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House GOP Press President Obama For More Spending Cuts

06/01/2011 1:01 pm 0 comments

Source: AP / CBS News

Washington – Scores of House Republicans are heading to the White House for a meeting with President Obama to demand trillions of dollars in spending cuts as the price for providing any increase in the government’s power to borrow.

Wednesday’s meeting comes on the heels of a symbolic and lopsided vote the day before against a GOP proposal to lift the cap on the so-called debt limit by $2.4 trillion. The proposal, intended to prove that a bill to increase the borrowing cap with no spending cuts is dead on arrival, failed badly Tuesday on a 318-97 vote.

CBS News correspondent Nancy Cordes reports that Democrats voted also voted no to the bill, while their leadership continued to blame Republicans for driving up the debt in the Bush years by lowering taxes and going to war with Iraq.

As Cordes reports, the nation actually hit its $14.3 trillion debt ceiling two weeks ago, and since then has been taking emergency measures, like liquidating some investments, which the treasury secretary says will keep the government from defaulting on its debts until August.

To read this article in its entirety visit CBS News.

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