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Not good: House Speaker John Boehner (R-Ohio) has broken off negotiations with President Obama over the debt ceiling.
“A deal was never reached and was never really close,” Boehner wrote. “I have decided to end discussions with the White House and begin conversations with the leaders of the Senate in an effort to find a path forward.” Boehner blamed Obama’s demand for higher taxes and opposition to “fundamental changes” to entitlement programs such as Medicare, Medicaid and Social Security.
The important thing to note here is that so far only the Republicans have put forth any specific plan. It might not have been perfect but at least it was something. And the Democrats have rejected it, without offering any detailed counteroffer.