House Republicans walk away from debt talks

House Republicans walk away from debt talks

Republican leaders in the House of Representatives walked away from talks Friday aimed at raising the US debt ceiling and cutting the deficit, dpa reported.

US President Barack Obama told reporters that Speaker of the House John Boehner had told him he was abanonding the talks even as the sides discussed deep cuts to government programmes and closing tax loopholes.

Obama called on Republicans to make tough compromises, saying he had been willing to make decisions that came under sharp attack from members of his own party.

"This was an extraordinarly fair deal," Obama said. "If it was unbalanced, it was unbalanced in the direction of not enough revenue."

The president said he had offered Boehner and other Republicans more than 1 trillion dollars in cuts in domestic and defence spending, 650 billion dollars in cuts to entitlement programmes such as pensions and health care, and 1.2 trillion dollars in additional revenue through closing tax loopholes and deductions. But Boehner said he could not agree to a deal that would raise taxes.

With an August 2 deadline looming for an agreement on the nation's debt ceiling, Obama called lawmakers to the White House for a Saturday morning meeting on raising the 14.3-trillion-dollar borrowing limit.

The negotiations have been tense on a possible agreement to reduce government costs by up to 4 trilion dollars over 10 years to curb the country's deficit alongside increasing the debt ceiling. That ongoing tug-of-war pits Republicans refusing to support revenue increases against Democratic resistance to cutting pensions and other social spending.

Obama has been pursuing the separate "grand bargain" with Republican leaders who control the House, looking for a deficit-busting deal that would accompany raising the debt limit. But news that no specific tax increases were foreseen in the latest round of talks provoked outrage among the Democratic rank and file.

On Wall Street, worry was growing that the debt ceiling would not be raised in time to avoid default.

The Treasury Department and US economists have warned of a dire financial crisis if the US defaults on its debt. The US would lose its stellar credit rating and interest rates would soar not only for government debt but also for consumer spending, college loans and home mortgages, putting further downward pressure on an economy that is only slowly recovering from the 2007-2009 recession.

