Boehner: No debt limit increase without spending overhaul

{mosads}Boehner is playing a key role in the ongoing debate over raising the debt limit. As the White House and Democrats push for a prompt increase to the debt limit, Boehner leads the House Republican majority that wants to extract significant spending reforms in exchange for a debt limit increase — even though he has maintained that the debt limit must eventually be increased for the good of the nation’s economy.

He put pressure on Senate Democrats and President Obama on Monday, calling on them to put forward “a serious plan” like the House GOP has with Rep. Paul Ryan’s (R-Wis.) budget proposal.

“House Republicans have passed a serious plan by Chairman Paul Ryan to put us on a path to balance the budget and pay down our debt, spur job growth, and save programs like Medicare for current retirees and future generations,” Boehner said. “In fact, under the House-passed plan, there are no changes to benefits for Americans 55 and older.”

Republican lawmakers have felt some heat from constituents on that plan, especially on its proposed reforms to Medicare. Ryan’s plan would convert that program into subsidies for people to buy private insurance starting in 2022.

Treasury Secretary Timothy Geithner informed lawmakers Monday that he was cutting investment into two government employee pension plans as the government entered a “debt issuance suspension period.” With the government hitting the debt limit Monday, the Treasury says it can stave off a government default until Aug. 2.