While the White House and Congressional leaders have announced the terms of a deal that might help the United States avoid defaulting on its debt, the path of that compromise through Congress remains unclear.
The chances of the deal passing, while still high, are complicated today by the overwhelmingly negative reaction of the GOP presidential field.
It’s a good reminder why President Barack Obama wanted to avoid a second debt limit showdown next year, in the middle of what promises to be a bitter and hard-fought presidential campaign.
From Time Magazine:
'Gov. Rick Perry said he isn't worried that a failure to increase the nation's borrowing authority would trigger the kind of economic catastrophe that federal officials, ratings agencies and many economists have warned would occur if the debt ceiling isn't raised.
''There's still gonna be revenues flowing in, so I think this threat that somehow or another the world is going to come to an end and the threat of 'We're not going to be able to pay our bills' is a bit of a stretch,' Perry told reporters in Houston. 'Most Americans know this: We've spent too much money. We've gotten our house in bad shape, and we need to stop spending.'
From a press release:
'Mr. President, I'm not sure what voice you're listening to, but I can assure you that the voice of the American people wasn't the 'voice that compelled Washington to act.' It was you that got us into this mess, and it was you who wanted a $2.4 trillion dollar blank check to get you through the election. Everywhere I travel across the country, Americans want less spending, lower taxes to create jobs, and they don't want us to raise the debt ceiling.
'The President continues to press for a 'balanced approach,' which everyone knows is code for increased spending and taxes. Throughout this process the President has failed to lead and failed to provide a plan. The 'deal' he announced spends too much and doesn't cut enough. This isn't the deal the American people 'preferred' either, Mr. President. Someone has to say no. I will.'
From a statement released by his campaign:
'While this framework is not my preferred outcome, it is a positive step toward cutting our nation's crippling debt.
'Because the legislation promises cuts commensurate with the debt ceiling increase, forces a vote on a much-needed federal balanced budget amendment and provides the only avenue to avoid default, I encourage members of Congress to vote for this legislation.
'While some of my opponents ducked the debate entirely, others would have allowed the nation to slide into default and President Obama refused to offer any plan, I have been proud to stand with congressional Republicans working for these needed and historic cuts. A debt crisis like this is a time for leadership, not a time for waiting to see which way the political winds blow.
'Going forward, I will aggressively advocate for a plan from the congressional committee that includes real cuts, entitlement reform, and revenue-neutral tax reforms -- without any tax hikes.
'The Republican members of Congress deserve tremendous credit for moving this debate to the forefront and at long last beginning to get Washington in line.'
Ron Paul hasn't released an official statement on the deal yet, but last week he said this on CNBC:
'I think it's irresponsible to keep borrowing. If you have a debt problem, how do you solve the debt problem by raising the debt?'
'I'm not going to vote for it unless there's something in it that I missed,' he said. That commission is going to be set up, and it's going to be a tax trap. It's going to pit cuts against our military at a time of war versus raising taxes. The pressure will be on the GOP to do one or another.'
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