Report: Obama, Boehner May Announce Debt Deal Early Next Week

Obama, Boehner

Photo: AP Photo/Pablo Martinez Monsivais

Despite multiple denials, President Barack Obama and Speaker of the House John Boehner (R-OH) remain near to reaching an agreement on a deal to raise the debt limit and lower the deficit, The Washington Post reports.Citing aides present at this morning’s GOP caucus meeting, the paper says Boehner told Republican lawmakers that he wants to vote on an agreement on Wednesday, giving the Senate enough time to vote on a deal before the August 2nd debt limit deadline.

For a vote to occur on Wednesday, the deal would have to be made public on Sunday in order to comply with the House of Representatives’ rule that legislation be made available online for 72 hours before a vote.

Assuming a deal passes the House, the Senate could vote to pass it as soon as next Saturday — three days before the deadline.

Boehner has publicly insisted he and Obama remain far apart from reaching a deal.

“There was no agreement. Publicly, privately, never an agreement and frankly, not close to an agreement,” he said Friday morning. Adding, “there is no deal, there is no agreement. Our plan is Cut, Cap and Balance.”

According to congressional sources, the deal reportedly privately under consideration would include approximately $3 trillion in spending cuts, and painful incentives to force a reform of the tax code.

Obama has demanded that the tax system be overhauled by the end 2012, or else the Bush tax cuts would expire; while Boehner is pushing for the repeal of the “individual mandate” in the health care reform law if no agreement on taxes is reached, The New York Times reports.

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