A crisis-conquering deficit-reduction agreement struck by the White House and congressional leaders after months of partisan rancor picked up momentum in the Senate today, as a member of the Republican leadership predicted at least 30 GOP votes. “Maybe 35 will support it in the end. There will be some who will pull back,” Sen. Mike Crapo, the deputy Republican whip, told reporters, as climactic votes approached in both the House and Senate on the long-sought spending plan. The Idaho Republican’s assessment came as Vice President Joe Biden, who played an instrumental role in successful weekend efforts to hammer out an accord, went to Capitol Hill to sell the plan in separate meetings with House and Senate Democrats. Relief registered around the world, with Asian shares on Monday enjoying one of the best sessions in weeks. The advance continued in Europe. Wall Street opened higher, but faltered on a report that a key manufacturing index had dropped sharply in July.
Whatever momentum could be claimed for the deficit-reduction plan, Congress still has precious little time to avert a potentially devastating default on U.S. obligations. And there was little dispute that the endgame product contained plenty to offend lawmakers of both parties, and tea party sympathizers as well.
