President Obama and congressional Republicans are reportedly close to reaching a deal to raise the nation’s debt ceiling, bringing to an end months of political wrangling.
Speaking on Sunday, White House adviser David Plouffe told NBC’s Meet The Press that “we don’t have deal,” but there has been progress and “today is a critical day.”
Senate Republican leader Mitch McConnell said on CNN that he remains optimistic a debt ceiling deal will be reached soon. The Kentucky Republican said that a deal is “very close,” adding that he hoped to soon be able to present to his fellow Republicans an agreement “that they’ll consider supporting.”
The comments come as President Obama and House Speaker John Boehner spent the past several days urging members of their own party to begin talks aimed to resolving the issue.
Senate Majority Harry Reid announced late Saturday that the upper chamber would delay a vote on a Senate resolution, saying the delay would provide lawmakers with additional time to reach a consensus.
“There are many elements to be finalized and there is still a distance to go before any arrangement can be completed, but I believe we should give everyone as much room as possible to do their work,” Mr. Reid said on the Senate floor.
Mr. Reid later said he would call off the vote, noting progress in the current talks.
“I’m glad to see this move toward cooperation and compromise, and hope it bears fruit,” he said.
With less than three days before the nation faces the prospect of default, reports note the proposed deal could include upwards of $3 trillion spending reductions and two votes, one of which would immediately raise the nation’s debt ceiling. A second debt limit increase of $1.4 trillion would depend on a newly created congressional committee that would recommend similar budget cuts, including possible tax reform and changes to Social Security and Medicare.
It remains unclear whether President Obama would concede to a second vote. Mr. Obama has repeatedly urged lawmakers to refrain from two votes, saying he does not want to rehash the debate before the 2012 election.
