McConnell Says 'Real Deal' Not Possible With Obama
By COREY BOLES
WASHINGTON—A "real solution" to U.S. fiscal problems isn't possible as long as President Barack Obama remains in office, Senate Minority Leader Mitch McConnell said Tuesday, heightening the rhetoric surrounding the debt-ceiling debate.
Mr. McConnell, the Senate's top Republican, said he had gone into negotiations in good faith over how to formulate a deficit-reduction package to accompany an increase in the statutory borrowing limit.
The Treasury has said the limit must be raised by Aug. 2 to avoid the potential of a U.S. default on its debts, while Mr. Obama has said he wants a deal by July 22.
After the latest negotiations, led by Mr. Obama, Mr. McConnell said he concluded that the administration had "expressed a fundamental unwillingness" to agree to significant spending cuts.
"But after years of discussions and months of negotiations, I have little question that as long as this president is in the Oval Office, a real solution is unattainable," Mr. McConnell said in a Senate floor speech.
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Mr. McConnell gave the speech hours before congressional leaders are set to return to the White House for a third negotiating session in as many days in an attempt to overcome the impasse over how to raise the debt ceiling. A senior aide to the Kentucky lawmaker said he still intended to participate in the White House meeting.
Mr. Obama pressed congressional leaders Monday to forge a $4 trillion, 10-year deal during a contentious negotiating session at the White House. Yet the odds appeared to diminish that Democrats and Republicans can bridge their differences over taxes and social programs to reach such a sweeping plan ahead of the debt-limit deadline.
Meanwhile, major business trade groups urged Mr. Obama and Congress to boost the debt ceiling and reach agreement on a long-term deficit-reduction plan.
"Now is the time for our political leaders to put aside partisan differences and act in the nation's best interests," according to the letter, signed by the U.S. Chamber of Commerce, Business Roundtable, the Financial Services Forum, the National Association of Manufacturers and others. "We believe that our nation's economic future is reliant upon their actions and urge them to reach an agreement. It is time to pull together rather than pull apart."
—Jeffrey Sparshott contributed to this article. |
