Narrrowing Down Deficit Deal Debate

As Aug. 2 deadline approaches, leaders may settle for cuts of $1 trillion to $2 trillion.

President Barack Obama and Republicans are narrowing the debate on a deficit-cutting plan to a reduction of $1 trillion to $2 trillion, though whether that would settle the issue through the 2012 presidential election remains in doubt, according to budget and debt experts.

White House press secretary Jay Carney insisted yesterday that a “significant” deal is still possible, even as Republicans and Democrats show little signs of compromise on entitlements and taxes, and Republicans remain firm in their demand for spending cuts in excess of the debt-limit increase.

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