Negotiators in the Senate’s Gang of Six are rapidly trying to finalize a bipartisan deal to cut the debt by some $3.7 trillion over the next decade in an attempt to influence the high-stakes debt-ceiling talks between President Barack Obama and congressional leaders, according to people familiar with the talks.
Talks are tenuous and the overall size of the package could change, sources said.
The group, which has struggled for months to put out a plan, now senses a new round of urgency with the debt-limit deadline approaching in August and talks over a corresponding plan to cut the deficit stalled at the White House. People familiar with the talks say the group is looking at a wide-range of cuts and revenue raisers and wants to show that a compromise can be reached amid hardening partisan lines in Washington. The latest proposal is at least the 14th draft the group has put out throughout its more than six months of talks.
After meeting Wednesday evening, the group has scheduled a new round of talks for Thursday that could determine whether it is finally ready to put out a proposal.
It’s far from clear whether the gang will be able to reach a deal.