It’s largely Senate Minority Leader Mitch McConnell’s deal.
An eleventh-hour deal being negotiated by lawmakers and the White House would shrink the deficit by about $3 trillion in exchange for increasing the debt ceiling for 22 months. A first round of $1 trillion in deficit reduction would only include spending cuts, a Republicans demand, while the rest would be worked out in a bipartisan commission later this year.
Senate Democratic Policy Committee Chairman Charles Schumer (D-N.Y.) acknowledged that conservative Republicans were able to get their way in the talks.
