And the game continues as Speaker Boehner appears to be kicking the can across the corridor to the Senate (and implicitly the Democrats) as he quite specifically advises them that with no budget, there is no talk of debt-ceiling extensions. The principle is simple, he notes, "no budget, no pay." As Dow Jones reports, the 'compromise' deal is that the House will propose a three-month extension of the debt-ceiling in exchange for a budget (i.e. spending cuts from the Senate) - which of course is all but impossible given the years of inability to pass a budget anyway. Check to Obama (though we know the response)...
- *U.S. HOUSE WILL PASS 3-MONTH DEBT LIMIT INCREASE NEXT WEEK
Following are excerpts of House Speaker John Boehner’s [3] (R-OH) closing remarks as at the House Republican members retreat today, as prepared:
“Before there is any long-term debt limit increase, a budget should be passed that cuts spending. The Democratic-controlled Senate has failed to pass a budget for four years. That is a shameful run that needs to end, this year.
“We are going to pursue strategies that will obligate the Senate to finally join the House in confronting the government’s spending problem. The principle is simple: no budget, no pay. ...
“A long-term increase in the debt limit that is not preceded by meaningful and responsible reductions in government spending might avert a default, but it would also invite a downgrade of our nation’s credit that damages our economy, hurts families and small businesses, and destroys jobs.”
Via Dow Jones:
- DJN - DJ U.S. HOUSE TO SEEK THREE-MONTH EXTENSION OF DEBT CEILING
- DJN - DJ U.S. REP CANTOR: IF HOUSE AND SENATE DON'T PASS BUDGET IN 3 MONTHS LAWMAKERS WON'T GET PAID