July 24, 2011 6:58 AM Subscribe
posted by crayz (3228 comments total)
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The talks between President Obama and House Speaker John Boehner "collapsed"
Friday with little more than a week to go before the United States may effectively default on its debt. The two parties have been in ongoing negotiations for months over GOP refusal to raise the legal limit on national debt unless tied to a significant package of spending cuts - with some members and activists opposed to any increase whatsoever
The President gave an uncharacteristically heated 30 minute press conference
blasting the Republicans behavior as "inexcusable" and saying "[o]ne of the questions the Republican Party is going to have to ask itself is can they say yes to anything?". Senate Majority Leader Harry Reid added
that "[t]heir unwillingness to compromise is pushing us to the brink of a default on the full faith and credit of the United States"
Boehner quickly responded
to the President's press conference, pointing the blame for the impending crisis back at Obama
Ezra Klein at the Post summarizes the current negotiations
and speculates that one of the major stumbling blocks to a deal is the GOP's reticence to let Obama appear to be a deficit-cutting deal broker, and considers what might change the Beltway calculations:
Perhaps taking the benefit for Obama off the table will be enough. I’m doubtful. It’s more likely that what we’re really doing now is wasting time until the markets plummet and Boehner’s members decide that a deal is better than no deal. And there’s a very good chance that the first major show of market concern could come tomorrow night, when the Asian markets open. Boehner is hoping to present a plan by then, but a plan is very different from a deal. A plan is something politicians can come up with. A deal, we’re increasingly finding, is something that we need the markets to force.
The latest news from Boehner's office suggests Republicans are preparing a vote for short term increase to the ceiling
, a move Obama has previously suggested is unacceptable. (previously