Reid Regroups
Harry Reid couldn't shore up the votes to get his debt proposal through the Senate—but he's "confident" a new deal will be reached, as both parties continue talks with the White House.
Inching closer to a last-minute deal to avoid a U.S. default, the Senate voted Sunday afternoon to reject a Democratic approach to resolving the debt issue. But Majority Leader Harry Reid sounded optimistic that a bipartisan deal could be reached soon after his own plan was dispatched.
The vote was 50-49, or 10 short of the 60 votes needed to advance legislation proposed by Reid that would have cut the deficit by $2.4 trillion over 10 years and raised the debt ceiling by $2.2 trillion, enough to cover the government's bills until 2013.
The outcome was expected and was a prelude to closed-door talks between the White House and congressional leaders that were advancing a new plan. A vote is still possible in the Senate late Sunday or early Monday. The deadline for a possible default is Tuesday.
Reid told fellow senators a new deal was "not there yet," but "we are hopeful and confident it can be done."
Senate Majority Leader Harry Reid spoke with reporters on Capitol Hill on Sunday (Harry Hamburg / AP Photo)
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