Trump orders ByteDance to divest interest in U.S. TikTok operations within 90 days
Trump orders ByteDance to divest interest in U.S. TikTok operations within 90 days
US resolution to extend arms embargo on Iran fails to get enough Security Council votes
US resolution to extend arms embargo on Iran fails to get enough Security Council votes
Canada, U.S. agree to extend border closure for another month
Canada, U.S. agree to extend border closure for another month
Loading Bars
Latest
Chinese mainland reports 22 new confirmed COVID-19 cases
Argentina extends COVID-19 quarantine until Aug. 30
Trump orders ByteDance to divest interest in U.S. TikTok operations within 90 days
US resolution to extend arms embargo on Iran fails to get enough Security Council votes
Israel reports 1,258 new COVID-19 cases, 91,080 in total
Canada, U.S. agree to extend border closure for another month
Turkish minister warns of spike in COVID-19 cases in risk groups
Four hurt in blast, fire in publishers' area of Iran capital: state media
Twelve more coronavirus patients die in Moscow in past day — crisis center
Lebanon's COVID-19 cases exceed 8,000, death toll at 94
EU, Eurozone trade with rest of world remains at lower levels in June
Trump says he would agree to $25 billion for Postal Service if Democrats make concessions
Number of coronavirus cases worldwide exceeds 21 million
Azerbaijan's Azercosmos to provide satellite services in Africa
Putin proposes urgent 7-state online summit on Iran, Persian Gulf
Investments in agricultural sector of Iran's Kermanshah Province increase
Turkey's export of leather products abroad in 1H2020 down
Kazakhstan's import from Bulgaria down twofold amid COVID-19
Georgia to improve business climate on legislative level
Azerbaijan reveals maritime trade operations for seven months
EU 'highly concerned' by U.S. stance on Nord Stream pipeline
S. Africa commends WHO's leadership in fighting COVID-19
Azerbaijan unveils its seven-month airfreight performance
Monterey Herald publishes article on Armenians' atrocities against Azerbaijanis in LA
Foreign trade turnover of Azerbaijan drops
Azerbaijani community of Azerbaijan's Nagorno Karabakh issues statement
Gold price grows in Azerbaijan
Arming Armenia means supporting occupation of Azerbaijani lands - MP
Azerbaijani MP: Turkish Grand National Assembly rejected Treaty of Sevres, tearing it apart as useless paper
Subsistence minimum for average household down in Georgia
Uzbekistan to implement big touristic projects in Bostanlyk district
First batch of hazelnuts to be exported from Georgia to Germany
Georgian Artana Wines company decides to grow organic vegetables
Data on terry products sales at Turkmen State Commodity Exchange for July 2020 revealed
Uzbekistan resumes domestic flights, rail services, public transport traffic
Georgia decreases mandatory quarantine & self-isolation time
Kazakhstan's revenues from air transportation down year-on-year
Pashinyan again shows his helplessness, responding to BBC's "hard" questions (VIDEO)
Azerbaijani oil prices fluctuate
Air separation unit launched in Kazakhstan to supply ArcelorMittal Temirtau with gases
Ukrainian car building company interested in expanding cooperation with Turkmenistan
Electricity consumption down in Georgia
EU supports medium, long term recovery of Kazakh economy amid COVID-19
Azerbaijan sees growth in alternative energy production
Azerbaijan confirms 221 more COVID-19 recoveries
Iran's ministry supports increase of home appliances' price
Georgia, US discuss possibility of opening DFC regional office in country
Investments in socio-economic dev't in Azerbaijan grow
U.S. retail sales rise less than expected in July
Kazakhstan’s largest electrotechnical company to launch equipment production
Namangan Free Economic Zone to expand car production in Uzbekistan
National Bank of Georgia talks reasons behind remittances' growth
Uzbek-Korean JV opens tender to buy batteries
Volume of export of oil, oil raw materials from Azerbaijan to Ukraine revealed
Azerbaijan reveals seven-month statistics of industrial production
EU COVID-response to contribute to long-term health systems resilience in Central Asia
Azerbaijan successfully resolving problem of irrigation water shortage
Kazakhstan's Passenger Transportation JSC opens tender for loading, unloading services
SOCAR's STAR Refinery among Turkey’s 500 largest companies
Uzbekistan's national postal operator expands services
Multiple projects to be commissioned in Kazakhstan within industrialization roadmap
Angry Birds maker happy as stay-at-home gaming boosts profit
Iran is to sell oil bonds at stock exchange
Capacity of Georgian Kula canning company to increase
Turkmenistan’s Dashoguz region opens tender for construction, installation work
Output volume at Azerbaijan’s Kursangi, Garabagli fields revealed
Azerbaijani refugee from Armenia: Oppression of Azerbaijanis in Armenia began before 1988
Uzbekistan boosts trade turnover with Afghanistan during 1H2020
Turkmen manufacturer of suspended ceilings to expand its product range
British analyst: Uzbekistan to increase domestic electricity consumption over next decade
Weiss, CEO of Majid Al Futtaim – Retail, talks Uzbekistan's food retail market prospects
Mikayil Jabbarov: Azerbaijan-Israel partnership is strong, resilient, forward-looking
Azerbaijan's GDP slightly decreases
Maersk Drilling: Contracting activity for drilling campaigns with 2020 commencement to be limited
Global total utilization for jack-up rigs, floaters down
Georgian TBC Bank Group buys stake in its Uzbekistan branch
Azerbaijan’s Nakhchivan increases GDP volume
Number of flights over Iran's airspace increases
Azerbaijan's Kapital Bank to increase its authorized capital
Russia’s St. Petersburg, Turkmenistan boost cooperation
Kazakh coal extracting venture to buy filters via tender
Uzbek-Turkish JV to increase export of electrical goods from Uzbekistan's Samarkand
Money transfers to Georgia up in July 2020
Kazakhstan's Sunday Airlines resuming flights to Egypt
PETRONAS Carigali Sdn Bhd in Turkmenistan opens tender for provision of downhole equipment
Israel puts Georgia on list of 'green' countries
Central Bank of Uzbekistan establishes co-op with Central Bank of South Korea
Kazakhstan's export to Germany down during COVID-19
Indonesia's Widodo proposes $186 billion 2021 budget, 5.5% of GDP deficit
Bryza: By supplying military equipment to Armenia, Russia losing credibility as OSCE MG co-chair
Iranian National Tax Administration imposing tax on gold coin owners
Russia's St. Petersburg to supply ships to Turkmenistan
UK transport minister says people know the risks of travel in 2020
Graduates of Baku Higher Oil School awarded DAAD scholarships
Azerbaijani currency rates for August 14
Rehabilitation of Zemo Imereti-Racha road actively progressing in Georgia
Canadian oil & gas company aims to start operations in Uzbekistan
Azerbaijani Nakhchivan's mobile operators up revenues
Oil gains, heading for weekly rise amid hopes for fuel demand recovery
Azerbaijan discloses Consumer Price Index for July
All news