Senate Majority Leader Harry Reid, D-Nev., said Monday he hopes Congress and the Obama administration are close to a two-year budget deal that significantly scales back the sequester, amid reports the deal could be unveiled later Monday evening.
“As the Republican Leader mentioned, we continue to work towards a budget agreement,” Reid said on the Senate floor after Majority Leader Mitch McConnell, R-Ky., spoke.
“Negotiations are ongoing, but I hope that Democrats and Republicans will come to a resolution soon that is good for our country,” Reid added.
“It is imperative that we avoid yet another manufactured crisis that threatens the American economy and jobs. But we must do it in a responsible manner,” he said. “As I have been saying for years, it is past time that we do away with the harmful, draconian sequester cuts. We must also ensure that there are equal defense and non-defense increases.”
McConnell avoided the details of the emerging deal, and said only that “fiscal negotiations are ongoing.”
The agreement would appraently allow for a clean hike in the debt ceiling, and changes to the sequester that allow for increases in defense and non-defense spending. Those increases would be offset through reforms to Medicare and Social Security.
