Bloomberg: Cornyn Says Republicans May Accept ‘Mini’ Deal on Raising U.S. Debt Limit

[Thiebear]

http://www.bloomberg.com/news/2011-07-03/republicans-may-accept-mini-debt-ceiling-deal-cornyn-says.html

Republicans might accept a “mini” deal with the Obama administration on raising the debt limit, Senator John Cornyn of Texas, a Republican leader, said yesterday on “Fox News Sunday.”

The idea may delay politically difficult decisions if it’s structured to postpone action on a larger package of spending cuts or revenue increases until after the 2012 election cycle, an analyst said.

“What we’ve been calling for is to have a down payment that’s as big as possible,” Marc Goldwein, former associate director of President Barack Obama’s debt commission, said yesterday in an interview.

Even so, the White House rejected a short-term extension of the debt limit, deputy communications director Jen Psaki said.

“The president has consistently said it is in the country’s economic interests for Congress to reach common ground on a significant long-term deficit reduction package,” Psaki said in an e-mail. “He has been clear in conversations with leaders in both parties about that.”

The Senate shortened its July 4 recess and will remain in Washington to discuss a deal this week to raise the nation’s $14.3 trillion debt limit. The Obama administration is negotiating with Congress on reducing the long-term budget deficit as part of a plan to raise the limit before borrowing authority expires.

I said when the Dems passed the Unicare bill they would suffer but with dignity as they stood up and took it.

If the Republican buckle as we walk of the cliff and not get fundamental detail oriented cuts/taxes: They have failed. Its their turn to take one for the team and November be damned.

Granted, this man is in charge of the republican campaign so he is definitly self serving as his career advancement would be stalled if/when the repubs lose in November for the choices made in July.

Nancy > Cornyn

[TheGreatBuzz]

I voted for the last one. I'm sorry but I really believe we are all screwed.

[DRSmith]

Until people accept that you need to grow revenue and cut that which is not needed to get out of debt you are screwed.

Also as long as politiicians are beholden to special interest and the very rich you are screwed

[Burgold]

At the point of emergency you have to act and stop being beholden to petty self-interest and gamesmanship. They need to stop squabbling and acting like spoiled brats. If a short term compromise will buy time fine. Then, they need to still buckle down and start getting to work.

Sadly, they'll revert to gamesmanship and petty partisan politicking which is at least half of why we're here in the first place. They refers to all the politicians btw. Nancy's Dems were just as petulant, spoiled, and closed eared as the Repubs today. They all need a good spanking. Country last should not be Congress' motto.

[thebluefood]

Yeah, at this point, I'm willing to let my libertarian leanings go and support raising taxes as well as cutting costs.

We NEED to get this done and we need to do it NOW.

[AsburySkinsFan]

Cut spending and raise revenue....that's the only way out. Dems and Reps both have to bite the bullet. The piper has come and he must be paid.

[88Comrade2000]

Any Republican that gives in and is facing reelection will face a tea party challenge next year in the primaries and most of them will lose. All this is positioning for Nov. 2012 election. The idiots who won are misreading the election results. The country didn't vote for the Republicans, they voted against the Democrats. The Repubs just happened to benefit because they were the only real option.

You need to cut spending and raise TAXES. Once we get the debt paid off or least on a permanent downward path; then we can lower taxes.

[Madison Redskin]

You need to cut spending and raise TAXES. Once we get the debt paid off or least on a permanent downward path; then we can lower taxes.

Agreed, although I suspect the vast majority of Republicans disagree with us. If any Republican politician of significance were to say that on record, they'd be toast. Republicans only want to look at one side of the ledger.

[Hubbs]

A deal to get past the 2012 election cycle is still going have to have be at least $2 trillion, and likely closer to $2.5 trillion. Isn't that what they were talking about in the first place? How is this a "mini" deal?