Republicans Quit Budget Talks, Citing Tax-Hike ‘Impasse’
Taxes Thursday, June 23rd, 2011
By Laura Litvan and Heidi Przybyla, Bloomberg.com
President Barack Obama likely will step into the final stages of talks to break a deadlock over a plan to cut budget deficits, his spokesman said after two Republicans dropped out of talks led by Vice President Joe Biden.
House Majority Leader Eric Cantor cited an “impasse” over tax increases in refusing along with Senator Jon Kyl to attend today’s planned negotiating session. They called for Obama to take the lead.
The move caught Democrats by surprise and raised the prospect that the Biden-led talks could collapse over taxes. Republicans insist on major spending cuts, and no tax increases, before they will agree to raise the nation’s $14.3 trillion debt ceiling. The Treasury Department says the limit must be raised by Aug. 2 or the U.S. will risk defaulting on its obligations.
“It has always been the case that these talks would proceed to a point where the remaining areas of disagreement would be addressed by leaders and the president,” White House press secretary Jay Carney told reporters aboard Air Force One. He said the Biden talks “may or may not resume” and that he had nothing to announce on the next steps.
To read more, visit: http://www.bloomberg.com/news/2011-06-23/house-s-cantor-pulling-out-of-biden-debt-reduction-talks-citing-impasse-.html
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