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Sun Dec 16, 2012, 07:46 PM

Boehner offers to take debt limit off the table

Source: Washington Post

House Speaker John A. Boehner has offered to push any fight over the federal debt limit off for a year, a major concession that would deprive Republicans of leverage in the budget battle but is breathing new life into stalled talks over the year-end “fiscal cliff.”

The offer came Friday, according to people in both parties familiar with the talks, as part of the latest effort by Boehner (R-Ohio) to strike a deal with President Obama to replace more than $500 billion in painful deficit-reduction measures set to take effect in January.

With the national debt already bumping up against the $16.4 trillion cap set last year, Congress risks a government default unless it acts to raise the debt ceiling in the next few months.

Many Republicans had argued that party leaders should use the threat of default to demand additional spending cuts from Obama. But Boehner’s offer would head off that potentially nasty fight — at least until the end of next year.

<more>



Read more: http://www.washingtonpost.com/business/economy/boehner-offers-to-take-debt-limit-off-the-table/2012/12/16/8b369b7e-47c6-11e2-b6f0-e851e741d196_story.html

24 replies, 3541 views

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Arrow 24 replies Author Time Post
Reply Boehner offers to take debt limit off the table (Original post)
jpak Dec 2012 OP
loyalkydem Dec 2012 #1
ROBROX Dec 2012 #22
MannyGoldstein Dec 2012 #2
ProgressiveEconomist Dec 2012 #3
democrattotheend Dec 2012 #6
Joe the Progressive Dec 2012 #4
cstanleytech Dec 2012 #5
John2 Dec 2012 #7
iandhr Dec 2012 #8
democrattotheend Dec 2012 #9
MannyGoldstein Dec 2012 #10
Angry Dragon Dec 2012 #12
gateley Dec 2012 #14
kelliekat44 Dec 2012 #11
Angry Dragon Dec 2012 #13
Teamster Jeff Dec 2012 #15
humbled_opinion Dec 2012 #16
silhouete2 Dec 2012 #17
Mr.Bill Dec 2012 #18
Andy Stanton Dec 2012 #19
midnight Dec 2012 #20
Cha Dec 2012 #21
bucolic_frolic Dec 2012 #23
MADem Dec 2012 #24

Response to jpak (Original post)

Sun Dec 16, 2012, 07:48 PM

1. He's up to something....

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Response to loyalkydem (Reply #1)

Sun Dec 16, 2012, 10:34 PM

22. ALL TALK AND NO WALK

 

These people are so misleading they do not know how to tell the truth. If they are going to do anything it would have ben done. The GOP masters are not done pulling the strings to let their puppets do anything at this time like resolving this countries mess.

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Response to jpak (Original post)

Sun Dec 16, 2012, 07:52 PM

2. Hold tight, Harry and Nancy

No entitlement cuts.

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Response to jpak (Original post)

Sun Dec 16, 2012, 07:58 PM

3. Is Boehner trying to give Rs 2014 election leverage over a NEW fiscal cliff?

If so, he hasn't really learned anything from the 2012 election. He's apparently setting the deadline a year too early, unless he plans to extend it anouther year sometime during 2013.

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Response to ProgressiveEconomist (Reply #3)

Sun Dec 16, 2012, 08:07 PM

6. Bring it on!

If he and his colleagues want to push cuts to Social Security and Medicare prior to an off-year election where seniors are the biggest voting bloc, I say bring it on!

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Response to jpak (Original post)

Sun Dec 16, 2012, 07:59 PM

4. Don't negotiate with terrorists

The Republicans are too quick to hold the rest of the country hostage to look out for their bilionaire supporters. Call their bluff!

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Response to jpak (Original post)

Sun Dec 16, 2012, 08:00 PM

5. I think Obama should tell him to shove that offer as well

as that is not a solution its just pushing it back so they can use it against the dems in the midterms.

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Response to jpak (Original post)

Sun Dec 16, 2012, 08:08 PM

7. I wonder

 

if those cuts have anything to do with military cuts? I know some conservatives knees are shaking if those cuts go through. I'll believe it when I see it if they let those cuts go through on the miltary side and especially readers of the Weekly Standard. The Republicans will have hell to pay in their Districts. Even Mitt Romney said that was a bad Deal for the Republicans.

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Response to jpak (Original post)

Sun Dec 16, 2012, 08:11 PM

8. We won the election

WE will set the terms.

