NY Times Breaking News: Deal is near between Obama and Boehner

Breaking News Alert
The New York Times
Thursday, July 21, 2011 -- 1:10 PM EDT
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Obama and Boehner Close to Major Budget Deal, Officials Say

The Obama administration has informed Democratic Congressional leaders that President Obama and Speaker John A. Boehner were starting to close in on a major budget deal that would enact substantial spending cuts and seek future revenues through a tax overhaul, Congressional officials said Thursday.

With the government staring at a potential default in less than two weeks, the officials said the administration on Wednesday night notified top members of Congress that a bargain with Mr. Boehner could be imminent. The Congressional leaders, whose help Mr. Obama would need to bring a compromise forward, were told that the new revenue tied to the looming agreement to increase the debt limit by Aug. 2 would be produced in 2012 through a tax code rewrite that would lower individual and corporate rates, close loopholes, end tax breaks and make other adjustments to produce revenue gains.

Read More at the NY Times

NOTE:  Tax Code rewrite should be enough to make everyone sign on to the deal.  The fact that they are going to close loopholes that Democrats love is a real plus and it lowers all of our tax rates including business ones.  In negotiations neither side gets everything they want but I never thought I would see the day the Democrats were willing to have the Tax Code rewritten and not keep up with class warfare.