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Parties close gap on cuts, still differ on size of debt hike
Both pressing own plans to meet deadline
Question of the Day
Some common ground emerged Monday in talks to raise the government’s borrowing limit, with both Republicans and Democrats now focused on immediate spending cuts and a future committee to recommend bigger reductions — though they still disagree on how big the debt increase should be.
House Republicans proposed $1.2 trillion in spending cuts, coupled with a debt increase of about $1 trillion, which would carry the government into next year. Senate Democrats, meanwhile, want a debt increase of $2.7 trillion, to last past the next election, and are offering $1.3 trillion in new spending cuts over the next decade.
“Republicans’ short-term plan is a nonstarter in the Senate and in the White House,” said Senate Majority Leader Harry Reid, Nevada Democrat. “It appears to me at this stage that the Republicans are more interested in trying to embarrass the president than doing what’s right for the country.”
Senate Democratic leaders challenged Republicans to accept their plan, saying it includes two of their biggest demands: no tax increases and spending cuts equal to the amount the debt limit it raised.
Republicans countered that Democrats were focusing too heavily on a political deadline of next year’s election, rather than on the details of government spending.
“The president continues to pick politics over people,” said House Majority Whip Kevin McCarthy, California Republican. “His only concern when you listen to him is he brings up the election. We’re more concerned about the policies and where this country is going.”
Both sides are racing against an Aug. 2 deadline, which is when the Treasury Department says the government will bump up against the $14.29 trillion debt limit. If the ceiling isn’t raised by then, the Obama administration says it would have to default on some obligations.
House leaders said they were aiming to hold a vote on their plan on Wednesday. The Senate’s schedule was still unclear Monday evening.
The Senate plan won the support of President Obama on Monday afternoon, despite its lack of tax increases — something he had said just hours before was necessary for any deal.
“Faced with the ‘my way or the highway,’ short-term approach of the House Republicans, Senator Reid has put forward a responsible compromise that cuts spending in a way that protects critical investments and does not harm the economic recovery,” White House press secretary Jay Carney said in a statement.
Mr. Obama scheduled a last-minute prime-time televised speech for Monday night to take his case directly to voters. The speech was delivered too late for this edition.
But Republicans have accused Mr. Obama of being the impediment to a deal.
House Speaker John A. Boehner on Friday walked away from talks with the White House and said he would negotiate directly with Mr. Reid. The GOP said those new talks spawned an agreement over the weekend, but when Mr. Reid presented the plan to the White House, Mr. Obama balked.
That sent both sides back to produce individual plans, though they appear to be working off of the same stem: both call for $1.2 trillion in lower discretionary spending, neither includes tax increases, both call for a committee to work out future deficit reduction, and both agree that debt increases should be matched dollar-for-dollar with spending reductions.
Mr. Reid’s plan also calls for $100 billion less in automatic spending such as agriculture subsidies, which are determined by formula, and he counts $1 trillion in lower spending because the wars in Afghanistan and Iraq are being wound down and another $400 billion in lower interest payments, thanks to those reductions. Those total $2.7 trillion, which he said is how much the debt can be raised.
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About the Author
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