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Actions louder than words in debt debacle

Thursday, Oct 10, 2013 - 01:53

Oct. 10 - Proposals on delaying a default may be a step in the right direction- but without all parties on board, it’s just more talk in D.C. Bobbi Rebell reports.

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D.C.'s debt debacle has deteriorated into an endless media cycle- lots of talking to the media, lots of meetings, and lots more talking to the media. Republicans, led by House speaker John Boehner, proposed a temporary debt ceiling plan that would delay default for six weeks. SOUNDBITE: REPUBLICAN HOUSE OF REPRESENTATIVE SPEAKER JOHN BOEHNER (ENGLISH) SAYING: "It's time for these negotiations and this conversation to begin, and I would hope that the President will look at this as an opportunity and good faith effort on our part to move halfway, halfway to what he has demanded in order to have these conversations begin." Begin? They have been arguing about this since the summer of 2011. No wonder many in D.C. are skeptical that even if Obama were to okay a deal- and there have been indications he might- Republicans could make good on it. Steve Bell of the Bipartisan Policy Center: SOUNDBITE: STEVE BELL, DIRECTOR FOR ECONOMIC POLICY, BIPARTISAN POLICY CENTER (ENGLISH) SAYING: "You are hearing a lot of pushback. You are hearing members of the far right who do two things- we call them kind of default deniers that is the first thing. They don't believe that a default of America's bill that it owes is any big deal. And the second thing is they say, 'well, don't worry, Treasury can always pay off the interest and the principle of America's sovereign debt. So, we are not going to vote for a debt extension because we don't think it's necessary and we haven't gotten yet what we want.' Treasury Secretary Jack Lew says that idea of prioritization- paying some bills and not others- would be chaos: SOUNDBITE: U.S. TREASURY SECRETARY JACK LEW (ENGLISH) SAYING: "Prioritization is just default by another name. It's just saying we will default on some subset of our obligations but we are still- by definition if we don't have enough money to pay all of our bills - we will be in default on our obligations." And the meetings, and the media cycle, continue.

Actions louder than words in debt debacle

Thursday, Oct 10, 2013 - 01:53

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