Reid, Pelosi Push Debt Deal With $2.5T in Cuts

That picture cracks me up. It looks like adults trying to get some work done. Without the distraction of a self-absorbed brat-president. From National Journal:

Senate Majority Leader Harry Reid, D-Nev., and House Minority Leader Nancy Pelosi, D-Calif., met at the White House for a meeting at 6 p.m. that lasted a little more than an hour. The meeting started an hour after the first of the Asian global markets opened. House Speaker John Boehner, R-Ohio, on Saturday had asked for a debt framework before then, intended to give the Asian markets time to process a last-ditch bid to ward off the market turmoil.

Reid is taking a proposal for "at least" $2.5 trillion in spending cuts as part of a debt-ceiling deal, seeking Obama's approval, according to an aide.

Both Reid and Boehner are advancing plans to raise the debt ceiling. The biggest difference is that the Reid plan would increase the borrowing limit through at least the November 2012 election, while the Boehner proposal would have two stages – with the debt ceiling increase coming early next year and allowed only if matching spending cuts are enacted. Democrats have said that carrying the borrowing authorization past the election is a make-or-break provision. Republicans want two votes, saying they hope to wring more savings.

Meanwhile, conservatives are pushing for a bill to force Obama to avoid default and to pay Social Security recipients and soldiers. From The Hill:

Members of the Senate Tea Party Caucus have met with House freshmen to discuss a plan to pressure House Speaker John Boehner (R-Ohio) to bring the Full Faith and Credit Act to the floor.

The legislation would direct Obama to prioritize federal payments to the nation’s creditors, Social Security recipients and soldiers serving in Afghanistan and Iraq.

And the White House just revealed it will go along with whatever deal that makes it through Congress.

In an accidental moment of honesty, White House Deputy Press Secretary Dan Pfeiffer today admitted on Twitter that President Obama will likely sign any debt deal Congress sends his way.

So, it looks like real progress is being made.

posted by rdbrewer at 08:40 PM

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