Daily Tax Update - October 15, 2013: White House: "We're Far From a Deal"

White House: "We're Far From a Deal":  Earlier today, White House press secretary Jay Carney said that congressional leaders are “far from a deal” to raise the debt ceiling and end the government shutdown.  Carney said, “We're encouraged by the progress that we've seen in the Senate, but we're far from a deal at this point.  So we hope that progress continues."  Carney added that "we certainly believe there's a potential there for a resolution" and that President Obama was "pleased with the progress" toward a bill in the Senate.  Carney warned that "we are very close to a very important deadline."  The White House rejected a plan proposed by House Republican leaders that would fund the government until January 15 and extend the debt ceiling until February 7.

On the status of the negotiations in the Senate, Sen. Lindsey Graham (R-SC) said pessimistically earlier today, “I don’t know if anything in politics are completely dead, but they seem to be mortally wounded.”  Graham added, “I think every member of the Republican Conference wants to try to reach out to the House members and say, 'What can we do to help John Boehner?'”  Graham added, “This is sort of an all hands on deck approach to help the Speaker go on offense for the party and the country.  Whether we get there, I don’t know.”

Senate leaders appeared to be close to an agreement yesterday on a plan that would reopen the government and raise the debt limit until early 2014.  The Senate then suspended discussions on its plan until the Republicans in the House could come up with an alternative that could secure enough votes to pass before the October 17 deadline. 

House leaders hope to vote on a revised plan later tonight.