Page 25 - Spending Caps News Today

A long drawn out debate of whether to reform the government. but it is irresponsible to raise the debt ceiling and the spending caps. we went exactly the wrong direction and i have been traveling the country and i have not met a republican yet who wants to raise the debt ceiling and the spending at the same time. >> and 24 million people saw the last republican debate on cnn and 25 million saw the first republican debate, and the 21 million who saw the viral tape is not the same. >> we are still...

Issue. what was the argument that it would make season to get this done? reporter: john mccain wanted more money for the mitt. avoiding a debt crisis. the budget agreement is through two years and will ray the debt ceiling through march 2017. it will rate the spending caps by 80 bi. it august of some long-term entitlement reforms to the social security disability program. president obama said this agreement i a reminder that washington can still choose to help rather than hinder america progress...

Colleagues. >> republicans released that lousy at political battles? the four years the president would shed the government down, blame us and we would collapse because we fought for internet tax freedom? holy cow. if we had that bad this why we doing it? >> reporter: this is what the two year budget plan will do, lift the debt ceiling for march of 2017, the spending caps by $80 billion split between defense and domestic priorities, 20% cut to social security benefits and limit the premium spike...

$80 billion more in spending. they busted the spending caps. its a cheap way of having to make a difficult decision. here we are. >> this is just to say were not going to do much on anything until the next demonstration. >> the debt keeps going up. they dont touch entitlement reform. >> these actually were small adjustments compared to an $18 trillion economy. what theyre saying is lets put aside big issues, this is the end of the administration. well have a new president and well talk about new...

Fateit accompli, doesnt it? >> it does and youll recall, when john boehner stepped down i said the consequence is that boehner has cut a deal with nancy pelosi to raise the debt ceiling and to fund all of obamas big-government priorities for the next two years. some of the media blasted me and said you dont know that. and i know exactly what it meant. you look at what happened in the house of representatives. every single democrat in the house voted for this, because it is a blank credit card fo...

This is hypothetically, of course. the wisconsin congressman, paul ryan, is expected to become the new speaker of the house this week. mike emanuel joins us live from capitol hill with more. >> reporter: we expect the house to vote on this budge package tomorrow which would handle the debt ceiling issue and more. it is a two-year budget agreement which would address the debt ceiling, the governments ability to borrow money through march 2017 when a new president and a new congress can deal with ...

Crisis. >> reporter: it is a two-year budget agreement that would raise the debt ceiling. the governments ability to borrow money through march 2017. it would adjust spending caps by $80 billion equally divided between defense and domestic priorities. it would prevent a spike in medicare "b" premiums for millions of seniors and includes some long-term entitlement reforms to the social security disability insurance program. some conservatives dont like the spending adjustment. >> i will not be vo...

But heres the bottom line. mitch mcconnell, john boehner, myself, nancy pelosi, harry reid, we have all spoken and talked about trying to negotiate a budget agreement. and, yes, speaker boehners decision to step down complicated it, but i do think theres stale path for us to come up with a reasonable agreement that raises the spending caps above success at - sequester to make sure we finance defense and nondefense needs, that maintains a prudent control of our deficits, and that we can do that i...

Sheryl. >> thank you, mr. president. to go back to your opening remarks, you said that you wont sign another four-term cr. but yesterday secretary lew announced the governments borrowing authority would run out around november 5th. would you recommend negotiating an increase in the debt ceiling as part of these budget negotiations on spending caps? and also, does the speakers race complicate these negotiations? >> im sure the speakers race complicates these negotiations. that was a rhetorical qu...

But heres the bottom line. mitch mcconnell, john boehner, myself, nancy pelosi, harry reid, weve all spoken and talked about trying to negotiate a budget agreement. and, yes, speaker boehners decision to step down complicates it, but i do think theres still a path for us to come up with a reasonable agreement that raises the spending caps above sequester to make sure we can properly finance both our defense and nondefense needs that maintains a prudent control of our deficits. and we can do that...