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8 States Where Student Debt Is Out Of Control

Boehner Says House Won?t Vote on Clean Debt Limit Bill

U.S. Capitol Building It is a legal audible that was considered two years ago in a similar crisis, and ultimately rejected by Obama, a former constitutional scholar. In remarks on Thursday, the president said the stakes were stark, if the debt ceiling were not raised, and the government unable to pay its bills. "As reckless as a government shutdown is, an economic shutdown that results from default would be dramatically worse," he said, pointing the finger at Capitol Hill. Government shutdown vs. debt ceiling Why debt ceiling is so important to you What about the debt ceiling? Congressional Republicans who control the House insist they will not act until the administration commits to delaying implementation of key parts of the healthcare reform law, or to further spending cuts-- ultimatums the White House rejects. The game of political chicken raises the potential of a recession and market meltdown if the Treasury is not replenished by mid-month. Some economists warn the debt ceiling impasse is a far greater threat than the ongoing government shutdown. That's where Section 4 of the 14th Amendment comes in: "The validity of the public debt of the United States, authorized by law ... shall not be questioned." Does that mean the president could on own his raise the debt ceiling? Some congressional allies say yes. "It is an option that should seriously be considered," said Senate Finance Committee Chairman Max Baucus of Montana. House Minority Leader Nancy Pelosi of California said it should have been done in 2011, the last time the two branches went through this. Back then it was former President Clinton who led the rhetorical charge. He said he would have raised the debt ceiling "without hesitation" and "force the courts to stop me." Then-Treasury Secretary Timothy Geithner also suggested such a legal right was possible, and plausible. But Obama was not sure. "I have talked to my lawyers," he said at the time. "They are not persuaded that that is a winning argument," suggesting he believed the courts would not accept such a move -- and more importantly, would the nation's creditors. Fast forward to 2013. His spokesman Monday repeated the White House line Congress had the responsibility here. "The president can't raise it by himself," said White House spokesman Jay Carney. "This administration does not believe that the 14th Amendment gives the power to ignore the debt ceiling. And even if the president could ignore the debt ceiling, the fact that there is significant controversy around the president's authority to consolidating debt act unilaterally means that it would not be a credible alternative to Congress raising the debt ceiling, and would not be taken seriously by the global economy and markets." Legal and political scholars -- and the federal courts -- have debated just how relevant, and how far Section 4 was designed to go. The amendment was ratified in 1868, to ensure in part, the unified nation's debts from the just-ended Civil War would be honored, and that Confederate claims would not. The unquoted part of the provision specifically mentions the public debt "incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion." The U.S. Supreme Court in 1935-- in Perry v. U.S.-- suggested Section 4 could be applied in other circumstances. "While this provision was undoubtedly inspired by the desire to put beyond question the obligations of the government during the Civil War, its language indicates broader connotation," said Chief Justice Charles Evans Hughes in the opinion, which concluded that voiding a U.S. government debt was beyond the power of Congress. Indeed other better-known parts of the 14th Amendment-- the "due process," "equal protection," and "privileges or immunities" citizenship clauses-- have been cited in a sweeping range of litigation beyond its original Reconstruction response to the rights of former slaves. Those cases include abortion, segregation, even the 2000 Bush v. Gore presidential ballot dispute. Despite Mr. Clinton's bold challenge daring the courts to intervene, any unilateral action on the debt ceiling would be sure to prompt immediate lawsuits. Whether an "aggrieved party" such as a taxpayer or bondholder, could establish legal "standing"-- allowing any legal action to proceed-- would be the first legal hurdle, a process that could drag on for months, even years before the Supreme Court would be asked to offer the final word. But some politicians have said a default on the nation's debt would constitute the kind of national emergency requiring of bold presidential action, something that would be politically acceptable to the public. Legal challenges, they say, would wither if the economy rebounds. Obama urged negotiations to continue, but on Thursday said the 2011 debt crisis hurt average Americans, and could do so again. "Our economy took a bad hit. Our country's credit rating was downgraded for the first time, just like you would be downgraded if you didn't pay your mortgage. This time, they are threatening to actually force the United States to default on its obligations for the very first time in history." But some Republicans say a constitutional crisis is overblown and so is concern of what will happen if both sides fail to agree in coming days. "I don't think the credit of the United States is going to be collapsed," http://www.debtconsolidationloanswiz.com/ said Rep. Steve King (R-Iowa) on CNN Thursday.

