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July 27, 2011

Congressional Budget Office Findings Prompt Delay of Republican Budget Vote 
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Capital Hill budget talks remain at an impasse as Republicans and
Democrats push competing bills to raise the federal debt ceiling. House
Republicans have now delayed a vote on their measure after a
Congressional study found it would save far less than the $1.2 trillion
publicly claimed. The Congressional Budget Office says the plan would
save $850 billion over the next decade, which would fall short of House
Speaker John Boehner's vow to match any debt-ceiling hike to an equal
number in budget cuts. On Tuesday, Boehner continued to blame Democrats
for the standoff, while Senate Minority Leader Mitch Mc Connell sounded
a more conciliatory tone.

House Speaker John Boehner: "I think I made it pretty clear last night,
the President's looking for a blank check. We have a bill that is a
reasonable approach negotiated with the senate leadership that really is
common sense. There's more cuts in spending than you have an increase in
the debt limit."

Senate Minority Leader Mitch Mc Connell: "We're going to have to get
back together and get a solution here. We cannot get a perfect solution
from my point of view, controlling only the House of Representatives, so
I'm prepared to accept something less than perfect because perfect is
not achievable."

Democrats have vowed to defeat Boehner's proposal. On Tuesday, White
House spokesperson Jay Carney and Senate Majority Leader Harry Reid said
the Republican bill would be dead on arrival in the Senate.

White House spokesperson Jay Carney: "Speaker Boehner's proposal cannot
pass the Senate, will not pass the Senate, will not reach the
President's desk. This is the problem we have, we need congress to
produce something that is a compromise and that therefore can get
support from Democrats and Republicans in both houses and reach the
President's desk and meet the President's approval."

Senate Majority Leader Harry Reid: "The Senate plan is the only real
compromise we have in congress today and it's the best shot we have to
avoiding an economic crisis a week from today. The rating agency S&P
said our plan would avoid a downgrading of our credit rating, and
conversely Speaker Boehner's plan would cause a downgrading."



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