Debt ceiling deal met GOP standards: Boehner

10:00, August 02, 2011      

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U.S. House Speaker John Boehner (Front) speaks to the media at the Capitol Hill, Washington D.C., capital of the United States, Aug. 1, 2011. The bipartisan deal emerging Sunday night met Republican standards of no new revenue and bigger spending cut than debt limit increase scale, Boehner said on Monday. (Xinhua/Zhang Jun)

The bipartisan deal emerging Sunday night met Republican standards of no new revenue and bigger spending cut than debt limit increase scale, U.S. House Speaker John Boehner said on Monday.

This is a compromise plan among bipartisan congressional leaders and U.S. President Barack Obama, and both chambers of Congress should pass it, Boehner told reporters on Monday afternoon.

Obama announced Sunday night that he had reached a last-minute debt ceiling deal with Republican and Democratic leaders to avert a looming debt crisis.

The plan aimed at slashing deficit for more than 2 trillion dollars over 10 years, setting up a powerful new congressional bipartisan committee to find new ways on deficit cutting, and raising the U.S. borrowing limit through 2013.

Boehner, U.S. Vice President Joe Biden and Senate Majority Leader Harry Reid Monday are scrambling to get rank-and-file support and secure the passage of the deal.

Biden said Monday that he was confident that the bill could pass the Congress. However, Biden noted that some House Democrats expressed frustration.

Some liberal Democrats complained that Obama gave up too much in the debt ceiling negotiation and did not get guaranteed new revenue from this package.

This last-ditch tentative proposal still needs to clear a Democratic-controlled Senate and a Republican-held House.

The U.S. federal government's borrowing limit, currently at 14. 29 trillion U.S. dollars, was reached on May 16. The Treasury Department said that it would run out of cash to pay its bills unless the Congress agreed to raise the limit by Aug. 2.

Source:Xinhua
 
 
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