Senate Republicans and White House officials are discussing potential legislation aimed at voiding sequestration or lessening the impact of the across-the-board spending cuts, Defense News reported Sunday.
John Bennett writes the government would have to come up with $450 billion in deficit-reduction measures to offset the $500 billion sequestration cut to defense and domestic programs.
“I think there is commonality around the fact that we can substitute some mandatory spending reductions for some discretionary spending reductions,” Sen. Bob Corker (R-Tenn.) told reporters July 31, according to the report.
Sen. Lindsey Graham (R-S.C.) told Defense News that he is optimistic the discussions will result in a long-term fiscal agreement this year.
“We’re beginning to realize what’s possible politically and what’s not,” he told the publication.
Bennett reports President Obama held a closed-door meeting with Senate Democrats last week and indicated he will not give Pentagon spending a special treatment in the coming “grand bargain” fiscal talks.