WASHINGTON (MNI) ? Following House passage of Speaker Boehner?s
debt-hike bill Friday evening, the White House issued the following:
The bill passed today in the House with exclusively Republican
votes would have us face another debt ceiling crisis in just a few
months by demanding the Constitution be amended or America defaults.
This bill has been declared dead on arrival in the Senate. Now that yet
another political exercise is behind us, with time dwindling, leaders
need to start working together immediately to reach a compromise that
avoids default and lays the basis for balanced deficit reduction.
Senator Reids proposal is a basis for that compromise. It not
only achieves more deficit reduction than the bill passed in the House
today and puts a process in place to achieve even more savings, it also
removes the uncertainty surrounding the risk of default. The President
urges Democrats and Republicans in the Senate to find common ground on a
plan that can get support from both parties in the House ? a plan the
president can sign by Tuesday.
** Market News International Washington Bureau: 202-371-2121 **
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