One new feature in the Geithner plan is a call for increasing the nation's debt limit without the need for congressional approval. Under last year's debt ceiling deal, Obama simply had to notify Congress that he was raising the debt ceiling, a move that could be blocked only if both houses of Congress approved resolutions of disapproval that Obama could veto. The administration wants a permanent extension of the debt ceiling with a similar legislative arrangement and with no offsetting spending cuts, as demanded by Republicans.Following a closed-door meeting with Geithner, House Speaker John Boehner, R-Ohio, declared "no substantive progress has been made between the White House and the House" in the two weeks since congressional leaders met with Obama at the White House.
Pressuring GOP, Obama Takes His Fiscal Plan To Pa.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts