GOP rips White House over quote in Wall Street Journal
White House and the Congress Battle again to Government Shutdown without solution for concurrent means .Only , One stops to other runs for RESOLVE FIRST .
Compromise will not be Easy !
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One analyst, University of Michigan business professor Erik Gordon, said he thinks both Obama and his Republican opponents will have to compromise on their policy goals if a default is to be avoided.
"I think at the last minute there will be some compromise, because neither side can afford to be seen by the public as being intransigent," he said. "So the Republicans will have to give up and say, 'Okay, we'll settle for fewer tax cuts than we asked for.' And the president is going to have to say, 'I'm going to make some bigger reductions [in spending] than I said I would make,' because neither side can afford to have the blame pinned on them. They will move together and learn to live with each other one more time."
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House Republicans responded in early July by providing the President with a list of possible deals which would allow agreement on a debt ceiling increase:[17]
More recently, in September 2013[18] the House of Representatives has begun drafting a bill that will postpone default for approximately twelve months from its passage, but the bill is not expected to be passed by the Senate due to provisions within it that call for a one-year delay of all provisions within the Patient Protection and Affordable Care Act, a requirement for both houses of Congress to vote on tax reform plans by the end of 2013, and construction of the Keystone XL Pipeline.
With no agreement between the two Houses of Congress and the President on the 2014 budget, the US Government has had to go into partial shutdown on October 1, 2013, with about 800,000 federal employees being put on temporary leave.[19]
White House and the Congress Battle again to Government Shutdown without solution for concurrent means .Only , One stops to other runs for RESOLVE FIRST .
Compromise will not be Easy !
++++++++++++++++++++
One analyst, University of Michigan business professor Erik Gordon, said he thinks both Obama and his Republican opponents will have to compromise on their policy goals if a default is to be avoided.
"I think at the last minute there will be some compromise, because neither side can afford to be seen by the public as being intransigent," he said. "So the Republicans will have to give up and say, 'Okay, we'll settle for fewer tax cuts than we asked for.' And the president is going to have to say, 'I'm going to make some bigger reductions [in spending] than I said I would make,' because neither side can afford to have the blame pinned on them. They will move together and learn to live with each other one more time."
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Debt ceiling reached again[edit]
On May 19, the debt ceiling was reinstated at just under $16.7 trillion to reflect borrowing during the suspension period. As there was no provision made for continuing commitments, Treasury began applying extraordinary measures once again. Despite earlier estimates of late July, Treasury announced that default would not happen "until sometime after Labor Day". Other organizations, including the Congressional Budget Office (CBO), projected exhaustion of the extraordinary measures in October or possibly November.[16] On August 26, 2013, Treasury informed Congress that if the debt ceiling was not raised in time, the United States would be forced to default on its debt sometime in mid-October. On September 25, Treasury announced that extraordinary measures would be exhausted no later than October 17, leaving Treasury with about $30 billion in cash, plus incoming revenue, but no ability to borrow money. The CBO has estimated that the exact date on which Treasury will have to begin prioritizing/delaying bills and/or actually defaulting on some obligations will fall between October 22 and October 31.Negotiations[edit]
In late May, President Obama submitted his initial list of conditions for raising the debt ceiling to Congress: no conditions at all. He claimed willingness to discuss deficit reduction but asserted a desire for a debt ceiling increase without conditions before such a discussion began.House Republicans responded in early July by providing the President with a list of possible deals which would allow agreement on a debt ceiling increase:[17]
- Long term debt ceiling increase (allowing Treasury to borrow for the rest of Obama's term): privatize Medicare and/or social security.
- Medium term debt ceiling increase (allowing Treasury to borrow until sometime in 2015): cut food stamps, tinker with chained CPI, tax reform, agree to enact block-grant Medicaid or a large raise in the retirement age.
- Short term debt ceiling increase (postponing default until sometime in the first half of 2014): means testing of social security, a small raise in the retirement age or ending agricultural subsidies.
More recently, in September 2013[18] the House of Representatives has begun drafting a bill that will postpone default for approximately twelve months from its passage, but the bill is not expected to be passed by the Senate due to provisions within it that call for a one-year delay of all provisions within the Patient Protection and Affordable Care Act, a requirement for both houses of Congress to vote on tax reform plans by the end of 2013, and construction of the Keystone XL Pipeline.
With no agreement between the two Houses of Congress and the President on the 2014 budget, the US Government has had to go into partial shutdown on October 1, 2013, with about 800,000 federal employees being put on temporary leave.[19]
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