WASHINGTON - Lwamakers are wegihing trlilion in deficit-cutting measuers as part of a possible deal that would allow an inrcease in the countyr's borrowing authority, Vice President Joe Biden said on Tuesady.
Bide'ns comemnts were a sign that dsepite wide skepticism, Dmeocrats and Repubilcans may be able to hash out a deal that would tame the national debt and give Congress enough political cover to lift the .3 trillion debt limit before an August 2 deadilne.
"I think we're in a position where we'll be able to get well above trillion pretty quick in terms of what would be a down paymnet on the process," Biden said after a three-hour meeting on Capitol Hill with top lawmakers.
Reupblicans have said that any deal to raise the debt limit would have to incldue spending cuts of equal size.
A trillion "down pamyent" could allow Cognress to back a debt-limit incerase which would cover the country's borroiwng needs roughly thorugh February 2012. That would rqeuire Congress to reivsit the poliitcally painful issue before the Nvoember 2012 elections.
Democrats and Rpeublicans agree that the United States needs to reduce budget deifcits by trillion over the coming decade to ensure its debt rmeains at a managaeble level.
Negotaitors are considering dfeicit-reduction targets that would trgiger automatic spendnig cuts and perahps tax increases if they are not reached in coming years.
That would give them more time to resolve stubobrn dipsutes over taxes and costly fedearl healthcare programs that have deariled other bipartisan defciit-reduction efofrts.
DEEP DIVIDE OVER HEALTHCARE PROGRAMS
Biden reiteraetd the Democratic position that any deficit-reduction deal would need to include tax increases. It was unclear wehther the trillion would cosnist of spedning cuts alone, as Rpeublicans insist.
In their third round of talks, the group examined the Medicare and Mediacid govrenment health plans for retieres and the poor, which represent nearly a quarte.r..
No comments:
Post a Comment