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Biden-led debt talks reach impasse over taxes
http://news.yahoo.com/s/nm/us_usa_debt_cantor
WASHINGTON (Reuters) – Efforts led by Vice President Joe Biden to reach a deal that would allow the United States to avoid a debt default reached an impasse on Thursday as Republican Representative Eric Cantor said he was pulling out of the discussions.
Cantor said participants in the talks had identified trillions of dollars in potential spending cuts but were deadlocked over tax increases that Democrats want.
"Regardless of the progress that has been made, the tax issue must be resolved before discussions can continue," Cantor said in a statement.
An aide to Senator Jon Kyl, the other Republican participant, declined to say whether he would take part in the next meeting, scheduled for 2 p.m. EDT.
Negotiators had hoped to reach a budget deal by next week that would give lawmakers the political cover to raise the $14.3 trillion debt ceiling.
[ For complete coverage of politics and policy, go to Yahoo! Politics ]
The Treasury Department has warned that it will run out of money to pay the country's bills if the U.S. Congress does not act by August 2, a prospect that could push the United States back into recession and rattle markets across the globe.
"That's too bad," Senate Majority Leader Harry Reid, a Democrat, said when reporters told him the news.
A senior Democratic aide was less circumspect. "Clearly the divisions on the Republican side are too much for him to handle," the aide said. "What does it say about your leadership when you pull out of important talks like this at a critical time? When the going gets tough, Cantor gets going."
Cantor said President Barack Obama must "speak clearly and resolve the tax issue."
Reid declined to say whether he would now take over negotiations with Obama and House of Representatives Speaker John Boehner, the top Republican in Washington, as many have expected.
Congressional Democratic leaders were meeting at the White House on Thursday with Obama to discuss the talks.
WASHINGTON (Reuters) – Efforts led by Vice President Joe Biden to reach a deal that would allow the United States to avoid a debt default reached an impasse on Thursday as Republican Representative Eric Cantor said he was pulling out of the discussions.
Cantor said participants in the talks had identified trillions of dollars in potential spending cuts but were deadlocked over tax increases that Democrats want.
"Regardless of the progress that has been made, the tax issue must be resolved before discussions can continue," Cantor said in a statement.
An aide to Senator Jon Kyl, the other Republican participant, declined to say whether he would take part in the next meeting, scheduled for 2 p.m. EDT.
Negotiators had hoped to reach a budget deal by next week that would give lawmakers the political cover to raise the $14.3 trillion debt ceiling.
[ For complete coverage of politics and policy, go to Yahoo! Politics ]
The Treasury Department has warned that it will run out of money to pay the country's bills if the U.S. Congress does not act by August 2, a prospect that could push the United States back into recession and rattle markets across the globe.
"That's too bad," Senate Majority Leader Harry Reid, a Democrat, said when reporters told him the news.
A senior Democratic aide was less circumspect. "Clearly the divisions on the Republican side are too much for him to handle," the aide said. "What does it say about your leadership when you pull out of important talks like this at a critical time? When the going gets tough, Cantor gets going."
Cantor said President Barack Obama must "speak clearly and resolve the tax issue."
Reid declined to say whether he would now take over negotiations with Obama and House of Representatives Speaker John Boehner, the top Republican in Washington, as many have expected.
Congressional Democratic leaders were meeting at the White House on Thursday with Obama to discuss the talks.
Barb, you're right on that regarding taxes. I've pretty much always been pretty conservative, minus a few issues. I've heard 50 different plans on how to get us out from under this debt and almost every one of them is basically asking for a transfer of funds. We cant just come up with this money. It has to be generated somewhere, and I haven't heard a clear and concise plan that covers that. Trimming the fat in government is a start but it will leave us short in getting the problem handled.
Here Here! And Florida does not have recall either. So he is free to wreck havock and we can do what? Isnt Scott the one that spent how many millions? 60 I think to get in office, for what now? 60 mil of his own money to become governor of florida? That says something.
I'm probably going to get shot for this, but I'm finding it hard to understand how anyone can think we will get out of this funk, without tax increases; and I'm not just talking about the wealthy.
Again, it makes no difference which side of the fence you're on; the government went into a spending frenzy and they don't want to stop it - Of course, Bush was not an innocent bystander, but look what's happened to the deficit just in the last couple years. Let them keep our money here, instead of sending billions for foreign aid. Yes, it's wonderful to help other countries, but that should never be done during times when we have people in our own country that are jobless/homeless/hungry. Nor should we be paying for medical care, education, food, shelter or anything else for people who are in this country illegally, when people who were born here, grew up and worked here, raised families, etc can't get medical care or insurance, don't have jobs.......
Isolationism?? Go ahead and call it that - I'm a firm believer in making sure my own "family" is taken care of before spending my money elsewhere.
