Discover Yahoo! With Your Friends

Explore news, videos, and much more based on what your friends are reading and watching. Publish your own activity and retain full control.

To get started, first

YOUR FRIENDS' ACTIVITY

    Debt-limit vote postponed as GOP seeks support

    WASHINGTON (AP) — The endgame at hand, House Republicans struggled Thursday to pass legislation to prevent a looming government default while slicing nearly $1 trillion from federal spending. Senate Democrats pledged to scuttle the bill — if it got to them — in hopes of forcing a final compromise.

    As afternoon debate headed toward evening, GOP leaders ordered an unexplained halt on the measure and Speaker John Boehner summoned a string of recalcitrant rank-and-file Republicans to his office.

    Asked what he and Boehner had talked about, Rep. Jeff Flake, R-Ariz., said, "I think that's rather obvious. .. There's negotiations going on."

    Another Republican, Rep. Louie Gohmert of Texas, said he was unhappy Boehner had jettisoned a requirement contained in earlier legislation for Congress to pass a constitutional balanced-budget amendment and send it to the states for ratification.

    "Why are we negotiating with ourselves?" he asked rhetorically.

    It wasn't clear how long the delay might last, although a spokesman for Boehner said the vote was still expected to take place later in the evening.

    The White House quickly taunted Boehner's Republicans.

    "Clock ticks towards August 2, House is naming post offices, while leaders twist arms for a pointless vote. No wonder people hate Washington," White House Communications Director Dan Pfeiffer tweeted.

    Earlier, Boehner had exuded optimism.

    "Let's pass this bill and end the crisis," said the president's principal Republican antagonist in a new and contentious era of divided government. "It raises the debt limit and cuts government spending by a larger amount."

    President Barack Obama has threatened to veto the measure, and in debate on the House floor, Rep. Debbie Wasserman Schultz of Florida savaged it as a "Republican plan for default." She said the GOP hoped to "hold our economy hostage while forcing an ideological agenda" on the country.

    Despite the sharp rhetoric, there were signs that gridlock might be giving way.

    "Around here you've got to have deadlock before you have breakthrough," said Sen. Kent Conrad, D-N.D. "We're at that stage now."

    Wall Street suffered fresh losses as Congress struggled to break its long gridlock. The Dow Jones industrial average was down for a fifth straight session.

    The Treasury Department moved ahead with plans to hold its regular weekly auction of three-month and six-month securities on Monday. Yet officials offered no information on what steps would be taken if Congress failed to raise the nation's $14.3 trillion debt limit by the following day.

    Without signed legislation by Aug. 2, the Treasury will not have enough funds to pay all the nation's bills. Administration officials have warned of potentially calamitous effects on the economy if that happens — a spike in interest rates, a plunge in stock markets and a tightening in the job market in a nation already struggling with unemployment over 9 percent.

    White House press secretary Jay Carney outlined White House compromise terms: "significant deficit reduction, a mechanism by which Congress would take on the tough issues of tax reform and entitlement reform and a lifting of the debt ceiling beyond ... into 2013."

    The last point loomed as the biggest obstacle.

    The House bill cuts spending by $917 billion over a decade, principally by holding down costs for hundreds of government programs ranging from the Park Service to the Agriculture Department and foreign aid.

    It also provides an immediate debt limit increase of $900 billion, which is less than half of the total needed to meet Obama's insistence that there be no replay of the current crisis in the heat of the 2012 election campaigns.

    An additional $1.6 trillion in borrowing authority would be conditioned on passage of at least $1.8 trillion in further savings to be recommended by a newly created committee of lawmakers. Those deficit reductions would presumably come from cuts to benefit programs such as Social Security and Medicare, as well as an overhaul of the tax code generating additional government revenue.

    The GOP bill's $917 billion in upfront spending cuts was trillions less than many tea party-backed rank-and-file Republican lawmakers wanted, but a total that seemed nearly unimaginable when they took power in the House last winter with an agenda of reining in government. Numerous Republicans grumbled that the legislation didn't cut more deeply, and Boehner and the rest of the GOP leadership have spent their week cajoling reluctant conservatives to provide the votes needed to pass it.

    By most accounts, they were succeeding.

    "It gives us a little bit of heartburn because it doesn't go big enough," said Rep. Sean Duffy, R-Wis., a first-term lawmaker who said he would vote for the bill as the best one available.

    Another first-term Republican, Rep. Martha Roby of Alabama, said the bill was "far from perfect. But I don't have the luxury of writing the plan by myself, and neither does Speaker Boehner."

    While the White House and Democrats objected to the House bill, they readied an alternative that contained similarities.

