Washington (CNN) – Senate Minority Leader Mitch McConnell said Sunday that a deal to raise the debt ceiling is "very close."
Appearing on CNN's "State of the Union," the Kentucky senator said Republicans and Democrats "made dramatic progress" Saturday over a $3 trillion package of spending cuts that would not include tax increases.
Although all the details are not yet agreed upon, McConnell said the deal would likely be a two-step process. The first step would include an immediate increase in the borrowing limit, a vote in the Senate on a balanced budget amendment and a new bipartisan committee to recommend more cuts. The joint committee would make recommendations for further deficit reductions and changes to entitlement programs by Thanksgiving. But McConnell would not comment on what specific "triggers" would serve as penalties if the committee did not reach an agreement. The second step would allow Congress to disapprove of Obama raising the debt ceiling further.
"You'll see that this is a process that could get him (President Obama) past the election. We're working on the combinations that will get us there," McConnell said. "I'm particularly appreciative that we're now back talking to the only person in America who can sign something into law and that's the president of the United States."
A Republican source close to the negotiations told CNN the goal is $3 trillion in savings, and that the deal would include a $2.4 trillion increase in the debt ceiling.
- CNN Chief Political Analyst Gloria Borger contributed to this report.
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Close to a deal and still no GOP sacrifices
Why these repugs refuse to see that the bush tax cuts is the biggest driver of the deficit by far, look at the spending ratio to spending, it is about 2 to 1, since
The country is growing and and we cannot survive with the lowest tax rates in 60 years, this is preposterous, this crap haven't worked in the past 10 years and the repugs keep holding the country hostage to get tax cuts to big corporations who will not invest in a country which is already over crowded with competition and is on a downward spiral. These companies are taking their tax cuts to china which is growing, leaving our country starving for revenue. The president need to stand up to these repugs.
Yea, well after listening to McConnell on Candy Crawley this morning (Sunday), he is now up to $3 Trillion and with NO revenues??????? What the hell is going on? The RIGHT needs to "CUT the CrAP it's not BALANCEd trend and tax the RICH – they are NOT bringing jobs – as a matter of fact, the unemployment rate went UP since these "newcomers" took office.
President Obama and the Democrats need to stay strong and not give in to the far-RIGHT!!!
I'm belived that Gops will be great soon also obama have problems his job presdient
Raise the taxes
I don't believe McConnell, except that I am sure the Democrats (and I am one) just gave in to the Rethugs because it was the only way to save the nation from implosion! Even though the debt is largely the R's fault. Don't get me started. I've felt sick about this for weeks. McConnell could have been a good guy, but he's a poser. They are all liars. I hate when people blame Obama...he (and WE!) have all been held hostage by the lackeys for the rich. We must get rid of them now!
I think this stunt is backfiring on the GOP. The general consensus is that the GOP is deliberately trying to destroy our economy with heavy cuts to job making programs and refusing to compromise one inch with Dems. Some people may get off on this cowboy attitude, but most of us do not reason with the unreasonable. Thanks for handing the election to Obama! Now if he'd only get a spine.
I'm glad to see the republicans have been so optomistic. Obama, Reid and Pelosi have been so negative and partisian through this whole thing. Obama will be out in 2012 and I wouldn't be surprised to see a democratic opponent emerge soon.
Americans will remember this debate in 2012.....even if they come up with a deal to raise the debt ceiling now we will remember the Tea Party members in the House that refused to cooperate and compromise.....the far right wing extremist are not the majority of this country and neither is the left wing....the majority is us in the middle, moderate democrats and moderate republicans and moderate independents.......we the hard working middle class no matter what party need to stand together.....the Republicans have let this extreme party (TEA PARTY) steal from them their chances of ever getting the White House unless they get back to the core values and stop being this party of NO they will never win and they will lose the House Majority again.....and Democrats need to stop listening to the far left, they are the ones pushing for more and more spending......I know we have to spend but in moderation and the Rich need to pay their fare share.
