US’s Reid: Will Accept Debt Ceiling Accord If Senate Dems Agree

Author: Market News International | Category: News

–Senate Majority Leader Issues Brief Statement, Seeks Dem Approval
–Senate Majority Leader Reid Met House Minority Leader Pelosi
–Senate Vote Would Likely Be Monday on Accord

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid’s office
issued a brief statement Sunday evening saying Reid is willing to accept
a debt limit agreement that was largely negotiated by President Obama
and Senate Minority Leader Mitch McConnell.

“Senator Reid has signed off on the debt ceiling agreement pending
caucus approval,” said the statement from Reid’s office.

Reid will meet Sunday evening with Senate Democrats to make sure
that they can accept the package.

Reid met earlier in the day for nearly two hours with House
Minority Leader Nancy Pelosi.

House Speaker John Boehner is expected to confer with House
Republicans via conference call Sunday evening to discuss the agreement.

While Reid’s office confirmed his support for the debt ceiling
agreement, they did not disclose the accord’s details.

McConnell sketched out the broad elements of the agreement in two
Sunday morning news shows.

He said the agreement would increase the debt ceiling until the end
of 2012, cut spending by $1 trillion now and then cut spending by about
$2 trillion later in the year based on the work of special congressional
panel.

This panel would seek its cuts from both entitlement reforms and
tax reforms, McConnell said.

If a debt ceiling agreement is reached, it would be placed on the
Reid bill which is still pending in the Senate and voted on by the upper
chamber, possibly on Monday. It would then be sent to the House for a
final vote.

Passing a significant bill through both chambers in a few days is
certain to be difficult, especially since it will require a very unusual
coalition of Democratic and Republican lawmakers to support it.

The U.S. has already reached its $14.29 trillion debt ceiling.
Treasury Secretary Tim Geithner has said that Congress must pass
legislation increasing the debt ceiling by August 2, this coming
Tuesday.

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

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