Boehner to provide new details on debt debate
WASHINGTON, May 9 (Reuters) – With Wall Street anxious to hear what he has to say, U.S. House of Representatives Speaker John Boehner will offer more details in a New York speech on Monday night about his strategy in the battle over raising the $14.3 trillion debt limit, an aide said.
Separately, Democratic Senator Charles Schumer called on Boehner to guarantee a timely increase in the debt limit to ease investors’ concerns and avoid government default, and suggested that a deal is needed by mid-July.
Boehner’s speech at the Economic Club of New York will be closely watched in financial markets, as Treasury Secretary Timothy Geithner has warned of economic catastrophe if the federal government’s borrowing authority is not increased.
If the United States defaulted on its obligations — something that’s never happened– that would roil markets worldwide.
Boehner’s aide declined to release any new details that the speaker planned to disclose, but said Boehner would reiterate that Republicans are demanding trillions of dollars in U.S. spending cuts in exchange for an increase in the congressionally-set cap on U.S. borrowing.
On Tuesday, Vice President Joe Biden will hold the second meeting of his congressional group on deficit reduction that has become a key force in the search for common ground.
President Barack Obama, anxious to get a deal, will meet on Wednesday with Senate Democrats and on Thursday with Senate Republicans, the White House said.
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