Negotiations on shutdown, debt limit stalled

Post to Facebook 8 states where student debt is out of control on USATODAY.com: http://usat.ly/1acbnrQ Incorrect please try again A link has been posted to your Facebook feed. Sent! A link has been sent to your friend's email address. 25 To find out more about Facebook commenting please read the Conversation Guidelines and FAQs 8 states where student debt is out of control Kurtis Droge, Wall St. Cheat Sheet 6:03 a.m. EDT October 6, 2013 Tuition can cost easily more than $10,000 per year, ranging all the way up to $50,000. (Photo: Rana Faure, Getty Images) Story Highlights Tuition can cost easily more than $10,000 per year, ranging up to $50,000 Debt rates on student loans vary widely from state to state No. 1 state has a whopping average debt of $32,440 for graduates with loans SHARE 577 CONNECT 131 TWEET 25 COMMENTEMAILMORE Rising levels of student debt have raised alarm bells in the minds of economists and recent college graduates alike. With a bachelor's degree virtually indispensable in today's workplace and a master's necessary in many fields, as well many people, be they fresh out of high school or not, have found themselves needing to a seek a higher education in order to pay the bills. The problem is that these days, college is far from cheap. Tuition for a four-year college can cost easily more than $10,000 per year, ranging all the way up to $50,000 or even more for top-of-the-line institutions. With many inbound college students finding themselves strapped for cash, their only option aside from obtaining federal aid is to seek loans to cover the difference between the costs of college and living and any income they might obtain in the meantime. This can amount to a crippling debt load by the time students graduate. However, student debt rates are not the same across the nation: In fact, there is a surprising amount of variance, according to numbers collected by College In Sight. The average graduate of a four-year institution (or higher) with student debt has less than $20,000 of debt in Utah or Arizona. Let's take a look at eight states at the other end of the spectrum, those with the highest amounts of student debt in the country. 8. Vermont If you are graduating with debt from a college in Vermont, you will have an average of $28,873 owed. That's right: even in a state home to small names like Middlebury College and Norwich University, student debt rates are still fantastically high. What's worse is that 63% of graduates almost 2 out of every 3 outgoing students are graduating with debt to their name. 7. Ohio We travel to the Midwest for the seventh spot on our list, which belongs to Ohio. With an average debt rate of $28,683 among those graduating with obligations to lenders, the home of Ohio State University is certainly not a cheap state in which to attend university. It might be appealing to root for the Buckeyes, but your pocketbook may not be such a huge fan of the prospect, especially with 68% of outgoing students bearing debts from their education. 6. Iowa Staying in the Midwest, we move on to Iowa, home of the Hawkeyes and the Cyclones. Getting closer to your Big 10 or Big 12 favorites for a few years is going to cost you: Graduates from the state who have borrowed come out with an average of $28,753 in debt. The percentage of students who are in debt has gone up, too, with 72% of those who attend college in the corn belt state turning to the bank for help pay for their tuition. 5. Connecticut Jumping out East, the next state on the list is Connecticut, where the average indebted graduate owes $28,783 after completing college. It will certainly cost you a pretty penny to go to Yale, located in New Haven, and even the home of the Huskies, UConn, isn't exactly cheap, either. The good news is that more than a third of those graduating from the state are debt-free. 4. Rhode Island We stay on the Eastern Seaboard for the fourth spot on the list, Rhode Island. Breaking the $29,000 mark with an average debt of $29,097 for those who are indebted, it certainly doesn't seem like it was inexpensive for Harry Potter star Emma Watson to make her foray into the world of American higher education at Brown University. Even schools like the Rhode Island School of Design and Roger Williams University can cause you to rack up the debt. 3. Minnesota The bronze medal goes to Minnesota, the home of the Golden Gophers. The average graduate who isn't debt-free owes $29,793 to the bank. If you're looking for an option other than Walden or Capella universities in the state, you can try Carleton College; either way, it seems like there's no way to avoid tacking on extra debt if you're bound for the North Star State out of high school. 2. Pennsylvania The penultimate spot on the list belongs to none other than Pennsylvania, where a graduate who is burdened by loans averages $29,959 in debt. There might be plenty of options to go to college in Pennsylvania including Temple, Lehigh, Carnegie Mellon, and the University of Pittsburgh but the sheer number of prestigious schools hasn't helped debt levels of the outgoing students in the state. Another deadly statistic is the percent of graduates who have taken out student loans, which weighs in at 70%. 1. New Hampshire The surprising top of the list goes to New Hampshire, which, with a whopping average debt of $32,440 for graduates running a loan tab, comes in at nearly $2,500 more than its nearest competitor. Besides Dartmouth, there aren't too many familiar colleges in the state to those outside of New England, but even the lack of notoriety for New Hampshire's universities hasn't prevented many graduates from tacking on over $30,000 of debt during their college years. To top it all off, 75% of graduates or three out of every four are graduating with obligations to the bank. More from Wall St. Cheat Sheet:

