President Obama might accept GOP-backed debt-limit plan
WASHINGTON (By S.A. Miller, NY Post) - The White House yesterday cracked the door open for a smaller, GOP-backed debt-limit deal to avert a looming financial crisis.
Statements made by a top aide show that for the first time, the administration could back off its hard-line demands for a large, sweeping deal to increase the debt limit.
For weeks, President Obama has touted a massive $4 trillion plan that would hike taxes, increase spending cuts and overhaul Social Security and Medicaid.
House GOP leaders instead offered a smaller deal with only spending cuts that would increase the debt limit by $2.4 trillion, just enough to last until after the 2012 elections.
Obama's top staffers for the first time yesterday said a smaller bargain will do, if that's all they can get.
Statements made by a top aide show that for the first time, the administration could back off its hard-line demands for a large, sweeping deal to increase the debt limit.
For weeks, President Obama has touted a massive $4 trillion plan that would hike taxes, increase spending cuts and overhaul Social Security and Medicaid.
House GOP leaders instead offered a smaller deal with only spending cuts that would increase the debt limit by $2.4 trillion, just enough to last until after the 2012 elections.
Obama's top staffers for the first time yesterday said a smaller bargain will do, if that's all they can get.
posted by BP News Bureau | 9:45 AM
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