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article imageBoehner to Wall Street: 'Honest conversation' needed on debt

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By Michael Krebs     May 9, 2011 in Politics
Scheduled to appear in New York City before a Wall Street crowd on Monday, House Speaker John Boehner will stress the 'honest conversation' that is needed on Medicare and the debt ceiling.
With Congressman Paul Ryan's financial roadmap in hand, House Speaker John Boehner is taking the Republican case for "an honest conversation" on Medicare and the national debt to Wall Street, speaking at the Economic Club of New York on Monday.
Congressman Boehner will insist the nation is on an “unsustainable path if changes are not made,” according to a report in Politico on Monday.
Boehner's visit comes amid mounting concern among Wall Street circles that partisan differences in Congress will fail to raise the nation's debt ceiling, triggering financial institutions to reassess American public credit values in the global credit market.
“What Wall Street wants to hear is that they are going to raise the debt ceiling in a timely way,” Mark Zandi, chief economist at Moody’s Analytics Inc. told Bloomberg on Monday.
While congressional lawmakers have been reassuring the public that the debt ceiling will be raised, Republicans are beginning to warn that there may not be enough votes in the House to raise the ceiling without meaningful spending cut agreements.
Boehner is on the record for vowing that the debt ceiling will not be raised without budget reform. Last week, Boehner emphasized that congressional lawmakers needed to cut trillions and not billions from the budget. To this end, Republican lawmakers have put Medicare on the table and have refused to accept any new taxes, with both topics seen as central sticking points to national debt negotiations.
House Majority Leader Eric Cantor holds President Obama responsible for the gulf between Democrats and Republicans on the national debt issue.
“The reality is this president has excoriated our budget plan and the Medicare proposal,” Cantor said, according to Bloomberg.
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