Negotiations to increase the nation’s credit limit will continue today. Majority Leader Cantor will keep trying to come up with a package that meets the Speaker's call for spending cuts that match the increase in the debt ceiling and no tax increases with millions of Americans out of work. We must come together on serious spending cuts without raising taxes to ensure America pays its bills and to get this economy moving again.
Today In History: Known formally as "MPEG-1 Audio Layer 3," the technology in question was an efficient new format for the encoding of high-quality digital audio using a highly efficient data-compression algorithm. In other words, it was a way to make CD-quality music files small enough to be stored in bulk on the average computer and transferred manageably across the Internet. Released to the pubic one week earlier, the brand-new MP3 format was given its name and its familiar ".mp3" file extension on this day in 1995.
Birthdays: Gerald R. Ford, Gov. Susana Martinez, Rep. Tom Latham, Matthew Fox and Jane Lynch
Here is what’s in today’s Ledger ...
State Of Play: Republicans Hold Firm On Spending Cuts & No Tax Increases On Families, Small Businesses
Cantor Offers Multiple Debt Limit Votes, Holds Firm On No Tax Increases ... At an impromptu news conference shortly after returning to the Capitol from a meeting at the White House, Cantor told reporters that Obama became angry when the No. 2 House Republican announced that he was willing to drop his insistence on only one vote on raising the country’s $14.3 trillion debt ceiling. ... “I asked the president, would that be something that he would consider,” Cantor told reporters. “Well, that’s when he got very agitated, seemingly, and said that he had sat here long enough and that no other president — Ronald Reagan wouldn’t sit here like this, and he’s reached the point where something’s got to give.” “So he said, ‘You’ve either got to compromise on your dollar-for-dollar insistence, or you’ve got to compromise on the big deal,’ which means on raising taxes,” Cantor continued. “And he said to me, ‘Eric, don’t call my bluff.’ He said, ‘I’m going to the American people on this.’ Again, I was somewhat taken aback, because look, I was compromising.” The Washington Post
... Obama Abruptly Walks Out Of Debt Talks. President Barack Obama abruptly walked out of a stormy debt-limit meeting with congressional leaders Wednesday, a dramatic setback to the already shaky negotiations. “He shoved back and said ‘I’ll see you tomorrow’ and walked out,” House Majority Leader Eric Cantor (R-Va.) told reporters in the Capitol after the meeting. Politico
State Of Play (2): President Obama Calls For More Spending, Higher Taxes In Deficit Reduction Talks
SIREN - President Obama, Democrats Calls For New Spending In Deficit Reduction Talks. Cantor said new numbers on unemployment insurance and an additional $80 billion in health care spending suddenly emerged. For instance, he said congressional Democrats want the Medicare prescription drug price-fixing and the return of “dual eligibles” on the table, a $50 billion item. “Again, that’s something that we’ve never agreed to. Again, the Biden talks and the progress that we made seems to have been erased now,” said Cantor. National Journal
Obama Demands Tax Increases, Fewer Spending Cuts. Mr. Cantor said that Mr. Obama said Republicans had to abandon their insistence on cuts as deep as the amount they want to raise the debt limit or accept tax increases in a larger deficit-reduction package. "Eric, don't call my bluff," Mr. Obama said, according to Mr. Cantor. Mr. Cantor said that of the spending cuts on the table, congressional Democrats had agreed to less than $1.4 trillion over ten years. The Wall Street Journal
Score It – President Obama Should Put His “Plan” Into Budgetary Language To Be Scored By CBO. If the president would put his plan into budgetary language, as the House already has done, and make it available to the CBO, the public could readily see who is being serious in the negotiations. We would know whether we have been offered a bracing helping of peas, or a misleading mess of pottage. As it is, the president has put a covered dish on the table and, thanks to noncompliance with the Budget Act, we do not know what it contains. The Wall Street Journal
- Video Flashback: CBO Director Elmendorf: We Don’t Score Speeches
Senate Side - Schumer Continues To Spread False Partisan Accusations That Damage Negotiations. “Eric Cantor has been negotiating this for the past six to eight weeks, and he is now meeting at the White House daily trying to come up with a solution to this problem,” Laena Fallon, a spokesperson for Cantor, told The Hill. “What is Chuck Schumer doing, aside from lobbing false and highly partisan accusations on the Senate floor that only make a deal less likely?” The Hill
