Debt Ceiling Deadlock

News
Tuesday, July 19, 2011 - 11:53am

As the deadline to raise the debt ceiling looms, Republicans and Democrats are no closer to a deal.

Republicans call their plan "Cut, Cap and Balance."

Cut federal spending, including Medicare and Social Security, cap what the government can spend and vote on a Constitutional amendment requiring a balanced budget in order to raise the debt ceiling, allowing America to borrow more.

Florida Representative Alcee Hastings said, "I'll name it 'Crap, zap and bounce.'"

North Carolina Representative Virginia Foxx said, "What we are trying to do is to save the country."

The House votes on it today, but it will probably never pass the Senate, where Democrats are in charge.

President Obama is already promising a veto saying they "Can't let politics stand in the way of doing right thing."

He still wants to raise taxes on the rich and big companies.

Senate Minority Leader Mitch McConnell says let President Obama raise the debt ceiling himself, with no cuts at all.

"It may be the only option if you want the debt ceiling raised at all," said McConnell.

California Representative Xavier Becerra said, "We're wasting two more weeks of time on a budget that can't go anywhere."

That plan could turn Tea Partiers against their own leadership and force Democrats to vote against their President or do nothing to cut the deficit.
 

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