Is GOP Signaling Short-Term Deal on Debt Ceiling?

Elisabeth Meinecke
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Posted: Jul 03, 2011 6:30 PM

Bloomberg News recounted GOP Sen. John Cornyn's appearance on Fox News Sunday today, quoting Cornyn as saying the GOP would accept a "mini" deal on the debt ceiling.

"Cornyn said today on “Fox News Sunday” that while Republicans would prefer a long-term settlement, they would accept a shorter-term agreement if that’s all they could get done. The U.S. Treasury Department has projected that on Aug. 2 the U.S. will no longer be able to meet obligations if the legal debt ceiling isn’t raised.

“The problem with a mini-deal is we have a maxi problem,” said Cornyn, who is in charge of the 2012 Republican Senate campaign strategy. “We’ll take the savings we can get now, and we will re-litigate this as we get closer to the election.”'

Considering how unsuccessful they've been passing a budget, who wants to bet Washington continues to settle for 'mini-deals'?