Chained CPI

Mitch McConnell, leader of the Senate Republicans, approached Democrats with a new offer over the weekend: He and his colleagues would vote to open the government and increase its borrowing authority, as long as Democrats would agree to accept the depleted spending levels of budget sequestration. Harry Reid, leader of the Senate Democrats, said no thanks. It was the third time in less than a week Democrats had spurned a Republican overture.

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The big news this morning is a Wall Street Journal op-ed by Paul Ryan, in which he dangles a new offer to President Obama and the Democrats. According to Ryan, Republicans could agree to fund the government (thereby ending the shutdown) and increase Treasury’s borrowing limit (thereby avoiding default) as long as Obama and the Democrats agree to negotiations over fiscal policy.

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