Obama met with the top congressional Democrats this evening for about an hour. The session broke just after 7:00 pm ET.
No one seems to be exactly sure where this is leading. It appears Speaker Boehner and House Majority Leader Reid have failed to agree on anything today and are going their separate ways. But there is some sign that Democrats are getting ready to accomodate GOP demands.
A Senate Democratic leadership aide has put out word on background to a couple of publications that Reid will offer up a debt ceiling increase taking us through Election Day 2012, with spending cuts of about $2.5 trillion to match the needed increase. We’ll see if he includes a tax component, but the signs are pointing to not, or not much of one.
Boehner reportedly is drawing up something that would extend the debt ceiling through the end of the year by making cuts equal to the amount needed to get us there. Then a commission or something would recommend more cuts.