After a day consumed by mostly theatrics, Republican leaders in Congress said they are now “fully engaged” in finding a debt ceiling compromise with the White House, which called Democrats down to meet with President Barack Obama and Vice President Joe Biden for more than an hour Saturday.
“We are now fully engaged” with the White House said Senate Minority Leader Mitch McConnell in a joint appearance with House Speaker John Boehner. “It should be clear … that Senator McConnell and I believe that we are going to be able to come to some sort of agreement,” Boehner said.
The biggest two outstanding issues are the Republicans insistence on “dollar-for-dollar” deficit reductions –without new tax revenues—to match any increase in the Treasury’s borrowing authority. And second, what enforcement mechanism is best to ensure that a new joint House-Senate committee will be able to come up with an estimated $1.6 trillion in savings by the end of this year.