U.S. Lawmakers Continue Debate on $1 Trillion in Deficit Cuts

“US lawmakers are weighing $1 trillion in deficit-cutting measures as part of a possible deal that would allow an increase in the country’s borrowing authority, Vice President Joe Biden said on Tuesday.

Biden’s comments were a sign that despite wide skepticism, Democrats and Republicans may be able to hash out a deal that would tame the national debt and give Congress enough political cover to lift the $14.3 trillion debt limit before an Aug.2 deadline.

“I think we’re in a position where we’ll be able to get well above $1 trillion pretty quick in terms of what would be a down payment on the process,” Biden said after a three-hour meeting on Capitol Hill with top lawmakers.”

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