Source: USA TODAY
The White House says it is not minting a ?$1 trillion coin,? and it is not negotiating with congressional Republicans on raising the debt ceiling.
?There are only two options to deal with the debt limit,? said White House spokesman Jay Carney. ?Congress can pay its bills or it can fail to act and put the nation into default.?
Whether Republicans agree with that analysis remains to be seen.
Some congressional Republicans say they will not support an increase in the soon-to-expire $16.4 trillion debt ceiling unless there are corresponding cuts in federal spending.
The debt ceiling enables the government to borrow money to pay that debts that have already been incurred.
Carney issued a statement after the Treasury Department announced Saturday it would not seek to get around the debt ceiling by minting a so-called ?trillion-dollar platinum coin? to finance the nation?s existing debts.
Echoing comments President Obama has made, Carney referenced the 2011 dispute over the debt ceiling that led to a near-default and a downgrade in the U.S. credit rating.
?When Congressional Republicans played politics with this issue last time, putting us at the edge of default, it was a blow to our economic recovery,? Carney said. ?The president and the American people won?t tolerate Congressional Republicans holding the American economy hostage again simply so they can force disastrous cuts to Medicare and other programs the middle class depend on while protecting the wealthy.
?Congress needs to do its job.?
The debt ceiling is one of several budget challenges facing the White House and Congress in the months ahead.
They are still trying to negotiate a long-term debt reduction deal in order to head off a series of automatic budget cuts set to take effect in early March. This ?sequester? ? affecting popular domestic and defense programs ? was deferred during the recent ?fiscal cliff? deal, which dealt with taxes.
Also on the short term agenda: The March 27 expiration of the continuing resolution that is funding the government, creating the possibility of another government shutdown.
Copyright ? 2013 USA TODAY, a division of Gannett Co. Inc.
Source: http://tucsoncitizen.com/usa-today-news/2013/01/13/white-house-no-negotiations-on-debt-ceiling/
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