Posted by | July 31, 2011 13:37 | Filed under: Top Stories

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.

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Copyright 2011 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.