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.”