Budget Conference Shoots for Narrow Deal

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Dec. 2 (Bloomberg) -- Peter Cook updates the latest U.S. budget negotiation news on Bloomberg Television's "In The Loop." (Source: Bloomberg)

Peter cook has the latest.

We're a long way from the grand bargain.

We are a long, long way.

The best we can hope for is a small bargain that will week -- tweak sequestration.

That modest goal is a heavy lift to meet that deadline.

The conference committee has only met twice.

He will not meet the suite because the house and senate are on different calendars.

The houses in session in the senate is out until next week.

Paul ryan and patty murray are set to week -- to meet this week.

One member of their group was trying to set reasonable expectations.

I think the most important thing is to make sure that we do not have a government shutdown.

We stumbled into one before that was not wise.

The line that i usually use is, we cannot walk and chew gum.

Right now, chewing gum is getting a budget deal in making sure that we do not default on the debt ceiling.

There are no immediate repercussions if they do not reach a deal.

If there is another shutdown of january, there is a prospect for another debt ceiling after that.

They want to avoid that, but they have to cut a deal first.

They're not there.

It looks like what, then?

Tweak sequestration.

No change to entitlement programs.

The two sides have to agree on replacing some of the sequester agreements.

There are a couple of areas of likely compromise.

Higher transportation security fees, the airlines do not like that -- farms subsidies, about $25 billion there.

John boehner says those should be counted separately.

They will not be counted toward a sequester tally.

Changes to federal retiree benefits.

And you also have the sale of broadcast spectrum.

That has been on the tail -- table for a while.

We are a far cry from the grand bargain.

At least enough to take the shutdown off of the table for a while.

That is a shame.

Peter cook, thank you.

Tom keene has been digging into the budget for nearly three hours on his morning program.

He joins us with more on his

This text has been automatically generated. It may not be 100% accurate.


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