According to BusinessInsider Republican lawmakers will make a political statement this week, before considering legislation to raise the debt limit that stands a chance of passing.
As both parties seek to ensure the government can pay its obligations on August 3, the GOP-controlled House of Representatives vote will on a balanced budget amendment followed by the proposal introduced by Senate Minority Leader Mitch McConnell (R-KY) and Senate Majority Leader Reid (D-NV), which would shift the burden of raising the debt limit to President Barack Obama…..
The Republican "cut, cap, and balance," legislation would begin the process of amending the Constitution to peg annual federal spending to a certain percentage of GDP. Speaker of the House John Boehner (R-OH) and House Majority Leader Eric Cantor (R-VA) have both said it is a prerequisite to passing a debt ceiling increase…..
Find out more at http://www.businessinsider.com/first-cut-cap-and-balance-then-compromise-2011-7
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