The White House on Wednesday stiffened its insistence that Congress expand the federal borrowing capacity, reiterating its stance that the administration cannot invoke the 14th Amendment to borrow above the debt ceiling. “I can tell you that the president does not believe that there is a backup plan or a Plan B or an off-ramp,” White House press secretary Jay Carney said. LINES IN THE SAND Wall Street Journal writes, “The tax issue is finished, over, completed. That’s behind us,’ Senate Minority Leader Mitch McConnell (R., KY) told ABC on Sunday. He said new tax revenue is ‘absolutely’ off the table as part of any coming negotiations with Democratic lawmakers and Mr. Obama.
14 Jan 2013