Shrinking Deficit Reduces Likelihood for Grand Bargain

“The chances of a deal between Democratic and Republican lawmakers that would overhaul the tax system, trim government spending and reform safety net spending programs appear to be fading,” Reuters reports.

“A sudden improvement in the outlook for the government deficit over the next decade has alleviated some of the pressure on lawmakers to act. And a spate of scandals, involving the Internal Revenue Service, security for the U.S. mission in Benghazi and the seizure of phone records from the Associated Press news agency, has distracted Congress and the White House.”