Trillion Dollar Standoff
Republicans demand "trillions" in cuts before raising debt ceiling.
With the Bin Laden buzz subsiding, President Obama is facing off with House Speaker John Boehner over what most voters consider bigger issues: The slow recovery and our debt crisis.
Boehner issued a startling warning Monday night, saying there will be no increase in the debt limit unless Democrats agree to $2-trillion in spending cuts and no tax increases.
House Republicans have also declared Medicaid a target.
The Republican plan to turn that huge federal program over to the states was slammed Tuesday in a non-partisan report that found 44 million low income Americans would be left uninsured.
Democrats, meanwhile, floated a plan to cut $21 billion in yearly red ink by ending tax breaks for big oil companies that are charging near-record prices and making record profits.
A clash of proposals, but one agreement.
It's time to get serious.
The debt clock is ticking toward the limit of $14.3 trillion.
No deal by mid-summer and default could follow.