Debt Deal in Next 48-Hours or Never?

Katie Pavlich
Posted: Jul 07, 2011 12:30 PM

Before leaving for debt talks with the President this morning, Speaker John Boehner reportedly told House GOP members there was a 50-50 chance of reaching a deal according to the National Journal.

That prognosis from Boehner was relayed by several House Republicans as they left a morning briefing with the speaker -- and later confirmed by a GOP leadership aide. Boehner and other Republican and Democratic congressional leaders are set to continue negotiations at the White House on Thursday on a deal to raise the nation’s $14.3 trillion debt ceiling.

Rep. Peter King gave a more positive outlook on the talks, but hinted that if an agreement isn't made in the next 48-hours, there may be no agreement at all before the debt ceiling reached on Aug. 2.

“I get the impression that it’s better than 50-50,” said Rep. Peter King, R-N.Y. “It will be agreed upon in the next 48 hours; if not, it won’t be for a long time.”