72991503 The main bout is the battle between Democrats and Republicans over raising the nation's debt ceiling -- and avoiding the first-ever U.S. default. Post to Facebook Wall Street: Main bout debt limit, not shutdown on USATODAY.com: http://usat.ly/1fMWCmm Incorrect please try again A link has been posted to your Facebook feed. Sent! A link has been sent to your friend's email address. 32 To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Wall Street: Main bout debt limit, not shutdown Adam Shell, USA TODAY 9:43 a.m. EDT October 4, 2013 When it comes to political brinkmanship, the market's story line has an unthinkable ending. Investors worry that a debt default would be a devastating economic punch. (Photo: Rungroj Yongrit, epa) Story Highlights Wall Street: Government shutdown is "sideshow;" debt ceiling fight and potential default is main risk Despite all the investor angst, Wall Street says Congress will blink and avoid a U.S. default Bulls say stocks should rebound when political uncertainty ends SHARE 202 CONNECT 43 TWEET 32 COMMENTEMAILMORE NEW YORK As fights go, Wall Street views the slugfest between Democrats and Republicans over the government shutdown as the undercard event. The main bout is the coming showdown over raising the debt ceiling and making sure the U.S. has enough cash to pay its bills and avoid the unthinkable: defaulting on its debt. "The shutdown is a sideshow," says Brian Belski, chief investment strategist at BMO Capital Markets. "It's all about the debt ceiling and potential default." FRIDAY: How markets are doing There's a big difference between the hit to confidence and the economy due to the government temporarily closing for business, and the more serious threat of putting the full faith and credit of the USA at risk. On Thursday, which marked Day 3 of the government's partial shutdown , volatility in the stock market began to rise. The Dow Jones industrial average fell more than 180 points before finishing down 137 points and below 15,000 . Fears of a drawn-out fight over the shutdown have shifted to worries that Congress won't agree to bump up the nation's borrowing limit in time to avert disaster. The U.S. Treasury said it will be virtually out of cash on Oct. 17. DEAL: Warren Buffett predicts 11th-hour deficit deal Still, there's a belief on Wall Street that the consequences of the U.S. not meeting its financial obligations would be so devastating to the economy and markets that there's virtually no way Congress will allow the first-ever U.S. default. The U.S. not making timely interest and principal payments to holders of U.S. government debt is "the single most bearish scenario," says Adam Parker, chief U.S. equity strategist at Morgan Stanley. And Congress knows that. "There is a 0% chance that the U.S. will default," Parker says. IMPACT: Debt limit fight will deal economic blow, Treasury says The reason is simple: The financial fallout in the summer of 2011 is a deterrent of sorts, as Congress doesn't want to see that horror movie again. In August 2011, a last-hour Congressional vote to raise the debt ceiling was too little too late, and resulted in the U.S. getting its triple-A credit rating downgraded and intensifying a stock sell-off that knocked the Standard & Poor's index down almost 20%. The U.S. Treasury warned Thursday that a default "has the potential to be catastrophic." It said it could spark a financial crisis and recession that "could echo the events of 2008 or worse." Joseph LaVorgna, chief U.S. economist at Deutsche Bank, agrees with the Treasury's assessment, even though he, too, says the risk of default is "effectively zero." "A default would be a 10 on the Richter Scale," says LaVorgna. LaVorgna says the bad memories of the 2008 financial crisis are causing the market to get "nervous" as the political dysfunction drags on. David Bianco, chief U.S. equity strategist at Deutsche Bank, says it would be "lights out" for the stock market if the U.S. defaults. Even if the U.S. briefly missed payments unrelated to its bonds, the market could fall 10% to 15%. And if interest payments are missed? "It will result in the worst bear market in U.S. history," Bianco warns. The upshot: Markets will likely rally sharply once the period of political dysfunction ends, says Belski, noting that U.S. companies are in great shape relative to the rest of the world and will be helped by improving economies around the globe. SHARE 202 CONNECT 43 TWEET 32 COMMENTEMAILMORE USA NOW

Debt limit fight looms large amid shutdown stalemate

"It's something called raising the debt ceiling," President Obama said Thursday while visiting a small business in Rockville, Md. The debt limit is the nation's statutory borrowing limit, and as the president explained, "It sounds like we're raising our debt, but that's not what this is about." Congress decides through separate spending bills how much debt to rack up; the debt limit is simply the amount that the U.S. Treasury is allowed to pay back. "You don't save money by not paying your bills," Mr. Obama said, likening the scenario to eating a pricey meal and then refusing to pay the tab. "You don't reduce your debt by not paying your bills. All you're doing is making yourself unreliable and hurting your credit rating... Well, the same is true for countries." In depth: Government shutdown 2013 Currently, the debt limit stands at $16.69 trillion. The Treasury actually hit that limit in May and has been using "extraordinary measures" since then to avoid defaulting on the nation's debts. Treasury Secretary Jack Lew has said those extraordinary measures will be exhausted on Oct. 17, and at that point, if Congress doesn't raise the debt limit, the U.S. would have to use cash balances on hand to fund the nearly $4 trillion in operations of the government. Doing so would put at risk the nation's financial obligations to programs like Social Security and Medicare. "What I can tell you is that in the absence of action, we're looking at a very real deadline that we will not have the ability to borrow money after Oct. 17th. And we will run down our cash very quickly," Lew said on Fox Business Network on Thursday. The Treasury Department on Thursday released a report on the potential economic impact of debt ceiling brinksmanship, noting that a default could freeze credit markets, sink the value of the dollar and send interest rates skyrocketing. In 2011, when Congress merely flirted with the prospect of letting the nation default on its loans, the Dow Jones Industrial Average dropped over 2,000 points and Standard and Poor's downgraded the United States' credit rating. Mr. Obama warned Thursday that for all of the negative consequences of a government shutdown, "an economic shutdown that results from default would be dramatically worse." "In a government shutdown, Social Security checks still go out on time. In an economic shutdown, if we don't raise the debt ceiling, they don't," he said. "In an economic shutdown, falling pensions and home values and rising interest rates... all those things risk putting us back into a bad recession." He reiterated that he will not negotiate over the debt limit. Play Video Shutdown: Who's to blame and when will it end? "There will be no negotiations over this," he said. "The American people are not pawns in some political game. You don't get to demand some ransom in exchange for keeping the government running... for keeping the economy running." However, with little progress over the spending bill (referred to as a continuing resolution, or CR) that would re-open the government, House Republican leaders have said they'll attempt to use the debt limit as a bargaining chip in economic negotiations. On Thursday, the New York Times reported that Boehner has told members of his caucus that he will not let the nation default on its debt and will be willing to put a bill on the House floor to raise the debt ceiling, even if it doesn't have the support of a majority of House Republicans. Still, the White House on Thursday sounded skeptical. "Even the story that you cite," White House spokesman Jay Carney said in response to the Times' report, "which reports that the Speaker said something privately to Republican members, one of his spokesmen was on the record basically reiterating the same list of demands associated with raising the debt ceiling that we've seen in the past." Carney added, "We are very concerned about the possibility that Republicans in the House will employee the same unfortunate tactics when it comes to the fundamental responsibility to raise the debt ceiling, and make sure that the United States doesn't default, as they have employed in shutting down the government." With Congress coming so close to the Oct. 17 deadline set by the Treasury, some have suggested Mr. Obama should bypass Congress. Senate Finance Committee Chairman Max Baucus, D-Mont., reportedly said that invoking the 14th Amendment to raise the debt limit is "an option that should seriously be considered." Some say the 14th Amendment gives the president authority to tell the Treasury Secretary to continue financing the nation's deficits through the sale of Treasury notes and bonds. The relevant section of the 14th Amendment says in part, "The validity of the public debt of the United States, authorized by law... shall not be questioned." However, the Obama administration on Thursday was quick to shoot down that suggestion. "This administration does not believe that the 14th Amendment gives the power to the president to ignore the debt ceiling," Carney said. "Moreover, even if the president could ignore the debt ceiling, the fact that there is significant controversy around the president's authority to act unilaterally means that it would not be a credible alternative to Congress raising the debt ceiling and would not be taken seriously by the global economy or the markets, and that is essentially the point of faith and credit." He continued, "The reason why our economy is the envy of the world, the reason why our currency is the reserve currency of the world is because of that faith that investors around the world have in our constancy. They know that we pay our bills. They know that we're true to our word. And so even the doubt that would be created by that would undermine the faith that's the whole point of this exercise." Indeed, when bypassing Congress via the 14th Amendment came up as an option in 2011, some lawmakers cried foul . Republican Sens. Lindsey Graham of South Carolina and John Cornyn of Texas introduced a resolution making clear that Mr. Obama does not have the authority to pull off a "debt limit dodge," as they called it.

