Reality Check: Where we stand in the debt ceiling debate - Cincinnati News, Weather, Sports from FOX19 NOW-WXIX

Reality Check: Where we stand in the debt ceiling debate

(FOX19) - With less than 30 days before our nation defaults on its financial obligations, Tuesday, the President gave the media an update on where the negotiations currently stand.

President Obama made it clear he is not in favor of any short term deals and that everything has to be on the table

"We need to take on spending in domestic programs, entitlement programs and we need to take on spending in the tax code in the form of tax cuts for the wealthiest of Americans"  the President told reporters.

So where do we stand right now?

Here's what each of the respective groups are asking for:

Republicans want cuts in the form of trillions of dollars' worth of spending. House Speaker John Boehner has said he wants the cuts to be dollar for dollar, whatever lawmakers raise the debt ceiling by.

The President is asking for a debt ceiling increase of $2.5 trillion.  House Republicans say they want no increase in taxes and they wants cuts to entitlement programs through reform to Medicaid.

Democrats have agreed to 1 trillion in spending cuts but also want as much as $400 billion in tax increases, including getting rid of tax write offs for oil and gas companies.

Also, Democrats want no changes Medicaid proposed by Rep. Paul Ryan.

Tuesday, the bipartisan policy center released a debt ceiling analysis.  It shows that even if Congress does not raise the debt ceiling by August 2nd, the feds would still have enough incoming revenue to pay:

  • All interest on treasury securities (thus avoiding default)
  • All Social Security obligations
  • All Medicare and Medicaid obligations
  • All defense contractor bills
  • All veterans payments, and all active duty troops
  • And still have almost $7 billion left over for other items.

That keeps us from defaulting for two extra weeks, until August 15th, when a 29 billion dollar payment on already issued debt is due.

And that is Reality Check

http://swampland.time.com/2011/06/30/a-guide-to-the-debt-ceiling-debate-what-each-faction-wants/#ixzz1RGIkWDe0

http://washingtonexaminer.com/blogs/beltway-confidential/2011/06/bipartisan-study-confirms-default-geithners-hands

Copyright 2011 FOX19. All Rights Reserved.

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