House Speaker John Boehner (R-Ohio) sees the debt ceiling as an "action-forcing event" where he will insist on cuts greater than the increase, setting up a legislative fight similar to the one that paralyzed Congress last summer.
Boehner calls the statutory debt limit as the "only avenue" to solve "our structural fiscal imbalance," according to prepared remarks to be delivered at the Peter G. Peterson Fiscal Summit and released to the Washington Post. A Boehner aide told the Post that tax increases are still off the table.Read it at The Huffington Post
John Boehner: Raising Debt Limit Is An 'Action-Forcing Event'
by Luke Johnson
Mr. President, where's the platinum coin?
A variety of spending cuts and tax increases take effect shortly after the debt ceiling is expected to be reached, potentially setting up a battle worse than last summer. Geithner said in February said that he expects that the debt ceiling will be hit sometime between Sept. 30, 2012 and the end of the year. The Bush-era tax cuts also expire at the end of 2012, and $1.2 trillion in automatic cuts to defense spending and Medicare as part of the debt ceiling deal take effect in 2013.Do the numbers. Adds up to depression.