With no agreement on the debt crisis, leaders of both the House and Senate appear to be working on their own plans. Wisconsin Congressman Paul Ryan said Republicans have a bill he believes will get the job done, to raise the debt ceiling while also making modest spending cuts. “We are going to move a bill that actually increases it, that I think would be virtually impossible for Harry Reid to stonewall, or the president not to sign,” Ryan told WRJN. “We’re going to move that, one way or the other, this week.”
The Janesville Republican said the markets will see the bill is a serious attempt to get past partisan bickering. “For every dollar of debt ceiling increase you want to cut more than a dollar’s worth of spending,” he said. “We’re going to stick to that formula, and we’re going to pass a $1.2 trillion spending cut that has already been previously agreed to by everybody in these negotiations, for a trillion dollar increase.” Ryan said Republicans have found it more productive working with Harry Reid and Nancy Pelosi than President Barack Obama.
Ryan also said that this latest GOP proposal won’t get the President through his reelection bid. “He’s got this political deadline he’s so fixated on, of getting it through his election,” he said. “This would get us to like February or March. And then the rest of it, the rest of the debt ceiling increase that he wants through the election, is where we have to continue negotiating on how to finish cutting that amount of money.”
Tom Karkow, WRJN