This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Senate GOP Leader Calls On Dems To Spell Out Cuts

By DAVID ESPO and DONNA CASSATA

WASHINGTON (AP) â¿¿ House Speaker John Boehner accused President Barack Obama on Tuesday of slow-walking negotiations to avoid the "fiscal cliff" and urged him to name specific cuts in government spending he would support as part of any compromise.

"Let's be honest. We're broke. The plan we offered is consistent with the president's call for a balanced approach," said the Ohio Republican, who has said he will accept higher tax revenue as part of a deal that also includes cuts in government benefit programs. "We're still waiting for the White House" to do the same.

The White House and House Democratic leader Nancy Pelosi countered the assertion within moments.

"The irony of this is that the White House offer had very specific cuts, the GOP counteroffer had almost none," tweeted the president's communications director, Dan Pfeiffer. White House aides circulated a summary pointing to more than $300 billion in proposed Medicare savings that are included in Obama's budget, as well as another $250 billion in non-health benefit programs.

There was no hint of progress in the flurry of public comments, although the rhetoric was kept relatively restrained, as if to avoid jeopardizing any negotiations that might be taking place.

In remarks on the House floor immediately after Boehner spoke, Pelosi also called on him and the Republican leadership to permit a vote on Obama's plan to extend expiring tax cuts for most Americans while letting them lapse at upper incomes. She predicted it would have "overwhelming support" â¿¿ even in the GOP-controlled House.

The day's events underscored the difficulty confronting the White House and congressional leaders as they struggle to avert across-the-board tax increases and spending cuts in government programs that are scheduled to take effect at the turn of the year. Economists say the combination could send the economy into recession.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,871.81 -56.39 -0.31%
S&P 500 2,082.73 -6.73 -0.32%
NASDAQ 4,922.5520 -16.7750 -0.34%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs