–Incoming House Speaker Says Hill has ‘Obligation’ to Pass Debt Hike
–Declines to Discuss Any Possible Tax Cut Compromise
By John Shaw
WASHINGTON (MNI) – Incoming House Speaker John Boehner said
Thursday that Congress has an “obligation” to increase the statutory
debt ceiling next year, adding the issue is “how” to increase the debt
ceiling not whether it should be done.
At a briefing, Boehner took a sharply different approach to the
coming debt ceiling vote than some Republicans who have warned they will
block an increase in the debt limit unless the Obama makes major
concessions on key issues.
Boehner said it is “perfectly clear” that the debt ceiling needs to
be increased next year and the Congress has an “obligation” to deal with
the matter responsibly.
Congress must deal with debt ceiling legislation “like adults,” he
said.
Boehner also restated his support for a permanent extension of the
Bush era tax cuts. He has said the tax cut extension should be
accompanied by tight spending controls.
Renewing all Bush era tax cut would cost about $4 trillion over a
decade. The tax cuts of 2001 and 2003 are set to expire at the end of
this year.
President Obama has been sending multiple signals that he is
willing to back down from his long-held position that the Bush tax cuts
be extended only for those individuals making $200,000 or less and
couples making $250,000 or less.
** Market News International Washington Bureau: (202) 371-2121 **
[TOPICS: M$U$$$,MFU$$$,MCU$$$]
