The top Republican in Congress wants trillions of dollars in spending cuts as part of must-pass legislation allowing the federal government to continue borrowing to keep it operating and meeting obligations to investors. It’s a new, ambitious marker in a battle over the budget that’s expected to consume Congress for much of the summer.

House Speaker John Boehner also said that any legislation to raise the so-called debt limit beyond its current $14.3 trillion cap should be accompanied by spending cuts larger than the amount of the permitted increase in the debt.

The Ohio Republican made the comments in a speech Monday night to the New York Economic Club. Boehner’s comments come as investors and business groups have been seeking assurances that the GOP-controlled House will join with President Barack Obama and the Democratic-led Senate to enact the must-pass debt limit measure, which is needed to prevent a market-roiling, first-ever U.S. default on its obligations.

Continue reading on www.theblaze.com

GET MORE STORIES LIKE THIS

IN YOUR INBOX!

Sign up for our daily email and get the stories everyone is talking about.

Uncategorized
Previous post

The Millionaire Mastermind Lived Like a Homeless Guy in a Pigsty

Next post

Tea partiers issue warning to House 'RINOs'