    Drafted by Senate Majority Leader Harry Reid, it provides for $2.7 trillion in additional borrowing authority for the Treasury. It also calls for cuts of $2.2 trillion, including about $1 trillion in Pentagon savings that assume the end of the wars in Iraq and Afghanistan.

    Even before the House voted, Reid served notice he would stage a vote to kill the legislation almost instantly.

    "No Democrat will vote for a short-term Band-Aid that would put our economy at risk and put the nation back in this untenable situation a few short months from now," he said.

    With the House and Senate focused on debt-limit legislation at opposite ends of the Capitol, eleven religious leaders protesting budget cuts were arrested in the Rotunda midway between the two chambers.

    Democratic Rep. Chellie Pingree of Maine said on the House floor that they were praying for those who will be "hurt the hardest" by the bill being considered.

    Rep. David Dreier, R-Calif., countered that he, too was praying — to avoid a default.

    The day's events marked the climax of a struggle that began last winter, when the Treasury Department notified Congress it would need additional borrowing authority, and Boehner said any increase would have to include steps to reduce future spending.

    At first the White House balked at the terms, then relented. That gradually morphed into a series of bipartisan negotiations, one led by Vice President Joe Biden, then another by Obama, and finally, a round of golf that led to stab at a "grand bargain" between the president and Boehner.

    Boehner announced last Friday he was calling off the talks, setting in motion a frantic week of maneuvering as the default deadline grew near.

    ___

    Associated Press writers Andrew Taylor, Donna Cassata, Stephen Ohlemacher, Larry Margasak, Martin Crutsinger, Charles Babington, Darlene Superville and Jim Kuhnhenn contributed to this report.

     

    10,762 comments

    • Shane  •  10 mths ago
      DEAR CONGRESS, Last year I mismanaged my funds and this year my family and I cannot decide on a budget. Until we have come to a unified decision that fits all our needs and interests, we will have to shut down our checkbook and will no longer be able to pay our taxes. I'm sure you will understand. Thank you very much for setting an example we can all follow
      • WTF 10 mths ago
        mwahahahaha!
      • MP 10 mths ago
        YOU ARE AWESOME SHANE....TIME TO TURN THE FAUCET OFF TO WASHINGTON.
      • A Yahoo! User 10 mths ago
        What would happen if all American Citizens refused to pay taxes in 2011?
    • Charlene  •  10 mths ago
      Proposed 28th Amendment to the United States Constitution: "Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Senators and/or Representatives; and, Congress shall make no law that applies to the Senators and/or Representatives that does not apply equally to the citizens of the United States ."

      Proposed 28th Amendment to the United States Constitution: "Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Senators and/or Representatives; and, Congress shall make no law that applies to the Senators and/or Representatives that does not apply equally to the citizens of the United States ."
      • A Yahoo! User 10 mths ago
        I agree and how about adding if you can not vote for a person who is running for office, you can not give that person any money.
      • Mathwiz27 10 mths ago
        We need to come together as one people, Americans, and let Congress know that we will NOT stand for this inequality that exists between politicians and the ordinary citizen. Compared to them, all of us (except for maybe the rich) are second class citizens in this country. I'm sure they're in NO HURRY to change that predicament.

