President Obama appears to have rejected a bipartisan plan agreed by Senate Majority Leader Harry Reid (D-NV), Speaker John Boehner (R-OH) and Senate Minority Leader Mitch McConnell (R-KY), according to a Washington Post report on Monday
“The Speaker, Sen. Reid and Sen. McConnell all agreed on the general framework of a two-part plan," a Republican aide wrote in an email to Jennifer Rubin of the Washington Post
. "A short-term increase (with cuts greater than the increase), combined with a committee to find long-term savings before the rest of the increase would be considered. Sen. Reid took the bipartisan plan to the White House and the President said no.”
Obama's rejection came amid concerns in global financial markets that gridlock in the United States government would eventually lead to default in early August, as the Financial Times reported
Republican congressional leaders contend that President Obama will not agree to a debt ceiling plan that takes a serious look at spending cuts nor will Mr. Obama enact a plan that does not extend beyond the 2012 presidential election.
"President Obama’s overriding concern in this debate is his own re-election," David Cohen reported
in the Conservative-leaning Daily Caller
These collisions between both chambers of Congress and the White House have led to calls for the impeachment of President Obama should the federal government default. Congressman Steve King (R-IA) openly claimed through Twitter that Mr. Obama would be impeached if the nation defaulted on its loan guarantees, Politico reported on Monday
“The 1st dime of each $1 of revenue services debt. Obama would be impeached if he blocked debt payments. C C & B,” Congressman King tweeted.
The U.S. Treasury contends that the federal government would not be able to pay all of its bills if the debt ceiling is not raised by August 2.