Debt Talks Break Down Again
Posted in Main Blog (All Posts) on July 24th, 2011 4:38 am by HL
Debt Talks Break Down Again
“Congressional talks dissolved in recrimination again Saturday night, as the latest proposal for cutting the deficit and raising the government’s debt limit hit a wall with 10 days left before the U.S. begins defaulting on its obligations,” the Wall Street Journal reports.
“House Speaker John Boehner (R-OH), hosted the leaders of both parties in his conference room at 5:30 p.m. in an attempt to resolve the impasse. The leaders were expected to issue a joint statement following the meeting, in part to reassure the markets. But no such statement was issued, and Senate Majority Leader Harry Reid (D-NV) instead released a bleak statement of his own.”
The Washington Post notes that after the meeting, Reid issued a statement saying he was “deeply disappointed in the status of negotiations” and urging Republicans “to reconsider their intransigence.”
Said Reid: “Their unwillingness to compromise is pushing us to the brink of a default on the full faith and credit of the United States. We have run out of time for politics. Now is the time for cooperation.”
