CQ TODAY ONLINE NEWS – BUDGET
June 30, 2011 – 2:26 p.m.
Debt Meetings on Senate Democrats’ Agenda Next Week
By Paul M. Krawzak, CQ Staff
Senate Majority Leader
Reid’s comments suggests that current debt limit negotiations continue to take place primarily between the president and Senate Democratic leaders, rather than with House Republican leaders. Though any deal needs to be approved by the GOP-controlled House, Obama has not reached out to House Speaker
House Majority Leader
Obama met with both Reid and Senate Minority Leader
Four Proposals, No Details
Though Democrats continued Thursday to hammer the GOP for resisting closing what they call tax loopholes to raise revenue for deficit reduction, Reid also said “the most pressing issue facing us is forging” an agreement to “cut spending while creating jobs.”
Democratic Senate leaders who met with Obama on Wednesday discussed four proposals, Reid said. Although they presumably were deficit reduction plans, Reid did not elaborate.
“We are doing our utmost to come up with something . . . . Clearly it takes both sides to get something done,” he said.
Senate Majority Whip
Reid said he invited Obama and Biden to meet with the Democratic caucus on July 6, and added “we are confident that they will be able to be here or we’ll go there.”
The Treasury Department has warned that if the $14.3 trillion debt limit is not raised by early August the nation faces a calamitous, first-ever default. Republicans are insisting on spending cuts equal to or greater than the amount of a debt limit increase, and are vowing to oppose any deal that incorporates tax increases.
Responding to Republican criticism that the tax breaks that Democrats wish to close will save relatively little money, Reid said added together “they’re worth tens of billions of dollars. So it’s important.”
He also threatened to consider pushing for votes on tax breaks sought by Democrats, either in the form of a package or individually.
Debt Meetings on Senate Democrats’ Agenda Next Week
Reid said he will meet July 5 with Senate Budget Chairman
On Thursday, Senate Democrats will meet with National Economic Council Director