        Seriously people, when is the march because I will definitely be holding my FREE AMERICA sign!!!!
      • sosad 10 mths ago
        We also need to make the Supreme Court repeal the law that allows corporations to act as a person. That way, they cannot give millions to a candidate without telling us they did it. They bought off the Supreme Court officials to get that law passed.
    • dutchee  •  10 mths ago
      This game of "chicken" has to be stopped. I have lost all respect for all of "them" which ever side of the aisle they are from. We need to cut the pay and pensions of these legislature's... let's "balance the budget" on thier dime.
      • smokedsalmoned 10 mths ago
        Imagine if the Democrats had done their job by October 2010 and voted on passing a 2011 budget, which by the way would have required an increase in the debt ceiling.
        .
        The crisis we are in is of Obama and the Democrats making and don't forget that. They refused to do their duty and pass a budget Oct 2010 for 2011 and here we are now.
      • smokedsalmoned 10 mths ago
        Thank god Obama submitted a detailed plan to the senate that is above the fray and provides compromise for both sides............whats that you say, he submitted no plan.
        Not that he has to but doesn't that make him and the Democrats the Party of NO PLAN?
      • Free4All 10 mths ago
        I don't believe its a game of chicken!! Its a way for the King and His Men to grab more power by doing last minute *panic deals* where no one in the public has time to analyze the data. Need I mention Obamacare and the Bush Bailout? All of this is just a side show for the public.
    • snapper  •  10 mths ago
      since the congress has created all this mess why dont all of them
      take cuts from there checks.they should have paychecks of no more than forty thousand a year,any extras let them pay for it.
      • Shirley 10 mths ago
        I'm with you on that idea.
      • Paula 10 mths ago
        MY, are you smart. Maybe us as citizen can demand that their salary be cut. forty thousand a year is to much.
      • maria 10 mths ago
        Oh, Snapper....it isn't Congress. They've come up with many Bills...the Dems are the one playing games!!!
    • Frederick  •  10 mths ago
      Every time one of these politicians open their mouths I wanna put my foot in it. Lousy parasites all of'em
      • Ron the Bomb 10 mths ago
        I would say that you are generalizing, but you are about 95% right. So it is our job as voters to do our research and put that 5% of good, honest American people into office.
      • caleb 10 mths ago
        Any time I buy a coffee machine that doesn't work, I go to the store to get a refund. What do we do when our politicians are broken?
        .
        @Ron -- we can't vote good people into office when the voters will vote-in anybody that will give them an entitlement fund to mooch off of.
      • Glenda 10 mths ago
        there are no good honest people to put into office anymore. And even if there were, they'd get bought off or corrupted immediately so what's the use?
    • Robert  •  10 mths ago
      I think everyone in washington should take a pay cut. I think with the technology we have today "We The People" should be able to vote on everything. Eliminating most of the career politicians in washington. We need someone thats looking out for their fellow Americans, not themselves. I suggest a new political party, "The Americans".
    • Texan  •  10 mths ago
      How about ending all foreign aid?? You don't give to people that hate you and let your own bills go unpaid. How smart do you have to be to do what is right??
    • ICY69HOT  •  10 mths ago
      Why can't these idiots stop playing politics on this issue,, one say's the American people want this the other group say's just the opposite.. Easy fix to the whole problem.. Put this entire issue up for a vote by the American People, not the idiots who fail to represent them. A referendum on the two or three plan's put up for a vote should be given to the people to review over a 24 hours period then a vote via cell phone/computer on the issue. Verification of ID by date of birth/SSN and Place of Employment or Home address.. Let the People decide.
    • Donna  •  10 mths ago
      I just do not get it, they are willing to cut the Social Security. It is bad enough that you have the elderly who depend on that check each month. That is there only source of income. Why want these people in Washington cut there payroll instead. They can afford it more than the seniors in this world. I know of 4 seniors right now that literally buy dog food too eat each month. why because of the little amount that they get. they have to chose between their medication and food. So they chose there medication. I wish that these so called Congress and Senators would get out from behind their big fancy desk and see who is really hurting will they are sitting up there hating each other. All it is, is a power struggle, Democrates against Republicans, who has more power. I say enough is enough...
    • A Yahoo! User  •  10 mths ago
      Here's a suggestion, end the trillion dollar wars of aggression and stop giving the UN billions of dollars, while folks right here in America are living on the street!!!
    • A Yahoo! User  •  10 mths ago
      If everyone is so angry, how is it that the same idiots keep getting re-elected?? Stop voting for the same person, thats our way of getting real change
