Videos: Dueling debt-ceiling deals
Over the weekend Republicans and Democrats moved in different directions after efforts to reach a bipartisan agreement to raise the nation's debt ceiling ahead of the Aug. 2 deadline stalled.
House Speaker John Boehner (R-Ohio) proposed a two-step solution Monday that would raise the debt ceiling by $1 trillion immediately and save $1.2 trillion over the next 10 years. The plan would allow for a second hike to the debt ceiling and would require a congressional ! vote on a balanced budget amendment.
{mosads}Meanwhile, Senate Majority Leader Harry Reid (D-Nev.) announced a $2.7 trillion deficit reduction package that would raise the debt ceiling enough to run through 2012.
This afternoon Reid rejected the Republican short-term proposal. He said he had spent the weekend trying to reach a bipartisan deal.Â
"Instead of moving forward we went backwards," he said.
Click through to see reaction to these proposals from congressional Republicans and Democrats.Â
Warner | Van Hollen | Bass
Sen. Mark Warner (D-Va.), a member of the Gang of Six, said he is concerned that Boehner's short-term debt-extension plan may lead to a debt downgrade. He said that while the Reid proposal gives Congress more time, it would still require additional spending cuts in the future. Warner said that getting past the debt-ceiling is step one, but defended the Gang of Six proposal as a long-term, bipartisan solution.
"If we have a debt-downgrade, if we have default that is the worst of all circumstances because that is an immediate tax increase on every American family..."Â
Warner | Van Hollen | Bass
Rep. Van Hollen (D-Md.) said on MSNBC that the Reid proposal's major advantage is that it extends the debt-ceiling through Jan. 2013.
"There's no reason we should choose ! to put the country in the same kind of predicament this coming! Decembe r or January when we have the power to lift the debt-ceiling through January 2013. Why would we put the economy at risk?"
Warner | Va! n Hollen | Bass
!Rep. Karen Bass (D- Calif.) ! predicte d it will be difficult for Democrats in the House to pass a deficit-reduction plan that does not include revenue increases and she called for a balanced approach. Bass told ABC's Top Line that she remains optimistic an agreement will be reached.
"I think this deal gets done. I think it might wait until the last minute and sometimes in a situation like this it blows up before it comes back together."
Warner | Van Hollen | Bass
Corker | McCarthy | PortmanÂ
Sen. Corker (R-Tenn.) spoke to CNBC about the politics behind the debt-ceiling debate and his concern that the United States credit rating will be downgraded. Corker said he doesn't think anyone really anticipates the government will default on its debt. He is hopeful that the focus of the debate has shifted to long-term debt issues.
"This cake is not quite ready to be baked and I think we've all unfortunately become accustomed to a little dysfunctionality and crisis… we're probably in about the 6th inning of this game."
Warner | Van Hollen | Bass
House Majority Whip Kevin McCarthy (R-Calif.) said the House would use the same framework as Cut, Cap and Balance to reach a deal, but would look for something that could also pass in the Senate. He told MSNBC's Daily Rundown not to discount the possibility of including a balanced budget amendment.
"We laid out a framework, no new taxes and we will n! ot raise the debt limit more than we actually find cuts."
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Warner | Van Hollen | Bass
Sen. Rob Portman (R-Ohio) told MSNBC extending the debt-limit is necessary, but not sufficient. He believes a two-step, substantive approach would be better for the markets, then soley raising-the debt-ceiling.
"I think the two-stage process is where we're going to end up, because we simply don't have time to deal with these bigger issues like tax reform."
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Warner | Van Hollen | Bass
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