House Speaker John Boehner said on Thursday that Republicans will not vote to raise the debt limit without budget reforms and spending cuts totaling trillions of dollars.
Boehner said he was optimistic that bipartisan talks led by Vice President Joe Biden would "lead somewhere" in an effort to allow the government to continue its borrowing activity, while keeping the rapidly growing debt load at a manageable level.
Trillions in spending cuts (and tax breaks for the rich) or the country defaults on its debt. So the Republicans are offering a choice between massive suffering for 90% of the country as social programs are eliminated and the economy implodes, or massive suffering for 90% of the country as borrowing costs skyrocket and the economy implodes. Eric Cantor chimes in on the other end, saying that the Republicans will refuse to allow even one dime of tax increases.
This is their opening position, he demands.
But something's fishy. Orange Julius and Cantor talk tough, but behind the scenes...
U.S. budget negotiators are considering, as one option, a straight up-or-down vote on increasing the country's borrowing authority, without spending cuts attached, a Republican aide said on Thursday.
"It is being considered among a lot of options. It hasn't been taken off the table," said Brad Dayspring, a spokesman for House Majority Leader Eric Cantor. Under such a scenario, there could be separate but parallel legislation on cutting spending.
How quickly will the cries come from the Tea Party to primary their hero Cantor?