Absolutely everything you need to know about the debt ceiling

What is the debt ceiling? This isn't the debt ceiling. But it's not a terrible metaphor! (Washington Post) When Congress authorizes more spending than it has in tax revenue which it usually does the Treasury has to borrow the rest to meet those financial obligations. But Congress has always imposed a legal limit on how much money the U.S. Treasury can actually borrow from outsiders and other government accounts. That's the "debt ceiling." The current debt limit is $16.699 trillion . The Treasury Department can borrow that much and no more, unless Congress votes to raise the ceiling. Note that the debt ceiling does not determine how much the U.S. government is authorized to spend. Congress does that by setting the budget each year. The debt ceiling only determines whether the U.S. government can borrow enough money to fulfill obligations that Congress has already passed into law, like Medicare reimbursements or military pay. So when will the government reach its $16.699 trillion borrowing limit? Technically, we've already reached the limit! But the government won't actually run out of money to pay its bills until some time after Oct. 17. The U.S. governmenthit the $16.699 trillion borrowing limit back on May 19 .Since then, the Treasury Department hastaken a slew of extraordinary measures such as tapping exchange-rate funds to raise an extra $303 billion and ensure the government has enough cash to meet all its obligations, from paying bondholders to Social Security checks. By Oct. 17, however, the Treasury Department will run out of "extraordinary measures." The government will no longer have enough cash on hand to meet all of its coming financial obligations, and it won't be able to borrow or scrounge up any more money. "We estimate that, at [Oct. 17], Treasury would have only approximately $30 billion to meet our country's commitments," said Treasury Secretary Jack Lew in a recent letter to Congress. "This amount would be far short of net expenditures on certain days, which can be as high as $60 billion." So what happens on October 17? Is that doomsday? At that point, the federal government will only bring in enough tax revenue to pay about68 percent of its billsfor the coming month, according to a recent analysis by the Bipartisan Policy Center. (More precisely, the government will bring in roughly $222 billion and owe roughly $328 billion between Oct. 18 and Nov. 15, assuming the government is open.) The first default wouldn't necessarily happen right on Oct. 17 but it would likely happen soon thereafter. The government typically spends about $10 billion per day on various items, according to the Congressional Budget Office. And it will also face these large outlays : Oct. 23: The government will owe $12 billion in Social Security payments. Oct. 31: The government will owe $6 billion in interest on its debt. Nov. 1: The government will owe $67 billion in Social Security payments, disability benefits, Medicare payments, military pay, and retiree pay. Many analysts think that Nov. 1 is the real "doomsday" date. It's unlikely the government can make that $67 billion payment without being able to borrow more money. Hold on. The government is currently shut down. Doesn't that push back the "doomsday" date?

