A Nebraska Congressman says negotiations in Washington to break a stalemate in Congress on raising the nation’s debt ceiling must focus on spending cuts.
Congressman Adrian Smith, a Republican, acknowledges he doesn’t know the details of the negotiations on-going between Congressional leaders and President Obama on the budget deficit, but isn’t satisfied that President Obama has given enough ground to reach a deal.
Smith says the spending issues and the fiscal challenges the country faces are far more than whether a corporate jet can be depreciated at the current rate. Obama has pushed for an end the tax cuts enacted by President Bush, such as the tax rate on corporate jets.
“The issues are far deeper than that and for us to ignore the issues like that; I don’t think leads to an authentic negotiation,” Smith says.
Smith insists raising taxes isn’t the solution. He says spending needs to be controlled, including spending on Medicare.
The president has told reporters in a news conference in Washington today that he will not consider a stop-gap measure to avert a debt-ceiling crisis. He continues to push for a deal along the lines of the $4 trillion dollar measure he proposed last week. Talks Sunday failed to reach an agreement.
The Obama Administration has said the nation will begin defaulting on its debt if the borrowing limit isn’t raised by August 2nd. Both Democrats and Republicans in Congress say the $14.3 trillion debt limit shouldn’t be raised unless the measure is accompanied by a plan to reduce the deficit.