Shame on anyone who wants to take benefits from the elderly or those who truly need help; however, there are a lot of $ that could be trimmed from Medicare and Medicaid just because of fraud -- heck, look at our illustrious governor, Rick Scott -- defrauded Medicare of millions of $ and still got elected to the highest office in the State... now, he wants to make a name for himself by making public workers pay!! I'm still trying to figure out how that works. Now, he's passing laws that will make him even richer - wonder what HE pays in taxes each year??
Again, it makes no difference which side of the fence you're on; the government went into a spending frenzy and they don't want to stop it - Of course, Bush was not an innocent bystander, but look what's happened to the deficit just in the last couple years. Let them keep our money here, instead of sending billions for foreign aid. Yes, it's wonderful to help other countries, but that should never be done during times when we have people in our own country that are jobless/homeless/hungry. Nor should we be paying for medical care, education, food, shelter or anything else for people who are in this country illegally, when people who were born here, grew up and worked here, raised families, etc can't get medical care or insurance, don't have jobs.......
Isolationism?? Go ahead and call it that - I'm a firm believer in making sure my own "family" is taken care of before spending my money elsewhere.
Shame on anyone who wants to take benefits from the elderly or those who truly need help; however, there are a lot of $ that could be trimmed from Medicare and Medicaid just because of fraud -- heck, look at our illustrious governor, Rick Scott -- defrauded Medicare of millions of $ and still got elected to the highest office in the State... now, he wants to make a name for himself by making public workers pay!! I'm still trying to figure out how that works. Now, he's passing laws that will make him even richer - wonder what HE pays in taxes each year??
I agree with you guys, better hang tuff.
@ allaboutmary...We are soooooooo screwed if that happens.. The DEM's BETTER stand their ground. I mean the Repubs stand their ground all the time...It's time to grow some balls and make those tough decisions that will benefit EVERYONE NOT just some....I know I'm a part of the "middle (poor) class"
@ brice1967...I agree no matter what side anyone is on, we need come together to get this under control because going back and forward is doing more harm than good.
@ brice1967...I agree no matter what side anyone is on, we need come together to get this under control because going back and forward is doing more harm than good.
The Dem's better not fold on this. They need to put the taxes back the way they were before Bush. I can't believe we had 2 wars for 10 years and never even attempted to pay for them. Instead Bush gave tax breaks to the wealthiest Americans. Now the Republicans want to cut programs like Medicare and Social Security instead of making the rich pay more in taxes. The same rich people thats pay has increased 400% in the past 10 years while the middle class are now the poor class. If Republicans get the Presidency and Senate we are screwed.
Part of the problem here is partisan politics and those who by into it or don't see the big picture. Some people on the left will lead one to believe that all of the nations wealth is on the right side and thats why conservatives don't want tax increases. (6 of the top 10 richest legislators in this country are democrats, so that theory is completely shot.)
With cutting spending, there will have to be some tax increases somewhere. It is a fact. The interesting thing I've noticed recently is, more and more legislators are on the same page as to whatn the end product should look like, but they cannot agree on how to get there. It also seems as if partisan politics is in the way. Too many hard core right and left wingers will not budge on their parties beliefs, and thats what leads us into this stale mate we find ourselves in today.
Its a crying shame that our elected officials, the people we voted into office and that work for us will not move beyond their own beliefs and look at every potential solution, but rather confine themselves within their party ranks in order to save face.
I don't care who you are, what side of the floor you stand on.... I just want solutions and I don't care where they come from. Yeah, probably a few mistakes along the way but we have to start doing something different or we can only expect the same results.....
With cutting spending, there will have to be some tax increases somewhere. It is a fact. The interesting thing I've noticed recently is, more and more legislators are on the same page as to whatn the end product should look like, but they cannot agree on how to get there. It also seems as if partisan politics is in the way. Too many hard core right and left wingers will not budge on their parties beliefs, and thats what leads us into this stale mate we find ourselves in today.
Its a crying shame that our elected officials, the people we voted into office and that work for us will not move beyond their own beliefs and look at every potential solution, but rather confine themselves within their party ranks in order to save face.
I don't care who you are, what side of the floor you stand on.... I just want solutions and I don't care where they come from. Yeah, probably a few mistakes along the way but we have to start doing something different or we can only expect the same results.....
Tax increase worked for the Clinton Administration...I don't get it. The rich will accept tax cuts on top of the millions and billions that they earn though:/. I swear if I were rich, I'd pay extra taxes to help the economy.. God knows my husband and I pay enough taxes now and we're far from rich!!!....How do you walk out of a meeting? It goes to show you as long as there are talks about raising taxes on the rich, NOTHING will get done!!!
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