What Will Be The Debt Ceiling Deal?
We've gotten the "Grand Bargain" sideshow out of the way, so the question now is what will be the actual debt ceiling deal? Is it possible that the "clean" bill (with respect to spending cuts) McConnell option will be the end result? Absolutely not. The question is, as it has always been since last December, how much in spending cuts will the GOP extract in exchange for raising the debt ceiling. The talks resumed this morning:
Congressional leaders trooped to the White House for a Saturday morning meeting called by the president Friday night to discuss what options existed for moving forward with the negotiations. [. . .] To meet Republican demands for dollar-for-dollar cuts to correspond with any rise in the borrowing authority, Congressional aides said there were discussions about extending the debt ceiling for a period of months tied directly to cuts, with a second installment then subject to the McConnell process. Democrats and Mr. Obama were insistent that the increase be guaranteed to take the Treasury Department through 2012 without another fight.
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