Say it ain’t so Joe

Republicans, White House in Talks Toward Big Fiscal Deal

By Chris Frates, National Journal

July 17, 2013 6:42 p.m.

This fall, the country will hit its debt limit and be unable to pay its bills unless Congress authorizes additional borrowing. Republicans plan to use the debate over raising the debt limit to force Democrats to cut spending-a negotiation Obama has said he won’t engage in. But these meetings demonstrate that the president is in fact engaging Republicans in a broader discussion about debt and spending.

…

An administration official said White House aides have made clear to Republicans that the president’s offer from December-including $600 billion in new tax revenue for $400 billion in Medicare and other health care cuts-still stands.

Republicans are open to $600 billion in revenue, Burr said, but want to see it come from a mix of entitlement and tax reform. And the GOP opposes Obama’s $400 billion in Medicare cuts, arguing they want more structural reforms.

Repeat after me-

There is no budget deficit.  Austerity does.  not.  work.  You can’t cut your way to growth.

(h/t Susie Madrak @ Crooks & Liars)