A week earlier than I expected but true to form.
Report: Boehner Caves Again, Offers Obama Year Delay on Debt Limit
House Speaker John Boehner apparently broke from Republican Party principles yet again this weekend, this time with a reported agreement to give President Barack Obama a full year-long free ride that would give up all GOP leverage until early 2014 on the debt ceiling.[/h] “House Speaker John A. Boehner has offered to push any fight over the federal debt limit off for a year, a major concession that would deprive Republicans of leverage in the budget battle but is breathing new life into stalled talks over the year-end ‘fiscal cliff,’” the Washington Post reported late Sunday evening. “The offer came Friday, according to people in both parties familiar with the talks, as part of the latest effort by Boehner (R-Ohio) to strike a deal with President Obama to replace more than $500 billion in painful deficit-reduction measures set to take effect in January.”
The most recent rise in the debt ceiling limit was to $16.4 trillion, as set by Congress last year. The national debt is creeping up on that $16.4 trillion now; the country is less than $20 billion away.
According to the Post, Boehner’s offer doesn’t go as far as what Treasury Secretary Tim Geithner wanted: absolute executive control over the federal debt limit indefinitely into the future. But the deal also leaves Republicans with little leverage with the White House in budget negotiations and other deals over the next year.