"President Barack Obama is likely to be defeated in 2012. The reason is that he faces four serious threats. The economy is very weak and unlikely to experience a robust recovery by Election Day. Key voter groups have soured on him. He's defending unpopular policies. And he's made bad strategic decisions." -Karl Rove
The Debt Limit Debate
Continues at the Capitol
On Thursday, several Republican negotiators withdrew from bipartisan talks on the deficit reduction deal over the role of tax increases as part of the solution. House Majority Leader Eric Cantor (R-VA) and Senator Jon Kyl (R-AZ) both pulled out of the discussions when the group reached a stalemate over the issue of tax hikes.
Future negotiations will now be left to Speaker
John Boehner and President Barack Obama.
The major roadblock was the Democrat's demand that any budget deal include tax increases despite the Republican's continued refusal to consider tax increases as part of the solution to the United States' $14.29 trillion dollar debt.
The initial negotiations were led by Vice President Joseph Biden. Both Speaker John Boehner and Senate Republican Leader Mitch McConnell have stated their continued opposition to any tax increases being included in the deal. You can read the Speaker's Statement on President Obama's Request for An Increase in the National Debt Limit here.
House Majority Leader Eric Cantor said during the first several weeks of negotiations the group had focused on more than $2 trillion in spending cuts over the next decade.