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interesting. to get this much in cuts will be a good win for Republicans sore in need of them, and would infuriate Obama's base (whom he has teased by insisting on tax hikes and infuriated by suggesting entitlement reform).
House Republicans, White House Discussing $3 Trillion Budget Deal
House Republicans, White House Discussing $3 Trillion Budget Deal
The White House and House Republican leaders are discussing a large deal to raise the debt ceiling that would include about $3 trillion in deficit cuts over 10 years, according to several congressional aides.
The aides, who declined to be named because they weren't authorized to speak publicly, said the proposal’s outline is broadly similar to a plan discussed previously by President Obama and House Speaker John Boehner, R-Ohio, and a "Gang of Six" proposal to cut about $3.7 trillion in a decade, with the major exception that it would not raise significant tax revenue. The gang proposal, by contrast, would seek $1 trillion of its deficit cuts from new tax revenue....
As described, the plan would be a major, and unexpected, concession to congressional Republicans. The lack of immediate tax revenue would be a nonstarter for many Democrats in Congress, endangering its prospects in the Senate in particular. The mere fact the deal is under discussion already has Democrats up in arms. Democratic lawmakers ripped the proposal after Office of Management and Budget Director Jacob Lew briefed them at a Caucus meeting on Thursday.
“There has to be fairness in this,” Senate Majority Leader Harry Reid, D-Nev., told reporters. “This can’t be all cuts. There has to be a balance. There has to be some revenue and cuts. My Caucus agrees with that. I hope the president sticks with that. I am confident he will.”
Sen. Barbara Mikulski, D-Md., said Democrats “are volcanic at this point.”
“You can't ask us to vote when we haven't been part of the deal,” Mikulski said.
Democratic congressional leaders will meet Thursday evening with the president at the White House, a White House official said...
Reid said Thursday that the Senate would move the vote on the cut, cap, and balance measure from Saturday to Friday. The bill is expected to be defeated in the Senate, clearing the way for a compromise bill.....
The aides, who declined to be named because they weren't authorized to speak publicly, said the proposal’s outline is broadly similar to a plan discussed previously by President Obama and House Speaker John Boehner, R-Ohio, and a "Gang of Six" proposal to cut about $3.7 trillion in a decade, with the major exception that it would not raise significant tax revenue. The gang proposal, by contrast, would seek $1 trillion of its deficit cuts from new tax revenue....
As described, the plan would be a major, and unexpected, concession to congressional Republicans. The lack of immediate tax revenue would be a nonstarter for many Democrats in Congress, endangering its prospects in the Senate in particular. The mere fact the deal is under discussion already has Democrats up in arms. Democratic lawmakers ripped the proposal after Office of Management and Budget Director Jacob Lew briefed them at a Caucus meeting on Thursday.
“There has to be fairness in this,” Senate Majority Leader Harry Reid, D-Nev., told reporters. “This can’t be all cuts. There has to be a balance. There has to be some revenue and cuts. My Caucus agrees with that. I hope the president sticks with that. I am confident he will.”
Sen. Barbara Mikulski, D-Md., said Democrats “are volcanic at this point.”
“You can't ask us to vote when we haven't been part of the deal,” Mikulski said.
Democratic congressional leaders will meet Thursday evening with the president at the White House, a White House official said...
Reid said Thursday that the Senate would move the vote on the cut, cap, and balance measure from Saturday to Friday. The bill is expected to be defeated in the Senate, clearing the way for a compromise bill.....