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article imageNation headed for debt crisis

By Robert Weller     Oct 12, 2013 in Politics
There was no guarantee the nation would avoid having to default on its debt next week after talks between President Obama and House Republicans stalled.
House Speaker John Boehner told Republicans on Saturday morning that talks had stopped with the Obama Administration, according to the Washington Post.
Several House members said it would be up to the Senate, where Democrats are in the majority, to negotiate the reopening of government and making sure the debt ceiling would be raised by next
Thursday to avoid the nation reneging on its debt for the first time in 225 years.
“All eyes are now on the Senate,” Rep. Adam Kinzinger (R-Ill.) said.
The notion that somehow the Senate could save the day left open the question of what would happen if it did come up with a deal. A proposal offered by Republican Sen. Susan Collins has already been rejected by House Republican leaders and Senate Majority Leader Harry Reid. Her offer is “not going to go any place,” Reid said.
The media was full of reports about conflict between Senate and House Republicans, with some blaming the small but powerful Tea Party for refusing to allow compromise.
Also, under the constitution, funds appropriations are supposed to originate in the House.
Although Senate Republican minority leader Mitch McConnell of Kentucky has indicated he is anxious to reach an agreement Reid was skeptical.
“I’m just doing my best, I’m not confident in anything in the way Republicans have acted,” the Nevada Democrat told Politico.
The minimum for Democrats appeared to be a deal that would extend the debt ceiling until the end of the year and open the government immediately. Republicans wanted some kind of concession, perhaps some limit on Obamacare taxes.
Obama appears unwilling to compromise as he has in the past. He has the support of big business, and even Starbucks and AARP.
“Each hour that goes by, we’re closer to a calamity for our country,” Reid told the New York Times.
Meanwhile, reports on how the government shutdown have hurt individual Americans flooded the media. Several states intervened to promise to fund national parks so they could reopen.
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