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Friday, July 29, 2011

Latest news updates on debt ceiling talks

In a move designed to get conservative Republicans on board with his debt ceiling proposal, House Speaker John Boehner, R-Ohio, has designed a bill that would tie raising the debt ceiling to the approval of a Balanced Budget Amendment to the U.S. Constitution.
Boehner plans to move forward with a vote on the plan as Democrats in the Senate are set to approve an alternative proposal by Senate Majority Leader Harry Reid, D-Nevada.   
Freshman Republicans in the House balked at Boehner's recent compromise proposal that would raise the debt ceiling in exchange for modest reductions in spending over the next 10 years. In order to get the votes needed to pass the bill, Boehner agreed to the Balanced Budget Amendment proposal that conservatives say is essential to reining in federal spending that is raging out of control. 
Republican efforts to successfully address the 14.2 trillion-dollar-debt and the runaway federal spending that produced it have been hampered by the White House and Senate Democrats, who have insisted that cuts in spending be minimal and that taxes must be raised on all making over $250,000 per year--which would include small business owners.

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