Today, Speaker John Boehner told the House GOP caucus that he is preparing a short-term bill that would raise the debt ceiling for about six months, despite Obama’s pledge to veto such a measure. On the call, Majority Leader Eric Cantor blasted Obama for opposing it. The Wall Street Journal reports:
House Majority Leader Eric Cantor indicated in his remarks during the conference call that Republicans don’t want to give President Barack Obama a debt-ceiling deal that lasts past the 2012 elections. Mr. Cantor called the president’s insistence on a deal that carries through the election purely political and indefensible.
But late last month, Cantor himself vehemently opposed a short term deal:
House Majority Leader Eric Cantor pushed back hard Tuesday against Senate Republican suggestions of a scaled-back, short-term debt deal, saying it’s “crunch time” in White House budget talks and “if we can’t make the tough decisions now, why … would [we] be making those tough decisions later.”
“I don’t see how multiple votes on a debt ceiling increase can help get us to where we want to go,” the Virginia Republican told reporters. “It is my preference that we do this thing one time. … Putting off tough decisions is not what people want in this town.”
Standard and Poors, a credit rating agency, agrees that a short term deal would be bad for the nation’s credit. In a July 14 release S&P wrote “We may also lower the long-term rating and affirm the short-term rating if we conclude that future adjustments to the debt ceiling are likely to be the subject of political maneuvering.”


As of midnight yesterday, the Federal Aviation Administration shut down due to Congress’ failure to reauthorize it. (Critical functions such as air traffic control will continue.) The shutdown means that 

During an interview on ABC’s This Week today, New York City Mayor Michael Bloomberg (I) said that Republican demands that a deal to raise the debt ceiling include only spending cuts and no tax increases are unrealistic. To bolster his case, he noted that America is already “very low-tax compared to other developed countries”:
