NEW YORK ( TheStreet) -- President Barack Obama said on Friday that Congress had drawn closer to an agreement to raise the debt ceiling before the Aug. 2 deadline.
Obama stressed that it was crucial to include a stipulation in the plan to raise revenue, language that Republicans have interpreted as a tax hike.
"You'll probably see the House vote on a couple of things just to make political statements, but if you're trying to get to $2.4 trillion without any revenue, then you're effectively cutting
Obama said that politicians had the opportunity to stabilize the financial credibility of the United States for the next 10 to 20 years.House Speaker John Boehner (R., Ohio) addressed the media before Obama's speech and stressed that the plan could not include tax hikes. "There can be no tax hikes because tax hikes destroy jobs; we need real spending cuts and real spending cuts that will exceed the amount of increase in the debt limit," Boehner said. "We asked
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