US budget talks target $1 trillion in cuts
US Vice President Joseph Biden said Tuesday night that bipartisan talks between the Obama administration and congressional leaders had identified more than $1 trillion in possible spending cuts, about half the total demanded by Republicans as the price of a vote to raise the federal debt ceiling.
“Our Republican friends and the Democrats think we’re making progress. We’re confident if we keep on this pace we can get to a relatively large number,” Biden said after a 2½-hour meeting with the top Republican negotiators, Senate Minority Whip Jon Kyl and House Majority Leader Eric Cantor. “I think we’re in a position where we’ll be able to get to well above a trillion dollars pretty quick, what would be a down payment on the process,” Biden said. “We’re going to be discussing trigger mechanisms,” he added, which could include either budget cuts or tax increases to be applied automatically if deficit-reduction targets are not met.
Biden refused to discuss any of the details of the proposed cuts, and there were conflicting reports about whether the major entitlement programs had yet been addressed, including Medicare and Medicaid.