Notes on Obama rejecting short-term debt ceiling hike

A copy of Obama's public statement is available here. Obama seems to want to push for a tax increase and a short-term deal would make it much easier to make a deal without a tax increase. Interestingly, even Bill Clinton has advised for a short-term deal based on the what both sides could agree to on spending cuts.

Sen. John Cornyn (R-Texas) over the weekend said a short-term “mini” deal could be necessary, and on Tuesday he described a short-term increase to the debt ceiling as “more likely than not.”

Senate GOP Leader Mitch McConnell (Ky.) and former President Clinton have also suggested that the White House and Congress consider a short-term hike to the debt ceiling.

House Republicans, however, have pushed back hard against such suggestions.

House Majority Leader Eric Cantor’s (R-Va.) office said Tuesday that Cantor “has said repeatedly that he doesn’t think a short-term deal could pass the House.”

House Budget Committee Chairman Paul Ryan (R-Wis.), appearing on the “Laura Ingraham Show,” also spoke negatively of the idea, arguing that it would take pressure off lawmakers to reduce spending.

“What they want to do is buy as much time as possible until the election with as little damage to big government as possible,” he said, referring to congressional Democrats. “If they can just stall, win in 2012, they can keep us on this path … they just don’t want to take the medicine.” . . . .