For those who missed it, here is the full video and summary from Boehner's earlier appearance on Fox News Sunday with Chris Wallace. The "Asian market open" strawman is getting closer, and there is absolutely no resolution yet. Ironically, just like with QE3, the all too habituated market will buy every dip (remember: nothing can possibly go wrong in the global Bernanke put regime) easily validating the republicans' paradoxical case that the market can more than survive a failure to reach a debt ceiling hike consensus. In the meantime, even as the S&P surges to unseen heights the economy is on the verge of cannibalizing itself as the government begins scrambling for every available penny of incremental revenue.
From Fox News:
Boehner: Debt Limit Agreement Must Adhere to Principles of "Cut, Cap, & Balance," Be a Two-Stage Process:
"I am going to continue to work with my Congressional colleagues in both parties and my House Republican Conference to try to develop a framework within the 'Cut, Cap and Balance' effort that the House passed this past week. I do believe that such a framework could come together, but it is not in place as we sit here. ... There is going to be a two-stage process. It is not physically possible to do all of this in one step."
Boehner: President Obama Is Worried About His Next Election, Needs to Get Serious About Cutting Spending:
"Chris, I know the president's worried about his next election. But my God, shouldn't we be worried about the country? We've got a budget deficit of $1.5 trillion; we're borrowing 42 cents on every dollar we spend; we have $14.5 trillion national debt. It is time to get serious about stopping the spending here in Washington, DC."
Boehner: We Need to "Cut, Cap, & Balance" to Instill Confidence In Our Economy:
"The American people are asking the question, 'where are the jobs?' ... I think it's important that we deal with our long-term problem. It's serious. Washington's spending's been out of control, and what's happened over the last two years really shows how much out of control it's gotten: trillion-dollar 'stimulus' plan; a health care plan that we can't afford; all of this extra spending that has not worked, and the spending binge has to stop. And our efforts all year have focused on trying to stop it. And as I look at trying to put together a plan with my colleagues, I am going to work within the framework of 'Cut, Cap, and Balance' because those are the three things that have to happen if we are going to instill confidence in our economy."
Boehner: Balanced Budget Amendment the Best Way to force Washington Get Spending Under Control:
"I continue to believe that a Balanced Budget Amendment is the greatest enforcement mechanism to bring Washington spending under control. ... I'm going to continue to develop a framework within the principles of 'Cut, Cap, and Balance.'"
Boehner: I Don't Want to See Default or Get Close to It:
"I understand the president feels that we need bigger government and more spending here in Washington. I believe allowing the American people to keep more of that money is the best way to create jobs and grow our economy. ... My job on behalf of the country is to find as much common ground as we can to help move the country ahead. ... I am interested in a solution to the problem that we face. I don't want to see default, I don't frankly want to get anywhere close to it."
Boehner: The House Has Done Its Work; It's Time for Democrats to "Lay Their Cards on the Table":
"Remember this ... the House has done its work. We've passed a budget. We've passed a plan. We've passed 'Cut, Cap, and Balance.' And not one time in this whole process have Senate Democrats or White House passed a budget, put a budget out there, or even put a plan out there. The conversations I was having with the president in case the Senate didn't pass 'Cut, Cap, and Balance' -- there was never any plan from the White House. The whole plan came from us. We laid out the framework. And at some point they've got to lay their cards on the table."
Boehner: Republican Majority Has Changed the Focus in Washington to Cutting Spending:
"Think about this remarkable conversation we're having. A year ago we had just passed the health care bill; we had 'stimulus' bill that was passed the year before. It was all about how much more spending Washington could do. And here we are, in the six months after a new Republican majority, and all of the discussion is about how many trillions of dollars we are going to cut. This really is a pretty remarkable change here in Washington, DC."