BREAKING: Obama Rejects GOP’s Proposal For Short-Term Debt Limit Hike…
Update: And if we default it will still be the GOP’s fault, that much you can be sure of.
WASHINGTON – President Obama on Thursday rejected a proposal from politically besieged House Republican leaders to extend the nation’s borrowing authority for six weeks because it would not also reopen the government. Yet both parties saw it as the first break in Republicans’ brinkmanship and a step toward a fiscal truce.
Twenty Republicans, led by Speaker John A. Boehner, went to the White House at Mr. Obama’s invitation after a day of fine-tuning their offer to increase the Treasury Department’s authority to borrow money to pay existing obligations through Nov. 22. In exchange, they sought the president’s commitment to negotiate a deal for long-term deficit reduction and a tax overhaul.
Mr. Boehner and his colleagues left after about an hour and a half without speaking to waiting reporters.