Clyburn Says Last-Minute Debt Deal to Cut Up to $6 Trillion

Representative James Clyburn, the assistant Democratic leader in the U.S. House, said the “odds are very, very good” that negotiators will agree on a $3 trillion to $6 trillion package of spending cuts and tax increases in time to raise the U.S. debt limit before an Aug. 2 deadline.

Any agreement with Republicans “absolutely” must include provisions to raise more revenue, even if it also cuts corporate tax rates, said the South Carolina lawmaker, who holds the third-ranking position in the House Democratic leadership and is part of a bipartisan negotiating group of Senate and House members led by Vice President Joe Biden.