(Updates with comments from Obama and Lew on the debt ceiling, from fifth paragraph).
April 15 (Bloomberg)--Senate Republicans are considering trying to join a Bill would cap federal spending to 20.6% of the gross domestic product in a decade a measure to raise the limit of legal debt of the country, according to two officials of the Congress of the party.Republicans are looking seriously to the proposal - an invoice of 10 pages known on Capitol Hill, the "CAP Act" aimed at shaving 7.6 billion in spending from the Federal Government more than 10 years - as a means of pressure on President Barack Obama and Democrats to accept debt reduction measures within the framework of the vote of the debt limit, said officials. They spoke on condition of anonymity because they were not allowed to publicly disclose private discussions.A vote to raise the legal limit on the national debt is a must-do in the coming months, with the Department of the Treasury that projecting the Government could bump against the ceiling of 14.3 billion as early as mid-May and execution of options to avoid default by early White House July.Whilesaid that the vote should be "clean" - free of charge other legislation - Obama recognized today that the coup de pouce will not get the necessary support unless the two parties reach agreement to trim the federal budget. "It will happen without some budgetary expenditures,"The President said in an interview with the Associated Press in Chicago." "Let's head of budget not link Them' Obama Jacob Lew, said today that, as a deficit reduction measure can run on a"parallel track"at the Congress with the debt limit increase, it should not be a necessary condition. "Let's bind not,"Lew said in an interview on Bloomberg Television "political capital with Al Hunt," released this weekend. "We have several things that are urgent." "We need to move the debt limit.For many Republicans, Democratic Senator Joe Manchin of West Virginia and Senator independent i. Joseph Lieberman of Connecticut have said that they consider a debt ceiling increase, unless the Congress plays first to crop the annual deficit estimated at high 1.6 billion this reimbursements begins to decrease in long-term debt.Something on debt "obviously, we are going to require, as a condition to raise the ceiling, something really important on the debt, the debt" Senate Leader Mitch McConnell, a Kentucky Republican minority, said April 13. He said that he believes that Congress should be "something that the markets would consider as important, something the American people would consider as important countries, something foreign would see as important."McConnell organises meetings for the months of forging a consensus among Republicans on the issue of debt. All 47 Republican senators have signed on the idea of adding an amendment to the fiscal balance of the Constitution, but it has little chance, taking into account the requirement of a majority of two-thirds vote in the Senate and the House and ratification by three fourths of the States .to the debate on the deficit in Washingtonmarket bond yields to the United States are lower now that when the Government was running a budget surplus at ten years, even if the Treasury Department data show that the amount of outstanding negotiable debt securities increased by 9.13 trillions of dollars of 4.34 trillion in mid-2007. The yield on the 10-year reference note is lower than the average of 6.92% since 1980 and compares with the average of 5.48% in 1998 through the period of 2001, according to the Bloomberg Bond Trader.Les StraitjacketTen-year tax yields price falls 3 basis points, or point of pourcentage.03 of 3.47% starting from 9 h 55 in London, according to Bloomberg Bond Trader.La legislation prices current discussion would set annual federal spending limits and Institute cuts transverse automatic if Congress does not have to stay within them. A vote of two-thirds by the House and the Senate should override the caps. "Essentially, this is a budgetary straitjacket, and I think that the American people have seen the huge lack of discipline that we have here,"Senator Bob Corker, a Tennessee Republican who sponsored the measure, said yesterday at a press conference at Washington.Le Senator Claire McCaskill of Missouri", democratic co-sponsor of the measure and the only member of his party supporting far plan, said while it does not insist on it as a condition to raise the debt ceiling, "doing nothing is not an option." "Playing political games" there are risks - risks serious and important - to play political games with the ceiling of the debt with regard to our economy and the global economy, "said McCaskill, who was one of the supporters of the Obama first in his 2008 presidential bid and which is for his re-election next year. "It's on both sides of drawing in the middle."The plan is resistant to the White House. Lew called "very dangerous", saying that the extent to meet the need to collect additional income or take into account the expected growth entitlement programs like Medicare and social security. "" Is, indeed, claiming you can repeal the retirement of Baby Boomers - you cannot, ", he said.Lieberman, who approved the measure yesterday, said his hopes for it have been strengthened at a recent luncheon in the moderate Democrats in which he said "everyone in the room that they were not ready to vote for an extension own so-called debt-ceiling." ""Some type of trust"" they wanted something to happen that would give their and their voters a sort of confidence that while we raise the debt ceiling, we were in fact something to reduce the debt, "said Lieberman", who caucuses with the Democrats.Corker said an another Democrat, that he would not appoint plans to publicly endorse the plan in the coming days, while home for recess for two weeks of Congress .the Bill was also at least some bipartisan support in the Housewhere Corker said democratic representative Jim Cooper and Republican Representative John j. Duncan Jr., both of Tennessee, support.-With the help of Nicholas Johnston, Mike Dorning and Julianna Goldman in Washington. Editors: Don Frederick, Mark Silva
To contact the reporter on this story: Julie Hirschfeld Davis in Washington at jdavis159@bloomberg.net.
To contact the editor responsible for this story: Mark Silva in msilva@bloomberg.net
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