On Saturday, House Speaker John Boehner ends talks with Obama as Sunday afternoon approaches with the opening of the Asian markets. After a 50-minute meeting with Barack Obama, Mitch McConnell, Harry Reid, Nancy Pelosi and Joe Biden, John Boehner, Speaker of the House, assumed the mantle of leadership and ceased further negotiations with the White House. Boehner had earlier compared Obama to Jello for continuously changing and shifting positions. So Speaker Boehner met later with McConnell, Reid and Pelosi at his office and intends to deliver a debt ceiling plan by 4pm EDT Sunday, two hours before the American futures begin trading in Asia.
It is obvious now that some Democrats are ready to break away from Obama in order to resolve the debt crisis. The lesson in political history does not escape them. While Bill Clinton benefited from the government shutdown battle with Republicans and Newt Gingrich in 1996, Congressional Democrats did not. Clinton threw them under the bus to save his own hide and Obama now appears to be doing the same to the current Democrats in Congress. In the latest round of talks, Obama threw a curve ball trying to get $1.2 Trillion in revenue increases after Boehner agreed to $800 Billion.
Early details are sketchy, but the new plan by Boehner is a two-stage one which will provide for an immediate increase in the debt ceiling to avoid any possibilities of a default or suspension of any government payments or services through till next year. The second stage will be a ′super-committee′ of Democrat and GOP lawmakers whom will hammer out $4 Trillion dollars in spending cuts and then provide for another increase to the debt ceiling to carry the nation through till after the 2012 elections.
Now that House Speaker John Boehner ends talks with Obama as of Sunday, the White House is now shut out of participating in the negotiating process. Barack Obama has been acting like a bowl of Jello according to John Boehner, Speaker of the House, who has shown himself to be the only adult in the room. Even some Democrats are fed up with the Obama administration for their handling of the debt ceiling talks. Boehner will meet with Mitch McConnell, Harry Reid and Nancy Pelosi today to discuss increasing the debt limit. The objective now is to have a plan out this afternoon before the Asian markets open and begin trading in U.S. futures. Otherwise, Monday could wind up being a very ugly day on Wall Street.