McConnell: 'Very Close' to Deal

Harry Hamburg / AP Photo

House Speaker John Boehner, R-Ohio, and Senate Minority Leader Mitch McConnell, R-Ky., at a news conference on Capitol Hill in Washington on July 30, 2011.

After spending yesterday in negotiations with the White House, Senate Minority Leader Mitch McConnell says a debt-ceiling deal may be near. The budget cuts could reach $3 trillion, and McConnell said the bill will not raise any taxes. “We had a very good day yesterday,” McConnell said, and he added that he is “very, very close to being able ... to recommend to my members that this is something that they ought to support." Last night’s decision to delay an early morning vote was also seen as a sign that a deal is in the works. The two biggest sticking points are the Republicans’ insistence that spending cuts match the Treasury’s new borrowing authority “dollar for dollar,” and what sort of enforcement mechanism to use to ensure Congress can come up with an estimated $1.6 trillion in savings by the end of the year. House Speaker John Boehner wants President Obama to be unable to raise the ceiling a second time if Congress can’t meet its goal, while the Democrats what a less extreme option.