Obama cites progress in deficit reduction talks


The White House is counting on Republican lawmakers to hold new tax revenues as part of an overarching plan to reduce long-term deficit and pave the way to add to the government's borrowing authority. White spokesman Jay Carney thought Wednesday that President Barrack Obama is confident that there are adequate lawmakers from both parties to support a deal that would reduce the debt by as more than $2 trillion over the next 10 years with expenses cuts and tax increases.

Republican leaders include been adamant in public statement that they will oppose any tax hikes."The president believes, we believe, that there are adequate members of both parties in both houses who support the idea that a big deal has to be impartial and therefore include spending cuts in the tax code," Carney said, employing a saying White House officials use to describe ending tax loopholes and tax subsidies for convinced taxpayers and corporations.

The assertion reinforced and extended on Obama's comments Tuesday that back-channel talks with congressional leaders last weekend shaped new progress in advance of a White House session Thursday on deficit reduction. While suggesting progress, Carney said no ending deal should be expected from Thursday's meeting.

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