GOP Wants to Hold Nation’s Credit “Hostage,” Says White House
The White House says Republicans are getting ready to hold the nation’s credit “hostage.”
A spokesman is reacting to today’s comments from House Speaker John Boehner, who said that when it comes time to raise the nation’s borrowing limit, he will again insist on spending cuts and budget reforms to offset the increase. That could happen either late next year or early next year.
Boehner says he will welcome another debate on the issue, because it will force Congress and the White House to make difficult decisions.
But White House spokesman Jay Carney says the nation doesn’t need another round of what he calls “political brinksmanship” that he says Republicans engaged in last year.
If Congress demands cuts, Carney says President Barack Obama will again demand that spending cuts be balanced with an increase in tax revenue, which Republicans have rejected.
Last year, Congress and Obama agreed on a 10-year package of more than $2 trillion in spending cuts over the coming decade. But the failure of a so-called deficit supercommittee to reach a deal is threatening a painful round of automatic spending cuts at the Pentagon and other Cabinet agencies next year.
(Copyright 2012 by The Associated Press. All Rights Reserved.)