Cantor, GOP House members, walk out of Biden debt ceiling talks

Democrats want to raise taxes. Republicans are resisting. Impasse achieved, Cantor and the other GOP negotiators walked, and now it's up to Boehner and Obama, who will play a game of chicken to decide the issue. New York Times: The breakdown was set off by the surprise decision of Representative Eric Cantor of Virginia, the House majority leader and one of two Republicans participating in sessions led by Vice President Joseph R. Biden Jr., to quit the negotiations. This week's talks were considered to be crucial as the Aug. 2 deadline for an increase in federal borrowing authority nears. Mr. Cantor had previously expressed optimism that the sessions could produce a deal. But he announced he would not be attending Thursday's scheduled meeting because Democrats continued to press for part of the more than $2 trillion savings target to come from moves like phasing out tax breaks. "As it stands, the Democrats continue to insist that any deal must include tax increases," Mr. Cantor said...(Read Full Post)

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