Debt Compromise

I'm trying to get caught up on the news.

Check NYT on the debt ceiling debate, "Amid New Talks, Some Optimism on Debt Crisis."

And from LAT, "Congress 'very, very close' to debt-ceiling deal, Mitch McConnell says":

The Senate's top-ranking Republican said Sunday lawmakers are "very, very close" to an agreement to raise the nation's debt limit, as the Congress works to meet an imminent deadline to stave off an unprecedented federal default.

In separate interviews, Sen. Mitch McConnell (R-Ky.) indicated that progress had been made late Saturday in conversations between the White House and congressional leaders on a debt-ceiling plan that could meet with enough support from both parties to move to President Obama's desk by Aug. 2.

McConnell, on CNN's "State of the Union," described a $3 trillion package that included cuts in discretionary spending, caps on future spending and a vote on a Balanced Budget Amendment. A special joint committee would be formed to consider further cuts and entitlement reforms that could be put to a vote in Congress this fall.

The debt ceiling would be raised until after the 2012 presidential election – a key priority for Obama.

"This deal has not been finalized but I think we're very, very close to something I could comfortably recommend to my members, and I believe the Democratic leadership will be doing the same," McConnell said on CBS' "Face The Nation."

Also at Bloomberg, "White House, Republicans Said to Reach Tentative Deal on U.S. Debt Ceiling." (Via Memeorandum.)

I'm going to look more closely at this deal in an update later. Some reports indicate that this is basically the same deal that House Republcans offered weeks ago, and thus Harry Reid and the White House placed America at risk for higher taxes. We know they want more taxes, but everyone's been talking about financial Armageddon, so it pisses me off even more to think about not only our bottomless pit of leftist collectivism, but the lengths of deceit progressives will go to maintain it.

More later ...