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Republicans would accept a “mini” deal with the Obama administration on raising the debt limit, Senator John Cornyn of Texas, a Republican leader, said.
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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.”
The mini-deal idea is discussed around the 5:30 minute mark:
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