For all the obstacles to a grand bargain in the U.S. debt talks, negotiators have opened a path to a potential compromise that could reduce the deficit through new revenue combined with spending cuts, Bloomberg tells us.
Congressional talks about a broad budget agreement intensified after a bipartisan group of senators called the ‘Gang of Six’ proposed a $3.7 trillion deficit-reduction plan and President Barack Obama embraced it. Some Republicans have endorsed it or signaled openness to considering it.
Lawmakers are focusing talks on the so-called grand bargain as well as providing a short-term increase in the debt limit, according to Representative Steny Hoyer of Maryland. The talks come as Standard & Poor’s is warning that there is a 50 percent chance it will lower the U.S. government’s AAA credit rating by one or more levels within three months….
Read more at http://www.bloomberg.com/news/2011-07-21/grand-bargain-returns-to-u-s-debt-talks-as-negotiators-open-paths-to-deal.html
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