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Debt Limit Debate

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Published on Nov 8, 2013

WASHINGTON, D.C. (WKRC) -- President Obama and House Republicans met
for 90 minutes Thursday to discuss possibilities for raising the
nation's debt limit. The meeting ended with no deal but one top Republican sounded optimistic. We
had a very useful meeting. It was very clarifying I think for both
sides as to where we are, and the takeaway from the meeting was that our
teams are going to be talking further tonight, said House Majority
Leader Eric Cantor. House Speaker John Boehner (R- West
Chester) left the meeting without speaking to reporters. But earlier in
the day he offered a proposal to raise the debt ceiling until November
22nd with the condition that Mr. Obama negotiate on spending cuts that
could end the government shutdown. So what we want to do is
to offer the president today the ability to move a temporary increase in
the debt ceiling, an agreement to go to conference on the budget, for
his willingness to sit down and discuss with us a way forward to re-open
the government, and to start to deal with America's pressing problems,
Rep. Boehner said. Treasury Secretary Jack Lew has said
the nation will reach its borrowing limit on October 17. The nation
would only be able to rely on the money it takes in through tax receipts
to pay its bills. The White House and Democrats seemed
unsure of the offer although they were willing to listen to the
proposals. President Obama has said he expects Congress to pass
legislation to raise the debt ceiling and end the government shutdown. I
think a six week lifting of the debt ceiling is not the right way to
go. I think we should at least go one year, so that there's some
certainty in the markets, and that every six weeks people don't have to
wonder if the United States of America is gonna stand by its full faith
and credit, but nonetheless, nonetheless let's see what they have to
offer, said House Minority Leader Nancy Pelosi. Since the government shutdown started, 800,000 federal workers have been furloughed and national parks have closed.

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