–House Speaker Says Senate Should Pass Own Version of FY11 Bill
–Budget Deal to Cut Spending Would Build Confidence

By John Shaw

WASHINGTON (MNI) – House Speaker John Boehner blasted the Senate
Tuesday for failing to pass its version of a fiscal year 2011 spending
bill, adding that passing such a measure would boost efforts to reach a
compromise.

At a briefing with his House Republican leadership team, Boehner
said the Senate “has failed to act on any plan.”

“We’ve (the House) done our work. It is time for the Senate to move
a bill,” he said.

The Senate voted on two competing FY11 spending plans earlier in
the month and both failed.

Boehner has been in negotiations for several weeks with Senate
Majority Leader Harry Reid and White House budget director Jack Lew.

Boehner said the final accord must “reduce spending” and include
some policy provisions but he avoided discussing any specifics.

“We are not going to negotiate with ourselves,” he said.

Boehner said a plan to cut spending would end uncertainty and would
give confidence to the business community.

“Uncertainty causes people to sit on their hands” and not make
investments, he said.

The 2011 fiscal year began on Oct. 1 and the government has run on
six short-term funding bills. The current stop-gap spending bill funding
the government expires April 8.

At a briefing earlier in the day, House Majority Leader Eric Cantor
sharply disputed by some congressional Democrats that an agreement
between the White House and Congress on a final FY11 spending bill is
within sight.

Cantor said the consequences of a government shutdown would be
“bad” but added that responsibility would “fall on the laps” of
Democratic leaders.

He said that if a government shutdown were to occur, Congress would
still find a way to fund “essential services.”

House Republicans have been seeking $61 billion in spending cuts
from portions of the FY’11 budget. Congress so far has approved $10
billion in cuts.

Democratic leaders have offered a new proposal with $20 billion in
additional spending cuts.

** Market News International Washington Bureau: (202) 371-2121 **

[TOPICS: M$U$$$,MFU$$$,MCU$$$]