Washington (CNN) - The No. 2 Senate Republican blasted the debt ceiling package unveiled Monday by Senate Majority Leader Harry Reid, saying its reliance on $1 trillion in savings from the winding down of the wars in Iraq and Afghanistan amounts to "phony scoring."
At the same time, Sen. Jon Kyl of Arizona acknowledged Republicans have supported the same approach. House Budget Chairman Paul Ryan of Wisconsin counted the same savings in the budget he proposed earlier this year.
Washington (CNN) - A Senate Democratic aide tells CNN that “despite multiple offers from our side, the speaker has so far been unwilling to agree to any form of a two-step solution that President Obama would sign.”
And while talks continue, the aide said, Senate Majority Leader Harry Reid, D-Nevada, is “working on a proposal of at least $2.5 trillion in debt reduction” and may inform his caucus about that plan Sunday night.
WASHINGTON (CNN) - To meet the president's demand that bipartisan House and Senate leaders come up with a plan to raise the debt ceiling through the next election, a Democratic Senate leadership aide expects there will be bipartisan negotiations among those leaders "on a plan modeled on the Senate fallback proposal."
That fallback proposal is known as McConnell/Reid, a procedurally complicated measure - worked out by Senate Minority Leader Mitch McConnell and Senate Majority Leader Harry Reid - to raise the debt ceiling in stages between now and the end of next year.
Washington (CNN) - The top two Democrats in the Senate said they don't think there is enough time before the debt ceiling is reached Aug. 2 to pass the comprehensive debt reduction plan unveiled Tuesday by the Gang of Six debt negotiators.
"The Gang of Six plan has not been drafted nor has it been scored by the CBO (Congressional Budget Office)," said Sen. Dick Durbin of Illinois, the Assistant Majority Leader and a member of the debt gang who supports the compromise. "It's not ready for prime time."
Washington (CNN) - A bipartisan Senate plan to slash the nation's debt by about $3.7 trillion over the next ten years got a largely positive reception Tuesday when presented to about 50 senators in a closed meeting in the Capitol.
The plan was offered by the so-called Gang of Six debt negotiators. However, with some final details still left to sort out on the long-sought compromise, it was not clear if the proposal would have enough support – or time - to play a role in separate congressional negotiations to increase the debt ceiling by August 2nd.
Washington (CNN) - Members of a bipartisan group of senators who worked for months to forge an agreement to make deep reductions in the federal debt will unveil a plan to slash trillions of dollars off that debt over the next 10 years.
The former Gang of Six members will reveal their plan privately Tuesday to a group of 40 to 50 senators.FULL STORY
Washington (CNN) – Members of a bipartisan group of senators who worked for months to forge an agreement to make deep reductions in the federal debt will unveil a plan to slash trillions of dollars off that debt over the next 10 years.
The former Gang of Six members will reveal their plan privately Tuesday to a group of 40 to 50 senators.
Washington (CNN) - Because there is a growing consensus on Capitol Hill that the White House talks are unlikely to bear fruit, lawmakers in both parties are looking to a plan offered by Senate Minority Leader Mitch McConnell as the most likely legislative solution to avoiding a default.
McConnell, R-Kentucky, and Senate Majority Leader Harry Reid, D-Nevada, are now considering adding to the measure in order to boost its chances of passing the GOP-controlled House and Democratic-led Senate.FULL STORY
Washington (CNN) - Sen. Jay Rockefeller, the Democratic chair of the Senate Commerce Committee, told CNN Wednesday he is considering an investigation into whether News Corp employees broke the law by hacking U.S. citizens.
"My bet is we'll find some criminal stuff," Rockefeller said. "This is going to be a huge issue," he said as he was leaving the Senate chamber after a vote.
Washington (CNN)– A back-up plan proposed by Senate Republican Leader Mitch McConnell that would keep the U.S. government from defaulting on its debts next month is viable and under consideration by Senate Democrats, according to Sen. Dick Durbin, the No. 2 Democrat in the chamber.
“We’re talking about it as one of the options, yes,” Durbin said in response to a question about whether the McConnell plan is viable.