Congressional Democrats and Republicans have long disagreed on a budget plan to control federal spending and avert a government shutdown. In response, President Obama appointed Vice Pres. Joe Biden to lead bi-partisan talks on the legislative framework required to control the nations $14 trillion deficit.
Today, the Vice President hosted a meeting with lawmakers from both parties at Blair House to begin working on a deficit reduction plan. Biden expressed optimism about the meetings and said the purpose of the talks is to make sure the parties understand each other's positions and goals.
After the meeting Biden stated that the group "had a good, productive first meeting today." He added, "We plan to meet again on Tuesday and look forward to further discussions on these important challenges."
Attendees included: Senator Daniel Inouye (D-HI); Senator Jon Kyl (R-AZ); Senator Max Baucus (D-MT); Representative Eric Cantor (R-VA); Representative James Clyburn (D-SC); Representative Chris Van Hollen (D-MD); Treasury Secretary Timothy Geithner; Office of Management and Budget Director Jacob Lew; and National Economic Council Director Gene Sperling.
Speaking at an event across town earlier today, House Budget Committee Chairman Paul Ryan today said he thinks negotiations with Vice President Biden could lead to an agreement on raising the nation’s debt ceiling, but addressing entitlement programs like Medicare would have to wait until the 2012 election.
Separate from the Commission, a bipartisan group of Congressmen, known as the "Gang of Six" have been meeting over the past several weeks to craft a long-term solution to the budget deficit. They had hoped to present a draft of their plan before today's White House talks, but negotiations were stalled.
Also guiding today's debt talks will be a report commissioned by the President earlier this year from the National Commission on Fiscal Responsibility and Reform. The group's suggestion calls for $4 trillion dollars in deficit reduction over ten years.