Détente

Deficit Talks Resume Last Minute

Deal must be reached by next week.

Talks over the budget deficit reduction resumed late Sunday, twenty four hours after House Speaker John Boehner pulled out of talks about how to cut the federal deficit by $4 trillion. The two sides met for a little over an hour, and agreed to pick things up on Monday. The deal is quickly approaching its deadline, after which the government will run out of borrowing power. Treasury Secretary Tim Geithner told CBS's "Face the Nation" that the deal's main deterrent was still the Republican aversion for tax hikes. He also stressed that a deal would have to be reached by next week in order to provide Congress enough time to pass the legislation.