Washington Day Ahead: Obama, Boehner Draw Lines in Debt Debate
In separate televised remarks, President Barack Obama warned of economic danger ahead unless a compromise is reached before the Aug. 2 deadline for a possible U.S. default, while the U.S. House of Representatives’ top Republican, Speaker John Boehner of Ohio, said that he had made a “sincere effort” to work with the White House and that Republicans weren’t going to hand the president a “blank check.”
TOP GOVERNMENT STORIES
Obama Presses Debt Ceiling Deal With Warning of Economic Danger
President Barack Obama warned of a “deep economic crisis” without a compromise to avert an Aug. 2 U.S. default as he dueled Republican House Speaker John Boehner in back-to-back speeches on increasing the debt limit.
Republican Leaders Voted for Debt Drivers They Blame on Obama
House Speaker John Boehner often attacks the spendthrift ways of Washington. “In Washington, more spending and more debt is business as usual,” the Republican leader from Ohio said in a televised address yesterday amid debate over the U.S. debt. “I’ve got news for Washington -- those days are over.” Yet the speaker, House Majority Leader Eric Cantor, House Budget Chairman Paul Ryan and Senate Minority Leader Mitch McConnell all voted for major drivers of the nation’s debt during the past decade: Wars in Afghanistan and Iraq, the 2001 and 2003 Bush tax cuts and Medicare prescription drug benefits. They also voted for the Troubled Asset Relief Program, or TARP, that rescued financial institutions and the auto industry.
Troop Cuts Become Easy Cost Savings for Debt Reduction Plans
More than a third of Senate Majority Leader Harry Reid’s new $2.7 trillion debt reduction plan comes from $1 trillion in “savings” that are happening anyway -- the reduction of U.S. forces in Iraq and Afghanistan.
U.S. May Have Enough Cash to Delay Aug. 2 Deadline for Default
The U.S. Treasury Department may have enough cash to pay the government’s bills for days or even weeks if Congress fails to raise the debt limit before an Aug. 2 deadline, say analysts at UBS AG and Barclays Capital.
Treasury 10-Year Yields Approach Two-Week High on Debt Outlook
Treasury 10-year yields approached the highest in more than two weeks after speeches by President Barack Obama and House Speaker John Boehner showed they still disagree on how to raise the borrowing limit.
Ron Paul Rides on Private Jet as Money Flows Into 2012 Campaign
It’s a two-hour drive between Ames and Cedar Rapids, two key Iowa cities for Republican presidential candidates competing in the state that will host the first balloting next year. Ron Paul flew by private jet.
Cows-for-Bride Inflation Spurs Cattle Theft in South Sudan
Emmanuel Gambiri said an educated wife in his cattle- herding Mundari tribe in South Sudan costs 50 cows, 60 goats and 30,000 Sudanese pounds ($12,000) in cash.
TODAY ON BLOOMBERG TV:
The debt ceiling debate: Alice Rivlin, former vice chairman of the Federal Reserve and founding director of the Congressional Budget Office, at 8:14 a.m.; Senator Bob Corker, Republican of Tennessee, at 8:45 a.m.; Peter Orszag, vice chairman of global banking at Citigroup and former director of the Office of Management and Budget in the Obama administration, at 12 p.m.
WHITE HOUSE
President Barack Obama meets with Defense Secretary Leon Panetta at 3:15 p.m.
CONGRESS
House Ways and Means Committee holds hearing on tax reform and consumption-based tax systems (fair tax and value-added tax). 10 a.m.
Senate Banking Committee hears from Martin Gruenberg, nomination to be chairman of the FDIC, and Thomas Curry, nominated to be comptroller of the currency. 10 a.m.
Senate Judiciary Committee holds hearing on immigration law overhaul. 10 a.m.
House Financial Services Committee holds hearing on rental purchase agreements. 10 a.m.
Senate Finance Committee holds hearing on deficit reduction. 10 a.m.
House Financial Services Committee hears from Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, on monetary policy. 2 p.m.
REPORTS
The S&P/Case-Shiller Home Price Index for May will be released at 9 a.m.
The Commerce Department will report on June new-home sales at 10 a.m.
The Conference Board will issue its July index of consumer confidence at 10 a.m.
HIGHLIGHTS FROM U.S. NEWSPAPERS
U.S. Bans Russian Officials Over Lawyer’s Jail Death, Post Says
The U.S. has imposed a visa ban on Russian officials implicated in the death in prison of lawyer Sergei Magnitsky, the Washington Post reported today, citing Obama administration comments on a Senate bill.
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