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Tags: Debt | Budget

Biden Reports 'Progress' in Initial Budget Talks

Thursday, 05 May 2011 03:36 PM EDT

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.

© Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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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