Pres. Obama and Speaker Boehner were close to a $4 trillion deal two weeks ago. Mr. Boehner walked out on negotiations two weeks ago because of a difference in revenues–Mr. Boehner allowing $800 billion; Mr. Obama, asking for $1.2 trillion. In view of the rating agencies threat to downgrade the US, there is a significant probability that the debt service would increase by $1 trillion over ten years. Both sides would benefit from effecting a compromise of $1 trillion in new revenue. A $20 billion compromise by each side could potentially save the nation $100 billion a year. This compromise could paas the House and Senate if it were presented as an up/down, no amendment vote. A coalition of moderate Republicans and Democrats could pass the bill with a similar coalition forming in the Senate. The total package would be $4 trillion, with an additional potential saving of $1 trillion from avoiding a downgrade.
Okay Dems the next few days are critical. Before you go blaming Obama for not getting enough out of the deal, namely not ending the Bush Error Tax Cuts. stop for a moment and consider his options. When you watch the cop shows where the vilain has the child in a choke hold with a knife to his/her neck what does the hero do? That's right he drops his weapon because he knows that getting getting the vilain at tyhat very moment would risk far too much. He knows this is not the best deal but if he doesn't take it the Tea Party will kill our credit rating, and our economy. He can't risk it and he shouldn't. Our job now is not to criticize the President but remind everyone we can who it was that almost caused us to go belly-up. The government is not some kind of business where you can declare bankruptcy, screw you stock holders, creditors and your emplyeees and start up again down the street.
The American people need a huge recall movement – starting with this slimy weasel. The rich have protected by the Republicans who were willing to let our government go under. Recall!
McConnell is my senator and I know him to be a liar, a cheat and and unethical politician. It galls me he has any control here at all.
The repubs always think a deal is close. The only thing remaining is for the democrats to bend over and take ot like a man.
Voters we forget soon, this time it won’t go that way because it will hurt middle class ,and seniors pocket every day we will remember well
Every time private corporate jets fly over me I will remember that they don’t pay the tax
Now we reach a point just we want to get over this debt
Wait for 15 months
"We're very close to a deal", That don't mean nothing cause all it takes is another tantrum thrown by one of you tittie-babies in Congress and we're back to square one. Holla back at us when you Git 'Er Duunn!,cause we don't want to hear nothing else. Save it.
What was wrong with Obama's original plan of $4 trillion in cuts and letting the Bush tax cuts expire on incomes over $250,999??
i do hope these republcans lose their shirts next election.they realy are getting stupider and stupider.
who makes two wars and at the same time lowers all revenue to pay for them.
almost seems like they had a plan to do it all along. sickening
bring back pre-bush tax amaounts
so it boils down to grandstanding and showboating. Everyone of the jackasses should be booted the next time they are up for reelection. I am sick of these clowns and their dysfunction. I need a pledge in blood from the next group that they will not let their party stand in the way of running the government.
3 Trillion in cut does not help when moody's and the other creditors have said we need 4 trillion in cuts (as a floor) over 10 years to not hurt our rating.
Raising taxes during a recession isn't going to help anything. Kennedy said it in 1963 http://www.youtube.com/watch?v=aEdXrfIMdiU.
Just like most Americans these days our gov needs to look at what we are spending money on, such as paying 22% of the UN budget, sending money to governments that really don't like the US or help us in any way.
where are the jobs since we refuse to tax the rich?
all a farce and each one of them will be voted out in 2012
I cant believe all the breaks rich ppl get in this country. The poor is threaten to loose their medicaid but the rich know they r safe,the seniors r being threaten to have cuts to their Social securty and medicare but yet the rich sit back with no worries. When is the little mans turn to reap some glory.
A healthy debate and one that is slowly shrinking the size of our bloated government.
The President's lean to the right is said to have caused a "RIFT" among his base. I don't know how big a "RIFT" is but suffice to say it was big enough for my vote to slip through. Now he does not have a challenger so there is no other Democratic candidate I can vote for so I will hold my nose and vote for him in 2012 and pray a "Real Democrat" comes along before 2016 because the thought of the "Greedy Old Pigs" taking the White House in 2916 scares the Hell out of me when I look at the damage they have managed to do to this country while in control of 1/3 of the government. With them in control, they will have the country living further back in time than the Taliban of Afghanistan.
The simple fact that any revenue in this deal would be DOA in the house. If the Prez rejects this, then we face a heavy market crash Monday morning, along with the long awaited default 2 days later. If we want to hammer the GOP lets do it at the ballot box and keep us out of default!