Progress reported in U.S. debt ceiling talks
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Xinhua, July 31, 2011
"Significant progress" has been made in the ongoing debt limit talks between the White House and congressional Republican leaders, officials said on Saturday night.
The two sides are discussing a plan to raise the debt ceiling by about 2.4 trillion U.S. dollars and enact spending cuts of a slightly larger amount in two stages, Democratic officials told local press on condition of anonymity.
These figures were in line with those outlined in a plan proposed by Senate Majority (Demcratic) Leader Harry Reid, which calls for lifting the debt limit by 2.4 trillion dollars and cutting spending by 2.2 trillion dollars over a decade.
Congress would be required to vote on a balanced budget amendment to the Constitution, but none of the debt limit increase would be contingent on its approval, according to the negotiators.
But under a two-stage plan that was put forth by House Speaker and No. 1 Republican John Boehner and already passed the House, the second tranche of debt limit increase next year would be contingent on Congress approving a balanced budget amendment to the Constitution and sending it to the states for ratification.
Reid Saturday night postponed a test vote until Sunday afternoon on a debt ceiling bill put forth by him in a bid to give negotiators more time to work out an agreement, a sign of hope that policymakers are sealing a deal.
