Thursday, July 21, 2011

Good News! Boehner and Obama Nearing Deal on Cuts and Taxes

President Obama and the Republican House speaker, John A. Boehner, once again struggled against resistance from their respective parties on Thursday as they tried to shape a sweeping deficit-reduction agreement that could avert a government default in less than two weeks.

Congressional and administration officials said that the two men, who had abandoned earlier talks toward a deal when leaks provoked Republicans’ protests, were closing in on a package calling for as much as $3 trillion in savings from substantial spending cuts and future revenue produced by a tax code overhaul. If it could be sold to Congress, the plan could clear the way for a vote to increase the federal debt ceiling before an Aug. 2 deadline.

But the initial reaction to the still-unfinished proposal hardly suggested a quick resolution. This time, the flak came mostly from senior Congressional Democrats, who are angry at some of Mr. Obama’s concessions and at being excluded from the talks….

Find out more at http://www.nytimes.com/2011/07/22/us/politics/22fiscal.html?_r=1

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