07-11-2011, 10:16 AM
will the reach an agreement and which way do you think it should go?
Quote:Responding to Republican demands to slash spending before they agree to raise the nation's debt ceiling, Obama has signaled that he supports an ambitious plan to reach $4 trillion, mostly through cuts but also with revenue increases. The intent is to pave the way for Congress to raise the ceiling before August 2. If there is no action by that date, the government could begin defaulting on its obligations.Source:
Vice President Joe Biden has led discussions on this topic with eight congressional leaders from the two parties, the latest of which started around 6 p.m. Sunday at the White House.
The tenor of these talks took a negative turn about 24 hours earlier when House Speaker John Boehner said Republicans could not support a major deal as long as Obama and Democrats insist on increasing taxes. He said that any such revenue-raising initiative would prevent the bulk of Republicans from supporting a more ambitious deal, even if it was one including cutting spending and reforming entitlement programs such as Medicare.