Deficit Talks Scaled Back
Posted in Main Blog (All Posts) on July 10th, 2011 4:38 am by HL
Deficit Talks Scaled Back
House Speaker John Boehner (R-OH) “said the White House and congressional leaders have stopped pursuing the major deficit-reduction deal tackling entitlement programs and an overhaul of the tax code that he and President Obama had been seeking,” the Wall Street Journal reports.
According to the Washington Post, Boehner told Obama that their plan to “go big,” and “forge a compromise that would save more than $4 trillion over the next decade, was crumbling under Obama’s insistence on significant new tax revenue.”
New York Times: “As potential elements of the plan became public, Mr. Boehner was encountering stiff resistance from fellow Republicans determined to oppose any package containing proposals that could be construed as a tax increase, worried such a deal could cost the party dearly in the 2012 elections.”
Bottom line: The breakdown of talks on a “grand bargain” isn’t nearly as surprising the fact that so many thought such a deal was even possible.
Quote of the Day
“The Sugar Daddy has run out of sugar.”
— Sarah Palin, writing on Facebook, on President Obama’s policies.