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Response to jpak (Original post)

Sun Dec 16, 2012, 08:12 PM

9. Here are some more details of the offer

Per ABC News:

- Higher income tax rates on households earning $1 million and above.
- $1 trillion in revenue over 10 years with $440 billion coming from higher tax rates, $500 billion from tax reform in 2013 and $60 billion from changes in benefit and tax treatment tied to the Consumer Price Index.
- Dollar-for-dollar cuts in entitlement programs tied directly to the tax revenue number. One is contingent upon the other.
- An unspecified increase in the Medicare eligibility age.
- A one-year lifting of the debt ceiling.
- Waiving most of the scheduled budget cuts under sequestration and replacing them with the entitlement cuts.

Since the revenue component is the most important, here is a summary of the Boehner offer, as confirmed by numerous sources familiar with the talks.

- A marginal income tax rate of 39.6 percent on household incomes of $1 million and above.
- The rate would apply for 10 years and raise an estimated $440 billion.
- Tax reform in 2013 would have a legislatively enforceable goal of raising $500 billion in additional revenue through the elimination of deductions and tax loopholes.
- Boehner also asked for a reduction in the Consumer Price Index (CPI) adjustment in government benefits and in the indexing of tax brackets. By Boehner's numbers, this would generate $60 billion in revenue over 10 years.

The sum total of revenue under Boehner's plan was $1 trillion over 10 years.


Unacceptable, IMO. I could live with going to $500,000 as the floor for tax cuts if they permanently give the president the power to raise the debt ceiling and have no serious spending cuts (other than defense).

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Response to democrattotheend (Reply #9)

Sun Dec 16, 2012, 08:15 PM

10. As I said...

Hold tight, Harry and Nancy!

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Response to democrattotheend (Reply #9)

Sun Dec 16, 2012, 08:24 PM

12. Is boner willing to give up ALL congressional pensions and health care??

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Response to democrattotheend (Reply #9)

Sun Dec 16, 2012, 08:28 PM

14. I think the $1M is fine -- but NO fucking with "entitlements" except to streamline where

possible and IF the result is beneficial to the recipients and costs.

I'll let Obama know when he calls for my input.

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Response to jpak (Original post)

Sun Dec 16, 2012, 08:19 PM

11. Whose table? It never was on the President's table. nt

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Response to jpak (Original post)

Sun Dec 16, 2012, 08:26 PM

13. shove it up your ass boner

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Response to jpak (Original post)

Sun Dec 16, 2012, 08:48 PM

15. He should tell Boner that the threat of future blackmail

by the GOP has no place in these negotiations. Also, let him know that he is looking into an executive order that would raise the ceiling without congress.

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Response to jpak (Original post)

Sun Dec 16, 2012, 09:13 PM

16. He is doing a flyby

and hoping that the administration will settle for this low ball tactic... LOL... idiot....

Stick to your guns Democratic leaders, don't be fooled by this bozo.. All he wants is cuts to Medicare and Social Security don't fall for it.

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Response to jpak (Original post)

Sun Dec 16, 2012, 09:20 PM

17. It's pretty sad

when the first thing I think of is "What is he up to?" Because we all know he is up to something.

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Response to jpak (Original post)

Sun Dec 16, 2012, 09:34 PM

18. Obama needs to watch this clip.

It's all he needs to know in dealing with the Republicans.

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Response to jpak (Original post)

Sun Dec 16, 2012, 09:54 PM

19. The Rethugs have no leverage

And Boehner knows it.

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Response to jpak (Original post)

Sun Dec 16, 2012, 10:05 PM

20. I wonder if this has anything to do with his re-election?

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Response to jpak (Original post)

Sun Dec 16, 2012, 10:09 PM

21. Will he walk it back tomorrow?

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Response to jpak (Original post)

Sun Dec 16, 2012, 10:53 PM

23. Reform the tax code

accountants and lawyers do not produce one iota of
fun, heath, or enjoyment

they just complicate the laws and tax codes to line their
own pockets.

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Response to jpak (Original post)

Mon Dec 17, 2012, 12:13 AM

24. Bonehead needs to "offer" the citizens of the US a damned apology, and tell his minions to vote to

raise taxes on the rich with no preconditions.

Otherwise, I think the Dems just need to go to war on this issue, and target every single GOP politician running for election/re-election in every single state.

No mercy. They are the party of the rich, we are the party of the people.

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