Posted by: arnegrim | July 26, 2011

Obama’s debt crisis

“Decrying a “partisan three-ring circus” in the nation’s capital, Obama assailed a newly minted Republican plan to raise the nation’s debt limit as an invitation to another crisis in six months’ time. He said congressional leaders must produce a compromise that can reach his desk before the deadline…”

NOW he wants a compromise?  What he means is more compromise since the Republicans have already compromised on their different proposals.

“…Obama wants legislation that will raise the nation’s debt limit by at least $2.4 trillion in one vote, enough to avoid a recurrence of the acrimonious current struggle until after the 2012 elections…”

That’s not all he wants… Republicans have already offered him that…

“…An earlier bill, passed in the House last week but then scuttled in the Senate, would have required Congress to approve an amendment and send it to the states for ratification.

That same bill would have made $6 trillion in spending cuts in exchange for raising the debt limit.

Obama promised to veto that bill even before the House voted on it…”

The debt limit raise that Obama wanted… cuts to try and rein in the deficit… so what was the issue that made Obama threaten to veto it?  The fact that Republicans included language requiring a balanced budget going forward.

http://m.apnews.com/ap/db_16026/contentdetail.htm?contentguid=gE0UEIWb

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