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Good Morning!
Morning News
White House Privately Open To Spending Only Trigger To Get Debt Deal
Democrats have already gone a long way towards giving Republicans what they want. Accepting any kind of trigger than Boehner could support would be pure, unadulterated insanity, especially a spending-only trigger that cut Social Security, Medicare, and Medicaid. It would wreak political devastation on the Democratic Party for years to come and would be worse than the original Boehner bill.
Nearing The Debt Limit Deadline? Maybe It's Already Passed
Democrats and Republicans with legislative experience agree that even if both sides decided Saturday to raise the $14.3 trillion borrowing ceiling and to reduce future annual deficits, it would be extremely difficult for the compromise measure to wend its way through Congress before Tuesday’s deadline, given Congressional legislative procedures.
But such a bipartisan deal seemed virtually impossible on Friday, as House Republicans approved their bill and dug in deeper against compromise with President Obama.
Any possibility of avoiding an economy-shaking default seemed to rest on hopes of a so-far nonexistent compromise in the Senate — between the majority leader, Harry Reid, Democrat of Nevada, and the Republican minority leader, Senator Mitch McConnell of Kentucky — that could pass by Tuesday and then be sent to the House.
House passes bill, Senate immediately tables it
Democrats conceded that they still lack the votes to repel a GOP filibuster. Reid beseeched his Republican counterpart, Minority Leader Mitch McConnell (Ky.), to join him in reworking the measure so the Senate could pass it and send it back to the House before slumping financial markets open Monday morning.
But in a phone call Friday evening, McConnell told Reid he wanted the White House at the table and expressed frustration that President Obama had rejected an emerging compromise between the two Senate leaders last weekend. Aides said McConnell expected to speak with administration officials Friday night and tamped down talk of an impasse. But Senate Democratic leaders reacted with outrage, accusing McConnell of blocking a deal.
“Unless there is a compromise or they accept my bill, we’re headed for economic disaster,” Reid said.
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