Top Dems urge Obama to weigh unilateral debt hike

Published on NewsOK Modified: January 11, 2013 at 4:10 pm •  Published: January 11, 2013
Advertisement
;

Battling House and Senate leaders have made virtually no progress on a strategy for legislation to lift the debt cap. House Speaker John Boehner, R-Ohio, insists that any debt increase be matched by equivalent spending cuts. Obama, buoyed by his re-election victory, says he won't negotiate as he did in 2011, when he traded a $2.1 trillion debt increase for tight spending limits on agency budgets and automatic, across-the-board spending cuts if a congressional "supercommittee" failed to reach a budget agreement.

Senate Republican leader Mitch McConnell complained that Democrats are trying to avoid taking responsibility for Washington's out-of-control spending.

"The Democrat leadership hiding under their desks and hoping the president will find a way around the law on the nation's maxed-out credit card is not only the height of irresponsibility, but also a guarantee that our national debt crisis will only get worse," the Kentucky Republican said in a statement.

Michael Steel, a spokesman for Boehner, said Senate Democrats "cannot ignore their responsibilities for political convenience — and the American people will not tolerate an increase in the debt limit without spending cuts and reforms."

The impasse has people on both sides scratching their heads over how it will be resolved. The anxiety is such that some on the left are urging Obama to mint a coin worth perhaps $1 trillion to be deposited at the Federal Reserve and drawn upon to meet government obligations.



Trending Now


AROUND THE WEB

  1. 1
    10 Most Popular Wedding 'First Dance' Songs
  2. 2
    Psychologists Studied the Most Uptight States in America, and Found a Striking Pattern
  3. 3
    Facebook Post Saves Drowning Teen
  4. 4
    Saturday's front page of the New York Times sports section is simple: LeBron James and transactions
  5. 5
    The 19th-century health scare that told women to worry about "bicycle face"
+ show more