Obama Seeks Grand Bargain on Debt as Republicans Balk on Taxes BusinessWeek
(Updates with White House response, Obama comments to CBS and Cornyn comments beginning in fourth paragraph.)
July 12 (Bloomberg) -- The top Senate Republican attacked the credibility of President Barack Obama’s efforts to forge a “grand bargain” of spending cuts and tax increases, saying the president himself was an obstacle to an agreement on the debt.
Senator Mitch McConnell and other Republican leaders said Obama is putting an expansion of government ahead of the goal of reaching a bipartisan accord to cut the U.S. deficit. He said Democrats’ “smoke and mirrors” proposals prevented the type of $4 trillion deficit reduction that Obama is seeking.
“As long as this president is in the Oval Office, a real solution is unattainable,” McConnell of Kentucky said on the Senate floor today in his toughest comments about the negotiations since bipartisan talks began.
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Forecast 2009: Deflation and Recession - FXstreet.com The Foreign Exchange Market Forecast 2009: Deflation and Recession New green power plants? Wonderful. I’m all for it. But they take years to authorize and build. Tax cuts? Again, much of it will be saved or used for debt. |
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