Friday, July 1, 2011

Debt talks: Both sides digging in - CNN.com

Debt talks: Both sides digging in - CNN.com

Democrats are still insisting any deal to raise the debt ceiling include revenue increases while Republicans maintain that cannot pass Congress, both Democratic and Republican sources familiar with the talks said Thursday.

White House negotiators had put on the table proposals to bring in more than $400 billion in revenue over the next decade by limiting itemized deductions for those above the 28% bracket, eliminating subsidies for the oil and gas industry and for corporate jets and for interest on investments, according to Democrats familiar with the negotiations. In the past, Democrats have opposed attempts to limit itemized deductions.

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