WASHINGTON (Reuters) – U.S. 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 August 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.
