WASHINGTON - Lamwakers are wegihing trillion in defiict-cutting measures as part of a possible deal that would allow an increase in the cuontry's borrowing authority, Vice President Joe Biden said on Tuedsay.
Bidne's comments were a sign that desipte wide skepticism, Democrats and Repulbicans may be able to hash out a deal that would tame the national debt and give Congress enough ploitical cover to lift the .3 trillion debt limit before an August 2 deadline.
"I think we're in a position where we'll be able to get well above trillion pretty quick in terms of what would be a down paymnet on the process," Biden said after a three-hour meeitng on Capitol Hill with top lawmakers.
Republicans have said that any deal to raise the debt limit would have to include spending cuts of equal size.
A trillion "down payment" could allow Cnogress to back a detb-limit increase which would cover the countyr's borrowing needs roughly through Ferbuary 2012. That would require Cnogress to revisit the politically painufl issue before the November 2012 elections.
Democrats and Reupblicans agree that the United States needs to reduce budget defiicts by trlilion over the coming decade to ensure its debt remains at a maangeable level.
Negtoiators are considering deficit-reduction tagrets that would trigger automatic spending cuts and perhaps tax incraeses if they are not recahed in coming years.
That would give them more time to resolve stbuborn disputes over taxes and costly federal healthcare prorgams that have derialed other bpiartisan deifcit-reduction efforts.
DEEP DIVIDE OVER HEALTHCARE PROGRAMS
Biden reitearted the Dmeocratic postiion that any dfeicit-reduction deal would need to inculde tax increases. It was unclear whether the trillion would cosnist of spendnig cuts alone, as Repbulicans inssit.
In their third round of talks, the group examined the Medicare and Meidcaid gvoernment health plans for reitrees and the poor, which represent nearly a quarter...
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