Wall Street: Main bout debt limit, not shutdown

The House and Senate arent scheduled to be in session today and there are no meetings planned between the two sides. The Obama administration has said it wont negotiate with Republicans over funding the government or raising the debt ceiling, arguing that it is part of the basic functions of Congress and shouldnt be used as point of leverage. Obama, in an interview with the Associated Press, said he expects Congress will reach an agreement to raise the nations $16.7 trillion debt limit in time to avert a default. The nations credit is at risk because of the administrations refusal to sit down and have a conversation, Boehner said. Asked if hed consider putting a clean debt ceiling increase on the floor, Boehner said the House would not be going down that path. Hard Line Boehner said on ABC he doesnt intend to let the government default and he has told his members the same thing behind closed doors, even if it involves using Democratic votes, according to aides and lawmakers. Still, the speaker has stuck to a hard line as he works to keep the Republicans unified and extract concessions from Obama. So far, that approach hasnt yielded any talks with Obama or movement toward heading off a default. Lew, who made appearances on four of the major Sunday television talk shows, said the administration would only be willing to negotiate after the partial shutdown, now in its sixth day, comes to an end and the debt ceiling is increased. He also warned of the dangers of default, as well as the possibility that Congress may actually fail to pass an increase. Ive talked with John Boehner; I know he doesnt want to default, Lew said on Fox News Sunday. He also didnt want to shut the government down. And here we are with a government shutdown. Remaining Cash The U.S. will run out of borrowing authority on Oct. 17 and will have $30 billion in cash after that. The country would be unable to pay all of its bills, including benefits, salaries and interest, sometime between Oct. 22 and Oct. 31, according to the Congressional Budget Office. Congress is playing with fire, Lew said on CNNs State of the Union today. If the United States government, for the first time in its history, chooses not to pay its bills on time, we will be in default, there is no option that prevents us from being in default if we dont have enough cash to pay our bills. Unlike past fiscal feuds, this dispute is more about Obamas Affordable Care Act, his signature health-care law, and less about the amount of spending. The U.S. budget deficit in June was 4.3 percent of gross domestic product, down from 10.1 percent in February 2010 and the narrowest since November 2008, when Obama was elected to his first term, according to data compiled by Bloomberg from the Treasury Department and the Bureau of Economic Analysis. Market Response So far, the financial-market response to the political gridlock has been muted. The Standard & Poors 500 Index climbed 0.7 percent in New York Oct 4. The yield on the benchmark 10-year Treasury increased two basis points last week, trading between 2.66 percent and 2.58 percent. While the yield is up from the record low of 1.38 percent in July 2012, its below the average of about 6.7 percent since the early 1980s, the start of the three-decade long bull market in bonds. The consequences of a U.S. government default caused by Congress failing to raise the debt limit could be catastrophic and might last decades, the Treasury Department said in an Oct. 3 report. Credit markets could freeze, the value of the dollar could plummet, U.S. interest rates could skyrocket, the Treasury said. The negative spillovers could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse. Entitlement Programs Boehner said Obama needed to start a conversation about the drivers of the countrys debt -- entitlement programs such as Medicare and Social Security -- before he could pass an increase to the debt ceiling. I dont want the United States to default on its debt, he said. But Im not going to raise the debt limit without a serious conversation about dealing with problems that are driving the debt up. Obama, who negotiated with Boehner over possible changes to entitlement programs during the 2011 fiscal debate, has said he will be willing to negotiate after the government re-opens and the debt ceiling is increased. Obama included changes to cut the costs that come from Social Security and Medicare in his budget, which was released in April. We are happy to negotiate, but we want to negotiate without a gun to our head, Senator Charles Schumer of New York, the third-ranked Democrat in the chamber, said in a separate interview on ABC. Political Posturing Schumer called Boehners position on raising the debt limit posturing and said he thought the pressure on Boehner and House Republicans coming from the business community and constituents would make them have to back off. He also questioned Boehners statement that a clean bill to fund the government wouldnt have the votes in the House, underlining a push from Senate Democrats and the White House to pressure Boehner to put that bill up for a vote. Boehner has been holding regular closed-door meetings with his members, asking them to stick together as they get close to the debt-ceiling fight. The House has passed a series of smaller funding bills for specific parts of the government, including the National Institutes of Health and national parks. House Republicans have rebuffed calls from Democrats to put a clean bill on the floor to fund the government at the level it was at prior to the partial shutdown. Republican Majority As he puts together the debt-ceiling plan, Boehner has little room to maneuver. Republicans have a 232-200 majority in the House, which means that they can lose support from only 15 of their members on a bill that doesnt attract any Democrats. Last month, Boehner, 63, outlined a debt-limit increase strategy that also included lighter regulations, cuts in entitlement programs and approval of TransCanada Corp. (TRP) s Keystone XL pipeline. The outline included means-testing Medicare, reducing the changes to malpractice law and eliminating social services block grants. Also being considered was a proposal to eliminate a requirement that gives regulators authority to seize and dismantle financial firms if their failure could damage the stability of the U.S. financial system. Representative Paul Ryan, a Wisconsin Republican and his partys 2012 vice presidential candidate, has also been pressing for a plan that would solve the government spending impasse and raise the debt-limit at the same time while implementing economic growth policies and extracting deeper entitlement cuts as some in the Republican conference complained the leaders initial outline did not go far enough. Asked today how he thought it would all end, Boehner said he didnt know.

