Fox News
Expand
Browse All Video
Watch Live

You're watching...

Another debt ceiling battle on Capitol Hill?

Details

  • Description

    Boehner signals potential for fight

  • Duration 2:39
  • Date

Clips

Also in this playlist...

Editor's Picks

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Republican on Capitol Hill is drawing a line in the sand on the debt ceiling chief congressional correspondent Mike Emanuel reports on the opening shot.

In what could be another political war over the bar -- Speaker John Boehner signaled he's ready for a fight when Washington will likely be forced to vote by the end of the year to increase the debt limit when that time comes -- born yet exist.

My symbol principle of cuts and reforms greater.

Of them -- debt -- increase those principles led to a huge battle last summer which ended with the creation of a super committee charged with finding one point two trillion dollars in cuts.

Only to fail and now banners insisting on real savings and reform -- What I'm trying to do here is.

His use the debt ceiling.

It's an action forcing event.

To force the process here today to deliver more change them what it would produce on its -- Though today the Treasury Secretary called protecting the nation's credit rating a fundamental commitment.

And insisted the process should not he is difficult.

Only congress of course can back to raise -- them and you know we hope they do it this time without without the drama and the pain in the damage.

They -- the country last -- it.

Other top Democrats in the last thing the country needs is a rerun of the last debt battle Republicans can grandstand all they want.

Fact is any agreement to avoid the fiscal cliff facing us.

The end of this year.

Must not get programs that support the middle class the timing of it will likely be tricky with the debt ceiling expected to come up around the holidays.

That's also what a lame duck congress has seven weeks to figure out what to do about the bush tax cuts expiring.

The payroll tax holiday -- and long term unemployment benefits running out.

In the start of the automatic one point two trillion dollars in across the board cuts from the previous debt deal.

The speaker says the house will tackle some of that in the coming months.

Any sudden tax I put her economy.

So this fall before the election the house were -- -- will vote to stop the largest tax increase in American history.

But former Republican senator Alan Simpson says trying to avoid the one point two trillion dollars sequester alone will be a mess.

There will be paired blood -- balls all over the floor.

The house budget chairman suggested there will likely be extensions of current tax policies to by lawmakers more time in the lame duck and you'll see something to make sure that we don't have a train wreck.

In many ways this can be viewed as a preemptive strike by Boehner he's taken heat from the right on spending issues.

And many conservatives are still -- happy with the debt ceiling vote.

Last summer Brett and -- a lot on the hill Mike.

Load More