NY Times: Obama and Repubs Close to Agreement on Budget Cuts
$3 trillion in savings that would be obtained through substantial spending cuts and future revenues produced through an overhaul of the tax code.
Fearful of leaks that stalled prior talks, both sides are clamming up. What that tells me: Someone's going to get thrown under the bus. [More...]
Among both lawmakers and interest groups with influence over them, many Republicans oppose abandoning the party’s no-compromise stand against any new taxes and many Democrats fear a “grand bargain” will undercut their party’s ability in the 2012 campaigns to use Republicans’ support of deep cuts in Medicare, Medicaid and Social Security against them.
The White House denies a deal is that close. But it sounds like Obama is using the "Gang of Six" bill as a starting point and is willing to make further concessions:
[T]he president summoned leaders of both parties to build on Tuesday’s release of the $3.7 trillion deficit-cutting plan by the Senate’s Gang of Six.
This is far from my field so I won't provide any analysis. Here's a poll instead:
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