President Obama is reportedly meeting with congressional leaders today to make a deal by midnight to avoid automatic budget cuts. Bloomberg has the story:
President Barack Obama met with congressional leaders as no one predicted a breakthrough to avert $85 billion in federal spending cuts set to start before midnight.
Republicans John Boehner, the House speaker, and Mitch McConnell, the Senate minority leader, and Democrats Harry Reid, the Senate majority leader, and Nancy Pelosi, the House minority leader, attended the meeting this morning, which lasted about an hour.
Afterward, Boehner told reporters the House will vote next week on legislation to fund the government for the rest of the fiscal year so Congress won’t have to deal with the risk of a government shutdown while negotiating on the spending cuts.
“The president got his tax hikes on Jan. 1,” Boehner said in asserting that House Republicans won’t support a plan with new tax revenue.