{"id":446767,"date":"2011-06-24T06:46:23","date_gmt":"2011-06-24T06:46:23","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/24\/republicans-exit-biden-debt-talks\/"},"modified":"2011-06-24T06:46:23","modified_gmt":"2011-06-24T06:46:23","slug":"republicans-exit-biden-debt-talks","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/24\/republicans-exit-biden-debt-talks\/","title":{"rendered":"Republicans exit Biden debt talks"},"content":{"rendered":"

24 June 2011<\/span> Last updated at<\/span> 02:46 ET<\/span><\/span><\/p>\n

Republican negotiators have walked out of talks with US Vice-President Joe Biden on how to reduce the country’s debt.<\/p>\n

The US treasury department has warned the US risks default if Congress does not authorise more borrowing by August.<\/p>\n

Mr Biden said it was now up to President Obama and leaders of the Republicans and Democrats in Congress to decide on the way forward.<\/p>\n

The Republicans are resisting Democrat proposals for tax hikes in any deal.<\/p>\n

Clock ticking<\/span><\/p>\n

They say that such tax increases – amounting to as much as $400bn (\u00a3249bn) on corporations and the wealthy, according to the Washington Post – will stifle economic recovery.<\/p>\n

The Democrats oppose Republican proposals for steep cuts to health and retirement programmes.<\/p>\n

The two sides need to reach an agreement that will enable Congress to raise the $14.29tr (\u00a38.7tr) debt ceiling before 2 August, or the US risks defaulting on its debt.<\/p>\n

Continue reading the main story<\/a><\/p>\n

\u201cStart Quote<\/span><\/h2>\n
\n

Let me be clear: tax hikes are off the table\u201d<\/p>\n<\/blockquote>\n

End Quote<\/span> John Boehner<\/span> Republican House Speaker<\/span><\/div>\n

This could send the US back into recession and throw global markets into turmoil.<\/p>\n

In a statement after the meeting, Mr Biden said a “balanced approach” was needed with savings made across all areas, from domestic spending to “loopholes in the tax code”.<\/p>\n

“We all need to make sacrifices, and that includes the most fortunate among us,” he said.<\/p>\n

Mr Biden said it was now up to party leaders “to determine the scope of an agreement that can tackle the problem and attract bipartisan support”.<\/p>\n

Republican House Majority Leader Eric Cantor, who led the walk-out of the talks, said it was time for President Obama to “speak clearly and resolve the tax issue”.<\/p>\n

Republican House Speaker John Boehner was adamant. “Let me be clear: tax hikes are off the table,” he said.<\/p>\n<\/div>\n

Originally posted here:
\nRepublicans exit Biden debt talks<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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