Rest Up From the Budget Fight, Because There’s a Debt Ceiling One Around the Corner

Rest Up From the Budget Fight, Because There’s a Debt Ceiling One Around the Corner

"I doubt that the House, or, for that matter, the Senate, is willing to give the president a clean debt-ceiling increase," Senate Minority Leader Mitch McConnell told reporters Tuesday.

“I doubt that the House, or, for that matter, the Senate, is willing to give the president a clean debt-ceiling increase,” Senate Minority Leader Mitch McConnell told reporters Tuesday. Susan Walsh/AP

Don’t expect the relative fiscal peace on the Hill engendered by the budget deal to last for long. Top Republicans are already looking ahead to the next fight: the debt ceiling.

“I doubt that the House, or, for that matter, the Senate, is willing to give the president a clean debt-ceiling increase,” Senate Minority Leader Mitch McConnell told reporters Tuesday. Continue reading “Rest Up From the Budget Fight, Because There’s a Debt Ceiling One Around the Corner”

Reid and McConnell talk deal

The Hill Newspaper

By Alexander Bolton and Peter Schroeder – 10/12/13 01:29 AM ET

Senate Majority Leader Harry Reid (D-Nev.) and Republican Leader Mitch McConnell (Ky.) are taking the lead on talks to raise the debt limit and reopen the government, according to senators.

Reid and McConnell are working off a six-point proposal sponsored by Sen. Susan Collins (R-Maine) that would fund the government for six months and raise the debt ceiling until Jan. 31, 2014.

Senators view discussions between the two leaders as a promising sign of potential bipartisan compromise.

“Reid and McConnell are talking now and those discussions continue so I see that as progress,” said Senate Republican Whip John Cornyn (R-Texas).

“There are a number of different elements,” he added. “The fact that they’re actually talking for the first time represents significant progress.”

Democrats  said they could not accept the Collins offer as it now stands.  Continue reading “Reid and McConnell talk deal”

It’s official: Deal reached on “fiscal cliff”

It’s official: Deal reached on “fiscal cliff”

 Updated 10:04 p.m. ET

As revelers in Times Square and cities and towns across the country wait for the ball to drop to ring in the new year, politicians in Washington have announced that a ball is not likely to drop on the average taxpayer. Negotiators have come to an agreement on the so-called “fiscal cliff” – and with less than three hours to spare, CBS News has confirmed.

Vice President Joe Biden traveled to Capitol Hill to brief Senate Democrats on the details of the deal; both Senate Majority Leader Harry Reid, D-Nev., and House Minority Leader Nancy Pelosi, D-Calif., have signed off on the agreement, White House and congressional sources told CBS News’ Chief White House Correspondent Major Garrett.

Now that lawmakers have settled on a deal, it’s unclear when the Senate will vote but it’s expected that if it passes, the House will vote tomorrow at the earliest. Continue reading “It’s official: Deal reached on “fiscal cliff””

Biden, McConnell continue ‘cliff’ talks as clock winds down


Biden, McConnell continue ‘cliff’ talks as clock winds down

By and , Updated: Monday, December 31, 10:25 AM

Video: After saying he was “gratified” Republicans dropped a proposal to slash Social Security benefits as part of a “fiscal cliff” deal, Senate Majority Leader Harry Reid, D-Nev., said there was still “significant distance” between the two parties, and adjourned debate for the evening on Sunday, saying the Senate will return at 11 a.m. EST tomorrow to continue negotiations.

Vice President Biden and Senate Minority Leader Mitch McConnell (R-Ky.) continued urgent talks Monday over a deal to avoid the “fiscal cliff” after Democrats offered several significant concessions on taxes, including a proposal to raise rates only on earnings over $450,000 a year.

With a New Year’s Eve deadline hours away, Democrats abandoned their earlier demand to raise tax rates on household income over $250,000 a year. President Obama had vowed repeatedly during his reelection campaign to allow tax cuts to expire for incomes over that level.

Democrats also relented on the politically sensitive issue of the estate tax, according to a detailed account of the Democratic offer obtained by The Washington Post. They promised instead to hold a vote in the Senate that would guarantee that taxes on inherited estates remain at their current low levels, a key GOP demand. Continue reading “Biden, McConnell continue ‘cliff’ talks as clock winds down”