Eric Cantor: "This Debt Limit Vote Sucks"
The Virginia House Majority Leader lashed out at a House GOP conference, urging members of his party to rally around House Speaker John Boehner's plan to raise the debt ceiling in exchange for trillions in spending cuts.
"The debt limit vote sucks," Cantor said, according to two sources cited by CNN. He continued that House Republicans needed to quit their "grumbling" and come together. He enumerated their three choices: risk default, pass Senate Majority Leader Harry Reid's plan, or "call the President's bluff" and pass Boehner's plan, Politico reported.
The "bluff" that Cantor is referring to is the fact that President Barack Obama has promised to veto any bill that does not include a provision for the debt ceiling increase to carry into 2013. Reid's plan does, while Boehner's does not. Obama and the Democrats fear that a short-term debt ceiling hike will come back to haunt them next year in the middle of a re-election campaign.
Reid's proposal includes $1.2 trillion in spending cuts to the day-to-day operating budgets of various government agencies and also counts an extra $1 trillion in savings from the already-budgeted wind-down of the United States' two wars in Iraq and Afghanistan.
But Reid's plan extends the debt ceiling hike to 2013, while the GOP's only calls for a six-month increase.