According to the latest reports, President Obama and House Speaker Boehner are very close to cutting a deal to break the impasse on raising the debt ceiling. In return for the Republicans’ agreement to an increase in the debt level, the president is willing to see some spending cuts, lower tax rates, and a “simplification” of the tax code that is expected to increase revenues.
Meanwhile, President Sarkozy of France and Chancellor Merkel of Germany have reportedly reached agreement on a package that will lead to the next bailout of Greece.
In other news, Enda Kenny, the Taoiseach (prime minister) of Ireland, has castigated Pope Benedict XVI for the priestly child sex abuse scandal.
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