President Barack Obama and Congressional leaders today agreed to pursue a “big” deficit reduction target — as much as $4 trillion saved from cuts and new revenue.Reuters is reporting that all the participants at today’s negotiating session agreed that a short-term debt ceiling increase should not be considered.
The rough outline of a “grand bargain” would include $3 trillion to $4 trillion in deficit reduction, more than the $2.4 trillion debt limit increase the cuts would offset.
House Minority Leader Nancy Pelosi was the only participant to speak publicly about the talks today. She criticised President Obama for considering cuts to Social Security, Medicare, and Medicaid. Republican silence is likely a sign they are satisfied with the direction of the negotiations.
Democrats and Republicans will return to the White House on Sunday to present their “bottom-line” negotiating positions.
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