Photo: David Tribble via Wikimedia Commons
The New York Times is reporting that President Barack Obama and Speaker of the House John Boehner (R-OH) are close to major budget deal, citing congressional leaders.As we reported earlier today, Obama and Boehner met at the White House last night to consider a “grand bargain” deficit reduction proposal.
Both White House Press Secretary Jay Carney, and spokesmen for Boehner and Cantor have denied a deal is near.
At the same time, multiple outlets have confirmed The New York Times’ summary of the “big deal” under consideration, noting it would cut the deficit by approximately $3 trillion. According to multiple reports, significant revenue increases would not be part of the deal.
We’ll update this post as more news comes in. Refresh, or click here for the latest.
2:05pm | The Washington Post confirms the $3 trillion deficit reduction figure, citing congressional aides. The paper reports that significant tax increases would not be part of the deal.
2:00pm | OMB Director Jack Lew just left a lunch with Senate Democrats. According to NBC News, He said he was not there to report a deal, but added there are conversations ongoing at multiple levels.
1:44pm | Carney just finished the briefing.
1:43pm | A reporter notes in the briefing that Carney might not tell press if debt deal were close because it could jeopardize talks. “Next question,” says Carney..
1:37pm | Citing multiple congressional aides, National Journal confirms a $3 trillion deal is under consideration. According to NJ, the deal would not raise significant tax revenue.
1:33pm | Carney says it is “not his intention” to affect markets. He was just disputing an incorrect report. He added “Everyone in the room is keenly aware of the fact that the world is watching”.
1:28pm | Carney says President Obama has been in contact with members of the Gang of Six about their proposal.
1:28pm | The New York Times report was written by veteran journalists Carl Hulse and Jackie Calmes. The paper appears to be standing by them, despite denials from all sides.
1:25pm | Carney says report that administration informed congressional leaders that a “grand bargain” was near “is incorrect.” Says discussions going back and forth..
1:25pm | A spokesman for Eric Cantor tweets: “To be very clear: @GOPLeader Cantor is not aware of any deal or aware that any deal is close.”
1:24pm | Carney says he “will not address current negotiations and the parameters of them.” Won’t comment on whether tax reform, entitlement cuts still on the table.
1:23pm | NBC News: White House Legislative Affairs Director Rob Nabors seen waiting outside Speaker Boehner’s office..
1:22pm | NBC News is reporting OMB Director Jack Lew was spotted going into Senate Democratic lunch..
1:21pm | Carney: The suggestion we are close to a deal is incorrect.“
1:20pm | Carney: “There won’t be a deal until there is a deal… Not having one now doesn’t mean one won’t be reached… We are cold-eyed realiists to the challenges to reaching a deal.“
1:15pm | Carney says “We are not there, but we are hopeful we will get there.” Says White House confident a $3 trillion to $4 trillion deal can still be reached.
1:12pm | White House Press Secretary Jay Carney has started his briefing. Updates to follow.
1:11pm | More from White House Press Secretary Jay Carney: “there is no progress to report but we continue to work on getting the most significant deficit reduction package possible.” He added:”Talks are ongoing over the phone and in person at the staff level and above.”
1:10pm | The New York Times appears to be standing by its reporting, tweeting again: NYT NEWS ALERT: Obama and Boehner Close to Major Budget Deal, Officials Say.
1:09pm | Sen. Tom Coburn (R-OK) says Gang of Six deal can’t be passed by Aug. 2 deadline. He wants Cut, Cap, and Balance to be the final deal.
1:08pm | The New York Times has posted their report here.
1:04pm | Carney added no talks with Congressional leaders are scheduled today at this time.
1:02pm | The Huffington Post’s Sam Stein reports that the McConnell-Reid last ditch plan is on “life-support”.
1:00pm | WSJ has taken down the Breaking News Alert, though The New York Times continues to report a deal is near.
12:58pm | White House Communications Director Dan Pfeiffer Tweets: Wrong. POTUS pushing for biggest deal possible, but nothing new MT @nytimes: NYT NEWS ALERT: Obama and Boehner Close to Major Budget Deal.
12:57pm | White House Press Secretary Jay Carney: “There is no deal – we are not close to a deal”.
12:54pm | Speaker of the House John Boehner tweets: @SpeakerBoehner: False. Senate should pass #CutCapBalance. RT NYT NEWS ALERT: Obama and Boehner Close to Major Budget Deal.
12:53pm | The Wall Street Journal is now reporting a $3 trillion budget deal is near.
12:52pm | According to The Hill’s Russell Lieberman Eric Cantor said: ‘I don’t know’ about deal. ‘I’m going to meet w the Speaker right now.’.
12:51pm | CNBC Tweets:White House tells CNBC there is no budget deal .. the New York Times headline is “wrong”.
12:50pm | Reuters reporting that Standard & Poors will meet with freshmen House Republicans at 3pm today.
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