Latest round of debt-limit talks at White House amid word of possible compromise - KMOV.com

Latest round of debt-limit talks at White House amid word of possible compromise

WASHINGTON (AP) -- The fifth round of debt-limit talks between President Barack Obama and congressional leaders has ended.

Senate Republican Leader Mitch McConnell pronounced the session a good one and said, "We're going to continue to discuss a way forward over the next couple of days and see what happens."

Today's meeting lasted about 90 minutes.

Negotiations have been stymied by a dispute over tax increases as part of any deal to cut future deficits. Obama and Democrats want them; Republicans don't.

With time growing short, the first signs have emerged of a possible compromise to raise the nation's debt limit and avert a potentially disastrous default on Aug. 2.

Under a plan discussed by McConnell and Senate Majority Leader Harry Reid, President Obama would receive enhanced authority to raise the debt limit at the same time procedures would be set in motion that could lead to federal spending cuts.

McConnell said the proposal had not been discussed at today's session.

Powered by Frankly