Speaker of the House John Boehner informed his caucus this morning that there is a 50-50 chance that a deal to lower the deficit and raise the debt ceiling will be reached in the next 48 hours, National Journal reports.Boehner’s prognosis comes barely 12 hours after a breakthrough in negotiations to reach trillions in spending cuts.
Republicans have ended their opposition to revenue increases, most likely through cuts to corporate subsidies, while Democrats are open to cuts to Social Security, Medicare, and Medicaid.
“I get the impression that it’s better than 50-50,” Rep. Peter King (R-N.Y) told National Journal. “It will be agreed upon in the next 48 hours, if not, it won’t be for a long time.”
Congressional leaders are meeting with President Barack Obama at the White House right now to try to hammer out a deal.
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