Debt Ceiling Negotiations
July 31, 2011 by USA Post
The U.S. Senate vote the debt ceiling, originally scheduled to take place on Sunday morning, has been postponed to Sunday afternoon.
Senate Majority Leader Harry Reid said Saturday the White House had asked him to give everyone as much as possible to reach an agreement; amid signs progress has been made in negotiations.
U.S. political leaders have until Tuesday to raise the country and the debt ceiling 14300000000000 or the risk of provoking a breach of the debt for the first time in U.S. history. But they remain deadlocked on how best to raise the debt limit and cut public spending.
The Republicans are calling for a short term solution and further consideration of the debt ceiling in early 2012, while Democrats are pushing for a plan to meet the needs of the nation through loans next year and the past Presidential and legislative elections in November 2012.
Earlier, Reid said Washington was close to a deal that could raise the country’s debt limit and avoid debt default a potentially catastrophic. He accused the Republican leadership’s refusal to negotiate in good faith.
Reid made the remarks in the Senate shortly after the two Republicans in Congress, Senate Minority Leader Mitch McConnell and House Speaker John Boehner expressed optimism the U.S. will reach an agreement on the debt crisis.
In a press conference, Boehner urged President Barack Obama to reach an agreement with Republican leaders in Congress, saying that if he does, Democrats will follow. He said the president does not act on a plan that could have ended the impasse a week ago.
Also Saturday, Reid and Minority Leader Nancy Pelosi met at the White House with President Obama and Vice President Joe Biden. Obama spoke by phone with McConnell.
On Saturday, the Republican House of Representatives, led by easily defeated a plan of debt produced by Reid, as the night the Senate today rejected a plan proposed by Boehner and narrowly passed the House.
Reid needs 60 votes in the 100-member Senate to end debate on the measure and pass a final vote on Monday. But for 43 Republican opposition, said he would vote for his measure, lending further uncertainty to the political crisis.
Senate Democratic leaders are waiting to complete its action on an increase in the debt limit by Monday morning, just before the U.S. reopen the stock markets of the week. The stalled negotiations have irritated Washington debt investors, the key Dow Jones Industrial Average falling more actions last week that it has in a week in the last 14 months.
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