Debt limit negotiations are close to reaching an agreement

Debt limit negotiations are close to reaching an agreement. House Minority Leader Pelosi held a press conference in Washington on the 21st, reprimanding the bill passed by Republican lawmakers for creating more job opportunities in the United States...

House Minority Leader Nancy Pelosi held a press conference in Washington on the 21st and denounced the bill passed by Republican lawmakers for greatly reducing job opportunities in the United States. (Associated Press) Faced with an imminent deadline and resistance from hardliners in both parties, President Obama and Republican House Speaker Boehner made a last-ditch effort on the 21st to reach an agreement on drastic deficit reduction in time to avoid the federal government being unable to fulfill its financial commitments by August 2 and delaying the vote. The New York Times quoted congressional and government officials as saying that Obama and Boehner were close to an agreement to save the state treasury as much as $3 trillion through drastic spending cuts and tax law reforms to increase future tax revenues. If they can get Congress to accept the deal, it might be possible to overcome existing obstacles and pass a debt ceiling increase before the deadline. But the initial reaction to the plan, which is still being worked out in detail, shows that resolving the current impasse will not be easy. Another deal that Obama and Boehner had discussed earlier was scrapped after leaks sparked protests from Republicans. This time, the opposition mainly came from Democratic members of Congress, who were very dissatisfied with some of Obama's concessions and being excluded from the negotiations. In order to resolve the knot within the party, Obama invited Democratic leaders to the White House on the evening of the 21st for nearly two hours of talks. Hoping to avoid a repeat of the revolt by party members earlier this month that bogged down their negotiations, Obama and Boehner have remained tight-lipped about the talks this time, with only a handful of their most senior aides involved. Government officials notified Democratic congressional leaders of the day's negotiations on the evening of the 21st, and the news that the two sides were about to reach an agreement came out. Democratic members of Congress, who have been demanding a balance between tax increases and spending cuts, expressed shock that the new package focuses on spending cuts. But aides said Obama and Boehner are continuing to push forward with the plan, trying to hammer out the details. All parties involved in the tense negotiations, including the White House, have stressed that no deal has been reached, although they may simply be trying to prevent hardliners on both sides from obstructing or trying to change its content.