Sunday, July 24, 2011

Boehner wants debt ceiling plan by Sunday

Speaker Boehner to President Obama:

“As I read the Constitution, the Congress writes the laws and you get to decide what you want to sign”

House Speaker John Boehner hopes to have a framework for a debt-limit plan in place by Sunday afternoon to avoid roiling the Asian markets, he told colleagues on a Saturday conference call.

An immediate deal would raise the debt ceiling and cut spending, Boehner said, and there are still options on the table for more comprehensive deficit reduction of $3 trillion to $5 trillion, according to GOP sources on the call. He is also aiming for a framework in the form of Cut, Cap and Balance — the plan that has failed in the Senate, Obama has threatened to veto but House Republicans passed overwhelmingly.

He acknowledged that he might not be able to get the details of a plan to all members by the time he makes an announcement tomorrow, but warned colleagues that they risk losing leverage in the negotiations if something isn’t enacted by Aug. 2.

Congressional lawmakers may meet later Saturday to continue discussions, Democratic and Republican sources said.

The Ohio Republican also said his goal is to avoid using the Senate’s “McConnell plan,” which would allow the president to raise the debt ceiling at several junctures over the next year-and-a-half, subject to congressional disapproval.

“Don’t worry. I’ll be strong,” he said, according to one of the sources.

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