Washington - President Obama and House Speaker have reportedly reached a compromise in talks to raise the debt ceiling by increasing revenues by $150 to $200 billion, said Senate Minority Whip John Kyl, R-AZ.Republican Congressional leaders also said that the two met secretly on Sunay to discuss as much as $1 trillion in new revenues.
The "New York Times" noted that the move could result in new Democratic leverage due to backlash.
Democratic reaction was strong and stident as rumors circulated President Obama is contemplating cuts to Social Security, Medicare and disability payments to seniors and the disabled.
“We are not going to balance the budget on the backs of seniors, women and people with disabilities,” former Speaker Nancy Pelosi, D-CA, told newsmen immediately.
Proposed revenue increases do not include any tax increases, according to Andrew Wilder, a spokesman for Sen. Kyl.
Discussions include lowering corporate subsidies as part of an agreement that would decrease corporate tax rates.
“We are not going to balance the budget on the backs of seniors, women and people with disabilities,” former Speaker Nancy Pelosi, D-CA, told newsmen immediately.
Proposed revenue increases do not include any tax increases, according to Andrew Wilder, a spokesman for Sen. Kyl.
Discussions include lowering corporate subsidies as part of an agreement that would decrease corporate tax rates.
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