Daily Tax Update - October 7, 2013: Shutdown Impasse Continues

Shutdown Impasse Continues:  As the government shutdown goes into its second week, President Obama and House Speaker John Boehner continue to trade blame for failure to break the impasse. Today, the President said that the Speaker should hold a vote to prove there aren’t enough votes to pass a “clean” continuing resolution. The President said,  “The House should hold that vote today. If Republicans and Speaker Boehner are saying there are not enough votes, they should prove it."  Obama added that it was his "very strong suspicion" was that "there are enough votes there." Obama added, “Hold a vote. Call a vote right now and let's see what happens." The President also said that he would be willing to discuss any issue but was "not going to negotiate under the threat of economic catastrophe."

Speaker Boehner said today, “The president's refusal to negotiate is hurting our economy and putting our country at risk.”  Boehner added, “The American people expect when their leaders have differences, and we're in a time of crisis, that we'll sit down and at least have a conversation. . . . Really, Mr. President, it's time to have that conversation before our economy is put further at risk."

Gene Sperling, Director of the National Economic Council and assistant to the president for economic policy, suggested that the White House might be willing to accept a short-term debt ceiling increase. Sperling said, “That said, it is the responsibility of Congress to decide how long and how often they want to vote on" raising the debt limit.  Sperling added, “The important thing is that they not threaten default."