Snapshot Update Of US Debt Talks
Here is where the all too fluid situation is right about now, 8 hours away from the Asian open, courtesy of Reuters.
- U.S. House of Representatives Speaker John Boehner tells Fox News Sunday that House Republicans are prepared to push through their own deficit reduction package if congressional leaders fail to produce a bipartisan plan by Sunday afternoon. That would be just hours before financial markets open in Asia. With time running out, the Democratic-led Senate might have no choice but to accept what the Republican-led House passes this week.
- White House Chief of Staff Bill Daley tells NBC's "Meet the Press" that any short-term deal to raise the debt limit would harm the economy because financial markets and business leaders would not have the certainty they need to make investment decisions. Democrats want a debt limit extension through the 2012 presidential election year.
- Treasury Secretary Timothy Geithner tells CNN's "State of the Union" that it is important to remove the threat of default for at least the next 18 months.
- Senator Tom Coburn, who has shown a greater willingness to compromise on tax increases than many of his fellow Republicans, tells NBC's "Meet the Press" he sees only a short-term debt extension passing Congress and that President Barack Obama, who objects to a short-term deal, will have no choice but to sign it.
- Congressional leaders are expected to continue negotiations on Sunday. Republicans are pushing a two-step plan that would raise the debt ceiling and cut deficits. The first step would provide a downpayment on spending cuts and provide the government with enough borrowing authority to get through the rest of the year while lawmakers work on additional deficit reduction.
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