Constitution and the debt: Can the president go it alone?

Maybe even start my own business. Hey Boehner, stop using health care and and access to health care as LEVERAGE to make people work in crummy jobs they hate for low pay and long hours for your corporate paymasters! October 6, 2013 05:12 pm at 5:12 pm | paul petertharaldson I feel sorry for the millions of Americans who wasted their votes on these irresponsible fools. While Independents have a hard time winning, its actually impossible for Democrats and Republicans to govern. Hopefully we can credit card debt settlement throw these ilk out of our government sooner than later by ballot. October 6, 2013 05:14 pm at 5:14 pm | Judith If the republicans are so convinced that the Affordable Care Act is such a disaster, why not let it happen so they can prove themselves right? I believe they are afraid it will succeed and that is why they are going to such extremes to block it. October 6, 2013 05:14 pm at 5:14 pm | Tom Blier I got more work done today watching football than Boehner did all week. October 6, 2013 05:15 pm at 5:15 pm | dirksterdude If Boehner believes in his fellow Republicans so much why doesn't he call for the vote? Being speaker that is his job. If Pelosi is correct the votes are there for a Clean Bill to pass. Now it sounds even worse about Republican intransigence because there leader is in theory personally involved with America committing suicide. October 6, 2013 05:16 pm at 5:16 pm | Mr October 6, 2013 05:17 pm at 5:17 pm | BD70 You shutdown the government over an existing law! You have now by passed our functional government and shut it down for your own gains. Ok...I hope you get voted out and exterminated. Just to clarify...I am an Independent. October 6, 2013 05:18 pm at 5:18 pm | Richard Conn Henry October 6, 2013 05:19 pm at 5:19 pm | GWB Kruz is another shinig example of the depths that radical Tea Party politicians will sink to in their disgusting effort to obstruct President Obama. Ever since their loss in 2012, their ONLY intent has been to delay, damage, and undo ANY attempt by the President to help America recover after the Republican owned banks nearly ruined the economy. Kruz is worse than a terrorist. He's a turncoat. October 6, 2013 05:20 pm at 5:20 pm | Daniel Maddigan At least 2.7 million Americans have given their lives in defense of democracy and many millions more have given blood and family. Boehner's refusal to honor the democratic process in the peoples House is an act TREASON. October 6, 2013 05:20 pm at 5:20 pm | ketsui7 This is one of those moments where GOP is acting like a gang...the american people chose obama for his stuff. we are tired of being terrorized be americas worst terrorist group...the GOP October 6, 2013 05:21 pm at 5:21 pm | George So they think Obamacare will damage the country. Do they think shutting down the government is not going to damage the country?? Do they think destroying our credit rating is better?? Are they nuts, stupid or so freaked out we have a black president who may go down in history as a great president? What they are doing is destroying our republic, that a minority can overpower a majority. Even if you don't like the Affordable Care Act, you have to agree it was made a law fair and square, upheld by the Supreme Court and the President was re-elected on it by a MAJORITY, (not like how Bush defeated Gore). This is the way it works, majority rules. They are acting like Julius Caesar. We need a Brutus and a Cassius. October 6, 2013 05:23 pm at 5:23 pm | William Back in early 2001 I remember the Repubs, heavy with success, declared they would remain in power for a century. After this debacle which is solely about them trying the destroy the ACA, I'll be surprised if they become the majority party again within a century. October 6, 2013 05:24 pm at 5:24 pm | Robert President Obama won't negotiate with us...we want to negotiate BUT untying Affordable Healthcare from CR is NOT NEGOTIABLE! Is this nonsense fore real? What is for real is that Republicans passed last year's budget. IMPLICIT in that was the BUDGETED DEFICIT would have to be funded by raising the debt limit....that's what the Republicans did....so let's move on....Article 14! October 6, 2013 05:25 pm at 5:25 pm | MarcNJ There's nothing to negotiate, ACA is law. Democratically voted into law, signed by the POTUS, upheld by SCOTUS. And was a major part of the platform that the POTUS was RE-elected on. Stop holding the country hostage. Move forward and work to alter the ACA through the proper method if you feel it needs doing. October 6, 2013 05:26 pm at 5:26 pm | lukeNsee Boehner is beating a dead horse.......The Affordable Care Act is what Seniors, families and all other American people are waiting for.

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