Tags: Debt | Budget

Biden Reports 'Progress' in Initial Budget Talks

Thursday, 05 May 2011 03:36 PM

Vice President Joe Biden reports "progress" from an initial negotiating session on must-pass legislation cutting the budget and making sure the government can pay its bills.

Biden said "we're getting the process under way" as he exited a meeting with senior lawmakers. The more than two-hour session is the first session in what promises to be protracted talks aimed at producing legislation by an August 2 deadline to permit the government to borrow more money to pay its bills and meet its obligations to bondholders.

Republicans see the need to increase the so-called debt limit as an opportunity to enact spending cuts, though they concede that political reality forecloses significant cuts to popular benefit programs like Medicare.

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Economy
Vice President Joe Biden reports progress from an initial negotiating session on must-pass legislation cutting the budget and making sure the government can pay its bills.Biden said we're getting the process under way as he exited a meeting with senior lawmakers. The...
Debt,Budget
117
2011-36-05
Thursday, 05 May 2011 03:36 PM
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