Boehner offers to take debt limit off the table

[jpak]

Source: Washington Post

House Speaker John A. Boehner has offered to push any fight over the federal debt limit off for a year, a major concession that would deprive Republicans of leverage in the budget battle but is breathing new life into stalled talks over the year-end “fiscal cliff.”

The offer came Friday, according to people in both parties familiar with the talks, as part of the latest effort by Boehner (R-Ohio) to strike a deal with President Obama to replace more than $500 billion in painful deficit-reduction measures set to take effect in January.

With the national debt already bumping up against the $16.4 trillion cap set last year, Congress risks a government default unless it acts to raise the debt ceiling in the next few months.

Many Republicans had argued that party leaders should use the threat of default to demand additional spending cuts from Obama. But Boehner’s offer would head off that potentially nasty fight — at least until the end of next year.

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Read more: http://www.washingtonpost.com/business/economy/boehner-offers-to-take-debt-limit-off-the-table/2012/12/16/8b369b7e-47c6-11e2-b6f0-e851e741d196_story.html

[loyalkydem]

1. He's up to something....

[ROBROX]

22. ALL TALK AND NO WALK

These people are so misleading they do not know how to tell the truth. If they are going to do anything it would have ben done. The GOP masters are not done pulling the strings to let their puppets do anything at this time like resolving this countries mess.

[MannyGoldstein]

2. Hold tight, Harry and Nancy

No entitlement cuts.

[ProgressiveEconomist]

3. Is Boehner trying to give Rs 2014 election leverage over a NEW fiscal cliff?

If so, he hasn't really learned anything from the 2012 election. He's apparently setting the deadline a year too early, unless he plans to extend it anouther year sometime during 2013.

[democrattotheend]

6. Bring it on!

If he and his colleagues want to push cuts to Social Security and Medicare prior to an off-year election where seniors are the biggest voting bloc, I say bring it on!

[Joe the Progressive]

4. Don't negotiate with terrorists

The Republicans are too quick to hold the rest of the country hostage to look out for their bilionaire supporters. Call their bluff!

[cstanleytech]

5. I think Obama should tell him to shove that offer as well

as that is not a solution its just pushing it back so they can use it against the dems in the midterms.

[John2]

7. I wonder

if those cuts have anything to do with military cuts? I know some conservatives knees are shaking if those cuts go through. I'll believe it when I see it if they let those cuts go through on the miltary side and especially readers of the Weekly Standard. The Republicans will have hell to pay in their Districts. Even Mitt Romney said that was a bad Deal for the Republicans.

[iandhr]

8. We won the election

WE will set the terms.

[democrattotheend]

9. Here are some more details of the offer

Per ABC News:

- Higher income tax rates on households earning $1 million and above.
- $1 trillion in revenue over 10 years with $440 billion coming from higher tax rates, $500 billion from tax reform in 2013 and $60 billion from changes in benefit and tax treatment tied to the Consumer Price Index.
- Dollar-for-dollar cuts in entitlement programs tied directly to the tax revenue number. One is contingent upon the other.
- An unspecified increase in the Medicare eligibility age.
- A one-year lifting of the debt ceiling.
- Waiving most of the scheduled budget cuts under sequestration and replacing them with the entitlement cuts.

Since the revenue component is the most important, here is a summary of the Boehner offer, as confirmed by numerous sources familiar with the talks.

- A marginal income tax rate of 39.6 percent on household incomes of $1 million and above.
- The rate would apply for 10 years and raise an estimated $440 billion.
- Tax reform in 2013 would have a legislatively enforceable goal of raising $500 billion in additional revenue through the elimination of deductions and tax loopholes.
- Boehner also asked for a reduction in the Consumer Price Index (CPI) adjustment in government benefits and in the indexing of tax brackets. By Boehner's numbers, this would generate $60 billion in revenue over 10 years.

The sum total of revenue under Boehner's plan was $1 trillion over 10 years.

Unacceptable, IMO. I could live with going to $500,000 as the floor for tax cuts if they permanently give the president the power to raise the debt ceiling and have no serious spending cuts (other than defense).

[MannyGoldstein]

10. As I said...

Hold tight, Harry and Nancy!

[Angry Dragon]

12. Is boner willing to give up ALL congressional pensions and health care??

[gateley]

14. I think the $1M is fine -- but NO fucking with "entitlements" except to streamline where

possible and IF the result is beneficial to the recipients and costs.

I'll let Obama know when he calls for my input.

[kelliekat44]

11. Whose table? It never was on the President's table. nt

[Angry Dragon]

13. shove it up your ass boner

[Teamster Jeff]

15. He should tell Boner that the threat of future blackmail

by the GOP has no place in these negotiations. Also, let him know that he is looking into an executive order that would raise the ceiling without congress.

[humbled_opinion]

16. He is doing a flyby

and hoping that the administration will settle for this low ball tactic... LOL... idiot....

Stick to your guns Democratic leaders, don't be fooled by this bozo.. All he wants is cuts to Medicare and Social Security don't fall for it.

[silhouete2]

17. It's pretty sad

when the first thing I think of is "What is he up to?" Because we all know he is up to something.

[Mr.Bill]

18. Obama needs to watch this clip.

It's all he needs to know in dealing with the Republicans.

[Andy Stanton]

19. The Rethugs have no leverage

And Boehner knows it.

[midnight]

20. I wonder if this has anything to do with his re-election?

[Cha]

21. Will he walk it back tomorrow?

[bucolic_frolic]

23. Reform the tax code

accountants and lawyers do not produce one iota of
fun, heath, or enjoyment

they just complicate the laws and tax codes to line their
own pockets.

[MADem]

24. Bonehead needs to "offer" the citizens of the US a damned apology, and tell his minions to vote to

raise taxes on the rich with no preconditions.

Otherwise, I think the Dems just need to go to war on this issue, and target every single GOP politician running for election/re-election in every single state.

No mercy. They are the party of the rich, we are the party of the people.