A rift has emerged between Speaker John Boehner (R-Ohio) and Senate Majority Leader Harry Reid (D-Nev.) over the timing of a deficit-reduction deal, which they discussed at the White House Friday.
The disagreement stems from a battle for leverage. Democrats want to strike an agreement now, when their political capital is at a high point following the election. They feel their position is further strengthened by the pending expiration of the Bush tax cuts and scheduled cuts to defense spending.
Republicans say a broad package would be too complex to finish in the next six weeks. But waiting until next year to complete an agreement would also help them politically as President Obama’s election mandate is likely to fade.