Hopes for a bipartisan debt deal by Sunday are going from slim to none. CBS News reports that after a Republican deadline for reaching a deal "came and went late this afternoon," President Obama invited top Democrats Harry Reid and Nancy Pelosi to a White House meeting Sunday night, but no Republicans. It seems now that the two parties are going to go it alone.
Politico reports that Harry Reid "began to draft his own legislation Sunday that would slash at least $2.5 trillion to match an extension of the nation’s borrowing limit through the 2012 election." Politico comments that "to get the plan enacted before Aug. 2, Reid would have to start the process in the Senate for moving the bill within the next couple days. There is little margin for error to enact the legislation within that timeframe." Tonight's White House meeting ended just after 7 p.m., and according to reports, the Democratic officials discussed their continued opposition to a two-step debt limit increase.
On the other side, Speaker John Boehner told his GOP colleagues in a Sunday afternoon conference call that a debt deal with Obama is not the way forward. Going into Sunday night, Politico reports, he "was still pursuing a two-stage, $3 trillion-plus package that would raise the debt ceiling in increments, by $900 billion first and then by about $1.6 trillion next year." The new approach is "going to require some of you to make some sacrifices," he said during the call. National Journal reports that Boehner is prepared to offer a deal to raise the debt limit for six months, assessing that the House and Senate might proceed with that package together without the president’s sign-off.