‘No way’ to ceding debt limit power
Geithner: Debt canada goose factory sale limit hike crucial to cliff talks
By Rachelle Younglai
WASHINGTON, Dec 5 (Reuters) Republican lawmakers took a firm stand on Wednesday against an canadian goose jacket Obama administration proposal that would make it easier for the president to cheap canada goose uk increase the nation debt thecanadagooseoutlet.com limit, worried it would undercut their Canada Goose Online leverage to cut government spending.
Republicans introduced a non binding resolution in the House of Representatives that, if approved, canada goose coats on sale would put the chamber on record opposing the plan, uk canada goose and a Senate Republican canada goose uk black friday began circulating a letter to President Barack Obama saying it was critical that Congress role in setting the limit not change.
As part buy canada goose jacket cheap of its opening bid to Republicans in talks to avoid the cliff of $600 Canada Goose Outlet billion in tax hikes and Canada Goose sale spending cuts set to hit the economy at the start of 2013, the administration proposed allowing the president to initiate hikes in the debt limit, which now stands at $16.4 trillion.
If Congress denied the request, he could then veto the decision. It would take canada goose store a super majority in both buy canada goose jacket the House and Senate to override the veto, meaning the increase would almost certainly move ahead.
The White House wants any fiscal cliff deal to include a borrowing cap hike to avoid a repeat of last year bruising cheap Canada Goose debt limit fight, which unnerved markets and led to the loss of the nation top tier credit rating. It was put in canada goose black friday sale place on a temporary basis Canada Goose Jackets as part of last year broader budget deal, but the administration wants to make the policy permanent.
The idea that the president would give himself the ability raise the debt limit infinitely at any time he wants is the definition of insanity, said Arizona Republican Representative uk canada goose outlet Trent Franks. Wyoming Republican Representative Cynthia Lummis canada goose uk outlet called it unprecedented power grab, while canada goose uk shop Ohio Republican Representative Pat canada goose clearance Tiberi said Obama was in la land.
Ohio Senator Rob Portman started gathering support for a letter to Obama expressing opposition.
The debt ceiling Canada Goose online has become the Republicans canada goose clearance sale main weapon in their fight to rein in federal spending, with more conservatives saying they might be forced to support the White House plan to raise taxes on the Canada Goose Coats On Sale wealthiest as part of a deal to avert the fiscal cliff.
The government was just $86 billion below the limit on Tuesday, and was expected to hit it in the last week of December.
Although the Treasury can move funds around in order to keep paying the government bills into early next year, the nation would eventually default thecanadagooseoutlet if canada goose coats the debt cap is not raised.
Treasury Secretary Timothy Geithner said on Wednesday canada goose that a debt limit hike was an essential element of any deal to avoid the fiscal cliff.
are Canada Goose Parka not prepared to have the American economy held hostage to periodic threats that Republicans will force the country to default on our obligations, Geithner said on CNBC.
The issue now is one of the main points of contention in budget talks. think the real line in the sand is going to be the debt ceiling, Republican Tennessee Senator Bob Corker said.