–Lawmakers Emerge From Speaker’s Office Saying They Want Deal
–Tax Chief Camp: ‘We’re Working Very Hard’ For Deficit Plan
–Rep. Camp: ‘Lot Of Discussions’ Occuring Within Deficit Panel

By John Shaw

WASHINGTON (MNI) – Republican members of Congress’s deficit
reduction committee left a Wednesday afternoon meeting in House Speaker
John Boehner’s office, saying they are working hard for a deficit
agreement, but still haven’t been able to elicit a specific proposal
from the Democrats on the committee.

“We’re working very hard. We’re continuing to engage,” said House
Ways and Means Committee Chairman Dave Camp, who also added “there isn’t
a lot new to report.”

Camp said Republicans offered a plan almost a week ago and are
still waiting for a comprehensive Democratic response.

Camp said there are a “lot of discussions” underway among members
of the deficit panel, but he gave no indication that any agreement is
looming.

“I have nothing to report,” said House Majority Leader Eric Cantor
as he left Boehner’s office.

A few hours earlier, Rep. Jeb Hensarling, the GOP co-chairman of
the deficit panel, said that Republicans have offered “multiple plans”
to cut the deficit, but Democrats are holding back.

“Clearly we’re approaching the stroke of midnight,” he said, but
added that “I’m not giving up hope until the stroke of midnight.”

Hensarling said that the GOP is waiting to hear from Democrats and
is not going to offer any more ideas until the Democrats respond.

“We’re not changing the offer we have on the table,” Hensarling
said. The GOP plan is said to call for about $750 billion in spending
cuts and about $300 billion in new revenue.

The Joint Select Committee on Deficit Reduction is charged to
submit a report to Congress by Nov. 23, 2011, a week from today, that
reduces the deficit by between $1.2 trillion and $1.5 trillion for the
2012 and 2021 period.

The final package, if one is agreed to by the majority of the
panel’s 12 members, must be voted on without amendment by the House and
Senate by Dec. 23, 2011.

If the panel fails to agree on a spending cut package or Congress
rejects its plan, a budget enforcement trigger would secure $1.2
trillion in budget savings through across-the-board cuts.

The cuts would be equally divided between defense and non-defense
programs but would exempt Social Security, Medicaid and low-income
programs.

As the panel deliberates in small groups behind closed doors, many
in Congress are growing both anxious and weary.

More than forty members of Congress, from the House and Senate,
including Democrats and Republicans, held a Wednesday morning briefing
to urge the deficit panel to reach a substantial deficit reduction
agreement very soon.

They said their coalition supporting a $4 trillion 10 year deficit
reduction agreement now includes more than 100 members of the House and
45 senators.

“The world is watching,” said Senate Budget Committee Chairman Kent
Conrad. “We know it’s tough. (But) it’s been done,” he said, adding that
a $4 trillion deficit reduction package is needed.

Senate Majority Whip Dick Durbin said enacting policies to control
the nation’s rising deficits and debt is the “challenge of our political
generation.”

Durbin said a broad deficit reduction agreement would require
concessions from both parties and many interest groups, but would
spread out the pain.

Senate Republican Conference Chairman Lamar Alexander said the
Democratic and Republican members of the deficit committee have moved
closer together, with Republicans making concessions on taxes and
Democrats making concessions on entitlement reform.

But Alexander said both parties need to make more compromises–and
then close a deficit deal.

** Market News International Washington Bureau: (202) 371-2121 **

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