House Democratic chairman John Larson, D-Conn., said in a news conference today the debt ceiling compromise, "grand or otherwise," was anything but a "shared sacrifice." Taking exception to House Majority Leader Eric Cantor's description of the talks, Larson and his vice chairman told reporters that Republicans had thus far sacrificed nothing and were "arrogant" and "insulting" to suggest that they were compromising when all they have actually done is agree to negotiate.
"The Republicans seem to acknowledge that the debt limit has to be raised," Larson said, according to Politico. "They're now saying, I believe, oh by the way, that's our compromise. It's both arrogant and insulting that their compromise is, they'll raise the debt ceiling for the debt that they created under President Bush."
Cantor maintained that the Republicans "share" of the sacrifice was the difficulty voting to raise the debt ceiling that would allow for the government to operate, borrow money for programs, and, therefore, increase the national debt.
Larson and other House Democrats found his words to be a bit disingenuous, considering that Cantor -- and many other Republicans -- had had no problem increasing the limit on the debt ceiling during the Bush administration, an administration that had also helped increase the national debt by over $4 trillion.
Larson's sharp words came the same day that House Minority Whip Steny Hoyer told reporters that getting Democrats to go along with raising the debt ceiling without something given in return by Republicans (such as future tax break eliminations or concessions with regard to tax loopholes) might not be guaranteed. Hoyer believes that Republicans will need Democratic votes to raise the debt ceiling, something that Democrats have been pushing to accomplish. However, Republicans have refused to negotiate on anything other than what Democrats are willing to cut from current and future budgets. They have maintained that anything that resembled tax increases would not be considered.
In an effort to show resolve in negotiating for a debt ceiling increase, President Obama held a news conference Monday and said he wanted a "grand compromise" that was not short-term and one that would allow the government to operate without interruption at least through to 2013. He also said that Democrats would have to sacrifice sacred cows like Social Security and Medicare, just as Republicans would have to sacrifice future tax cuts (he emphasized that there would be no tax increases or eliminated tax breaks through 2012).
The government faces a shutdown of all nonessential services if a deal is not reached and the Treasury is not allowed to borrow money on which to operate. That deadline is Aug. 2. The debt ceiling, which must be raised by an act of Congress, was reached in mid-May. Treasury Secretary Timothy Geithner has stated that by juggling bills and deferring government payments, he could keep things running smoothly until August. Although the debt ceiling has been raised automatically in the past, Republicans have latched onto it as leverage in getting Democrats to curb federal spending.
Some Democrats, like Sen. Chuck Schumer, D-N.Y., has publicly denounced Republican tactics during the talks, stating the Republicans were purposely attempting to sabotage a struggling economy in order to gain political advantage in the upcoming 2012 general elections.
Democrats have pinpointed at least $1 trillion (saving $4 trillion over time) in spending cuts. Republicans thus far have agreed to talk about tax loopholes but nothing concrete. They refuse to talk about eliminating tax breaks.
Larson cries lip service is being paid to compromise by Republicans. With what is known about the debt ceiling talks, the Congressman does not appear to be incorrect.
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