The Road Ahead: A Balanced Budget Amendment Would Help Get Our Fiscal House In Order
Op-Ed: Whip McCarthy & Chief Deputy Whip Roskam: An Amendment To Balance Our Budget More Crucial Than Ever. With $14 trillion in debt, sustained unemployment over 9 percent and a liberal Washington orthodoxy that demands continuously higher borrowing and spending, America is on the verge of drowning in red ink. Washington’s inability to control spending creates daunting obstacles to job creation in the short term while threatening America’s very being in the long term. Although there is never a shortage of new and diverging opinions in Washington, sometimes the best remedy is a simple return to our basic principles. It’s time for Washington to get serious about a balanced-budget amendment. ... Once out of the news, politics trump principles, and the spending binge continues full steam ahead. One of the many lessons of the failed “stimulus” is that spending pledges and statutory caps are easily cast aside and overrun as “emergency spending” arises. Don’t be fooled, though — American families know they can’t engage in “emergency spending.” If your credit cards are maxed out, spending more isn’t an option in the real world. The hard truth is that we can no longer afford the tired status quo of Washington policies and politicians that kick the can down the road, choosing self-preservation over America’s future. That’s why we need the balanced-budget amendment. The Hill
Hoyer Whips Against Budget Reform, Fiscal Responsibility. "I strongly oppose Republicans' proposed balanced budget amendment, and I will be whipping against it.” Roll Call
The Economy: President Obama Is Making It More Difficult For Small Businesses To Expand and Grow
President Obama Continues To Push Small Business Tax Hike. Industry and trade associations, including the nation’s largest small-business lobby group, are lining up to defend an inventory accounting method that President Obama has proposed banning to boost federal tax revenue. ... “We think on balance it’s the right thing to do when we’re making tough choices about how we should achieve significant deficit reduction,” White House Press Secretary Jay Carney said during a recent press briefing. Top Republicans have attacked the proposal, saying it amounts to a tax hike.... The National Federation of Independent Business, a Washington-based small-business lobby group with more than 700,000 members, is also opposed to the move. It calls LIFO an “established accounting method” used by countless small businesses across the country. “We see this is as a tax increase for small business,” says spokesman Kevan Chapman. “Many of our members will be greatly affected if this proposal went through.” The Wall Street Journal
House Votes To Empower Small Business Owners and Reduce Regulatory Burdens: The House on Wednesday voted to give states more say over water quality standards, fending off Democratic efforts to preserve a more robust regulatory role for the EPA. By a 239-184 vote, lawmakers backed a proposal (HR 2018) to limit the federal agency’s authority to enforce new or revised clean-water standards. The bill would restrict the EPA’s authority under the Clean Water Act (PL 95-217) to reject state water pollution plans and enforce stricter standards. The proposal comes in response to EPA actions over the past two years to stall mountaintop mining in Appalachia over concerns that resulting debris contaminates streams. House Transportation and Infrastructure Chairman John L. Mica, R-Fla., and the panel’s ranking Democrat, Nick J. Rahall II of West Virginia, cosponsored the measure, arguing that the federal permitting process has led to uncertainty in coal-mining communities. CQ
Getting To Know The Freshmen
Jim Renacci: Rep. Jim Renacci represents Ohio’s 16th congressional district. Born and raised outside of Pittsburgh, PA, he has resided in northeast Ohio for the past 28 years with his wife, Tina, and their three children. In addition to serving his community as President of City Council and Mayor, Renacci also served as a volunteer firefighter for 5 years. A small business owner and entrepreneur since age 24, Renacci has owned, operated and invested in more than 60 businesses, including a health care company, automobile dealerships, an Arena League football team and a Minor League baseball team. He is also a Certified Public Accountant. Little known fact: Representing a district that sits a stone’s throw away from Cleveland, his greatest political obstacle as a candidate was overcoming his very public and unyielding allegiance to the Pittsburgh Steelers.
Off The Beaten Path
USA Women To Face Off Against Japan For The World Cup – ESPN