By Angela Greiling Keane, Bloomberg News
The idea may delay politically difficult decisions if itâ€™s structured to postpone action on a larger package of spending cuts or revenue increases until after the 2012 election cycle, an analyst said.
â€œWhat weâ€™ve been calling for is to have a down payment thatâ€™s as big as possible,â€ Marc Goldwein, former associate director of President Barack Obamaâ€™s debt commission, said yesterday in an interview.
The Senate shortened its July 4 recess and will remain in Washington to discuss a deal this week to raise the nationâ€™s $14.3 trillion debt limit. The Obama administration is negotiating with Congress on reducing the long-termÂ budget deficit as part of a plan to raise the limit before borrowing authority expires.
Cornyn said that while Republicans would prefer a long-term settlement, they would accept a shorter-term agreement if thatâ€™s all they could get done. The Treasury Department has projected that on Aug. 2 the U.S. will no longer be able to meet obligations if the legal debt ceiling isnâ€™t raised.
â€œThe problem with a mini-deal is we have a maxi problem,â€ said Cornyn, who is in charge of the 2012 Republican Senate campaign strategy. â€œWeâ€™ll take the savings we can get now, and we will re-litigate this as we get closer to the election.â€
A spokesman for House SpeakerÂ John Boehner, an Ohio Republican, declined to comment on the idea of a short-term agreement.
â€œThe speaker has always said that the time is now and our goal is to get the largest possible spending cuts,â€Â Michael Steel, a spokesman for Boehner, said in an interview.
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