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Tuesday
Jul122011

Schumer: Cantor’s Debt Ceiling Proposal Immoral

ABC News(WASHINGTON) -- The fierce rhetoric on the Senate floor Tuesday continued with Sen. Charles Schumer, D-NY., who pointed a finger at the Republicans for being “dragged so far to the right by its ideological fringe,” that they are not able to get actually compromise to get a deal to raise the nation’s $14.3 trillion debt ceiling.

“They would sooner end Medicare as we know it than ask millionaires and billionaires to pay a little more in taxes,” Schumer said, quipping that House Speaker Boehner “balked” at a Grand Bargain because of pressure from within his own party. “That's the nub of it. They would sooner end Medicare as we know it than ask millionaires and billionaires to pay a little more in taxes.”

Intentionally highlighting the divide between Republicans Cantor and Boehner, Schumer added that it seems that House Majority Leader Eric Cantor “is now the leader of these negotiations for the Republicans” after it was reported he did the plurality of talking on the Republican side at the White House debt meetings Monday.

Schumer called House Majority Leader Cantor’s proposal, made at the White House on Monday, which outlines $353 billion in health care cuts, with $250 billion in reductions in Medicare “troubling.”

“This approach is not balanced, it's not fair, it's not moral, and it will not be accepted. The proposal by Leader Cantor is very troubling.”

He repeated that an agreement “cannot be considered bold or comprehensive” unless it asks “millionaires, billionaires and wealthy corporations to contribute to deficit reduction.”

Schumer warned that time is running out to cut a deal with enough time before the Aug. 2 deadline for action set by the administration.

“This is crunch time. The clock is ticking” he said, “if we don't reach an agreement in the next few weeks, we risk roiling the financial markets and our nation's fragile economy will suffer a serious setback.”

Copyright 2011 ABC News Radio

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