Yesterday afternoon Boehner said it was critical to show “some sign of progress’’ on a compromise plan, cutting federal spending and freeing the nation to raise its borrowing limit, be in place by tonight,
before the Asian markets open.
No progress was reported in the meeting with the president, but in a conference call with House Republicans,
that could help allay financial sector fears and allow time for both chambers, beginning in the House, to vote
on the plan before the nation begins to default on its obligations Aug. 3.
“Congress will forge a responsible path forward,’’ Boehner said in a statement.
The speaker is now pursuing a plan that would involve roughly $3 trillion in cuts. It is unclear whether that plan would include any tax changes, but Senate Democrats - whose support will be needed in any plan - have been adamantly opposed to any proposal that includes deep cuts with no new revenues.
Until Friday, Boehner and Obama had been negotiating a long-term plan that would have included nearly $3 trillion in cuts during 10 years, as well as a rewrite of the nation’s tax code that would have brought in at least $800 billion in new revenue.
before the Asian markets open.
No progress was reported in the meeting with the president, but in a conference call with House Republicans,
that could help allay financial sector fears and allow time for both chambers, beginning in the House, to vote
on the plan before the nation begins to default on its obligations Aug. 3.
“Congress will forge a responsible path forward,’’ Boehner said in a statement.
The speaker is now pursuing a plan that would involve roughly $3 trillion in cuts. It is unclear whether that plan would include any tax changes, but Senate Democrats - whose support will be needed in any plan - have been adamantly opposed to any proposal that includes deep cuts with no new revenues.
Until Friday, Boehner and Obama had been negotiating a long-term plan that would have included nearly $3 trillion in cuts during 10 years, as well as a rewrite of the nation’s tax code that would have brought in at least $800 billion in new revenue.
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