Boehner Disappoints Wall Street: "No Debt Ceiling Hike Without TRILLIONS In Spending Cuts" (Video)

Video - Robert Reich on Boehner's speech - May 9, 2011

Highlights of Boehner's speech are in the first 3 minutes.

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Video - John Boehner's complete speech to Wall Street - May 9, 2011

John Boehner: Cut 'trillions' as debt limit nears (Politico)

Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase,” Boehner plans to tell the Economic Club of New York here this evening, according to remarks obtained by POLITICO. “And the cuts should be greater than the accompanying increase in debt authority the president is given. We should be talking about cuts of trillions, not just billions.”

Under Boehner’s vision, for example, Republicans would have to find more than $2 trillion in cuts if they wanted to raise the debt ceiling by that amount through 2012 — which is in line with Treasury’s estimates on the debt limit. But Republicans could also go for a more incremental increase in the debt ceiling, coupling that with a smaller offsetting cut in spending. Boehner’s preference is for immediate cuts, not promises to pare back spending in the future.

Comments

[DailyBail]

United States public debt

http://en.wikipedia.org/wiki/United_States_public_debt

[cdudain]

And all this time, I thought the constitution called for the house of representatives to be the place where all matters of the spending budget were to start. I guess the speaker of the house wants someone else to do his job and let him get the credit and get paid.

[TaterSalad]

Seems that Barack Obama-mobiles, GM & Chrysler are being ruled guilty of dumping by the Chinese:

http://www.thedetroitbureau.com/2011/05/china-rules-u-s-carmakers-guilty-of-dumping/

[AmericanPatriot]

So they can spend the borrowed money while we, the American People and our descendants get saddled with paying for their excess through cuts to the services now helping the American People (which our taxes are said to cover). Ahhh...The American Dream.