave for walking out is that Democrats aren't content to only discuss cutting spending. Sure, they agree to cutting spending the GOP says. "But they also want to raise taxes on the American People."
The American People, of course, meaning Oil Companies, and it's not actually RAISING their taxes, but eliminating some oil tax subsidies that these companies have even SAID they DO NOT NEED!
"As it stands, the Democrats continue to insist that any deal must include tax increases," Cantor said in a statement. "There is not support in the House for a tax increase, and I don't believe now is the time to raise taxes in light of our current economic situation. Regardless of the progress that has been made, the tax issue must be resolved before discussions can continue."
Senate Minority Leader Mitch McConnell, R-KY, took to the floor yesterday and insisted that President Obama "show some leadership" in the debate. Translation — "show some leadership by doing what we tell you to do."
McConnell even went so far as to say we shouldn't even DISCUSS what will HAPPEN if Congress doesn't increase the debt limit.
Senate Minority Leader Mitch McConnell said Wednesday he wasn't interested in discussing the negative economic consequences that Federal Reserve Chairman Ben Bernanke said are inevitable if Congress does not agree to raise the federal debt ceiling by Aug. 2.
When asked by a reporter what assumptions McConnell has made about what might happen if a deal to raise the debt limit isn't reached in time, or if he thinks the White House has been exaggerating the consequences of a default, McConnell said he preferred not to think about the debate from that perspective.Continued on the next page