Tags: Reid | cut | cap | balance

Reid: Senate Won't Debate Cut, Cap, Balance Yet

Friday, 22 Jul 2011 11:12 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON — The U.S. Senate will not take up a backup plan to raise the debt ceiling as it will wait to see what emerges from talks between President Barack Obama and House Speaker John Boehner, Senate Democratic leader Harry Reid said Friday.

The plan would give President Barack Obama new powers to order an increase in the government's borrowing limit. There's an Aug. 2 deadline to act.

Some reports also said that the Senate voted to table the "cut, cap and balance" bill the House passed this week. That bill calls for strict caps on all future federal spending while making it significantly tougher to raise taxes.

Reid, a Nevada Democrat, has canceled weekend sessions that he had said earlier would be held.

His announcement seems to reflect the fading prospects for the backup plan. It would let Obama raise the borrowing cap by $2.5 trillion in over the next year unless overridden by two-thirds of Congress.

Tea party-backed lawmakers strongly oppose the idea.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Fox Executive Fired Over Flight 370 Charity Email

Saturday, 19 Apr 2014 18:22 PM

A veteran Fox executive who used her company email account to plan aid for loved ones of the missing Malaysian airplane' . . .

Lamar Alexander Touts Newt's 'Breakout' in Weekly Address

Saturday, 19 Apr 2014 09:45 AM

Government should enable Americans to succeed, not pass mandates to control them, Tennessee Republican Sen. Lamar Alexan . . .

Experts: Obamacare Threatens to Send Healthcare Costs Skyrocketing

Saturday, 19 Apr 2014 16:21 PM

President Barack Obama says Obamacare is covering more Americans at a lower cost than was anticipated, but healthcare ex . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved