House Speaker John Boehner (R-Ohio) told Fox News today that "Congress is never going to give up" control of the debt ceiling to the president. With the fiscal cliff looming, the executive branch is trying to pass a new legislation that would allow for more spending cuts and tax rate increases on the wealthy. This fiscal cliff deal includes the transfer of debt ceiling powers to the executive branch. Current law states that only Congress can raise the debt limit. This new plan would allow the White House to raise the debt ceiling if necessary. This deal, proposed on Thursday, calls for $1.6 trillion in tax increases and $400 billion in Medicare cuts over the next ten years. Today, Boehner called this proposal "nonserious" on Fox, and the Republican party is dismissing it. He also said on Sunday that he told Treasury Secretary Timothy Geithner, "you can't be serious."
http://www.huffingtonpost.com/2012/12/02/john-boehner-debt-ceiling-congress_n_2228377.html?ref=topbar
John Boehner/Huffington Post
RSS Feed