    • nutcracker  •  10 mths ago
      We the people ,are in deep trouble.
    • Paul Revere Deux  •  10 mths ago
      BREAKING NEWS: Massive sinkhole swallows Washington...WORLD REJOICES !
    • Thulsa Doom  •  10 mths ago
      Where is the middle class American Party?
    • Sebastian  •  10 mths ago
      Social security is not an entitlement we've earned it. The government should pay their bills too.
    • Pete in VA  •  10 mths ago
      Congress and the White House should NOT be paid until they do their job. Then all of them should be fired.
    • Michael  •  10 mths ago
      i say let them default, and then vote all theyr #$%$ out next year cause not a single one of them deserves to hold a public office, give me freedom or give me death!
    • ducky  •  10 mths ago
      while they bicker like children, we the american people suffer for it
    • A Yahoo! User  •  10 mths ago
      I have been looking at the comments on these articles on Yahoo, AOL, and MSN since these arguments have been going on. I wonder if these people in Washington know just how angry the people of the US really are. I have seen threats of violence (that would be a worst case scenario) to a tax boycots plethara of fist shaking and rhetoric. Makes a person wonder just how far it will go.
    • Babs  •  10 mths ago
      Politics at its finest! What a waste.....
    [ [ [['Connery is an experienced stuntman', 2]], 'http://yhoo.it/KeQd0p', '[Slideshow: See photos taken on the way down]', ' ', '630', ' ', ' ', ], [ [['Connery is an experienced stuntman', 7]], ' http://yhoo.it/KpUoHO', '[Slideshow: Death-defying daredevils]', ' ', '630', ' ', ' ', ], [ [['know that we have confidence in', 3]], 'http://yhoo.it/LqYjAX ', '[Related: The Secret Service guide to Cartagena]', ' ', '630', ' ', ' ', ], [ [['We picked up this other dog and', 5]], 'http://yhoo.it/JUSxvi', '[Related: 8 common dog fears, how to calm them]', ' ', '630', ' ', ' ', ], [ [['accused of running a fake hepatitis B', 5]], 'http://bit.ly/JnoJYN', '[Related: Did WH share raid details with filmmakers?]', ' ', '630', ' ', ' ', ], [ [['accused of running a fake hepatitis B', 3]], 'http://bit.ly/KoKiqJ', '[Factbox: AQAP, al-Qaeda in Yemen]', ' ', '630', ' ', ' ', ], [ [['have my contacts on or glasses', 3]], 'http://abcn.ws/KTE5AZ', '[Related: Should the murder charge be dropped?]', ' ', '630', ' ', ' ', ], [ [['have made this nation great as Sarah Palin', 5]], 'http://yhoo.it/JD7nlD', '[Related: Bristol Palin reality show debuts June 19]', ' ', '630', ' ', ' ', ], [ [['have made this nation great as Sarah Palin', 1]], 'http://bit.ly/JRPFRO', '[Related: McCain adviser who vetted Palin weighs in on VP race]', ' ', '630', ' ', ' ', ], [ [['A JetBlue flight from New York to Las Vegas', 3]], 'http://yhoo.it/GV9zpj', '[Related: View photos of the JetBlue plane in Amarillo]', ' ', '630', ' ', ' ', ], [ [['the 28-year-old neighborhood watchman who shot and killed', 15]], 'http://news.yahoo.com/photos/white-house-stays-out-of-teen-s-killing-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/cv/ip/ap/default/120411/martinzimmermen.jpg', '630', ' ', 'AP', ], [ [['Titanic', 7]], 'http://news.yahoo.com/titanic-anniversary/', ' ', 'http://l.yimg.com/a/p/us/news/editorial/b/4e/b4e5ad9f00b5dfeeec2226d53e173569.jpeg', '550', ' ', ' ', ], [ [['He was in shock and still strapped to his seat', 6]], 'http://news.yahoo.com/photos/navy-jet-crashes-in-virginia-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/cv/ip/ap/default/120406/jet_ap.jpg', '630', ' ', 'AP', ], [ [['xxxxxxxxxxxx', 11]], 'http://news.yahoo.com/photos/russian-grannies-win-bid-to-sing-at-eurovision-1331223625-slideshow/', 'Click image to see more photos', 'http://l.yimg.com/a/p/us/news/editorial/1/56/156d92f2760dcd3e75bcd649a8b85fcf.jpeg', '500', ' ', 'AP', ] ]
    [ [ [['did not go as far his colleague', 8]], '29438204', '0' ], [ [[' the 28-year-old neighborhood watchman who shot and killed', 4]], '28924649', '0' ], [ [['because I know God protects me', 14], ['Brian Snow was at a nearby credit union', 5]], '28811216', '0' ], [ [['The state news agency RIA-Novosti quoted Rosaviatsiya', 6]], '28805461', '0' ], [ [['measure all but certain to fail in the face of bipartisan', 4]], '28771014', '0' ], [ [['matter what you do in this case', 5]], '28759848', '0' ], [ [['presume laws are constitutional', 7]], '28747556', '0' ], [ [['has destroyed 15 to 25 houses', 7]], '28744868', '0' ], [ [['short answer is yes', 7]], '28746030', '0' ], [ [['opportunity to tell the real story', 7]], '28731764', '0' ], [ [['entirely respectable way to put off the searing constitutional controversy', 7]], '28723797', '0' ], [ [['point of my campaign is that big ideas matter', 9]], '28712293', '0' ], [ [['As the standoff dragged into a second day', 7]], '28687424', '0' ], [ [['French police stepped up the search', 17]], '28667224', '0' ], [ [['Seeking to elevate his candidacy back to a general', 8]], '28660934', '0' ], [ [['The tragic story of Trayvon Martin', 4]], '28647343', '0' ], [ [['Karzai will get a chance soon to express', 8]], '28630306', '0' ], [ [['powerful storms stretching', 8]], '28493546', '0' ], [ [['basic norm that death is private', 6]], '28413590', '0' ], [ [['songwriter also saw a surge in sales for her debut album', 6]], '28413590', '1', 'Watch music videos from Whitney Houston ', 'on Yahoo! Music', 'http://music.yahoo.com' ], [ [['keyword', 99999999999999999999999]], 'videoID', '1', 'overwrite-pre-description', 'overwrite-link-string', 'overwrite-link-url' ] ]