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Cantor: Debt Limit Is A One-Shot Deal

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On Sunday, Senate Minority Leader Mitch McConnell (R-KY) floated the possibility that debt ceiling negotiations led by Vice President Joe Biden won't yield spending cuts dramatic enough to satisfy Republicans, and that Congress might respond by modestly raising the borrowing limit -- giving Republicans another bite at the apple after the summer.

Not if Eric Cantor has anything to say about it.

"It is my preference that we do this thing one time," he said.

Top negotiators want to reach a framework agreement before July 4 recess, which would give Congress one month to turn the deal into legislation and negotiate it. But they're only now beginning to tackle the issues -- particularly health care -- that divide the two parties most deeply.

"It's crunch time in those meetings," Cantor said. "We are at the point where we're at some really tough stuff."

About The Author

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Brian Beutler is TPM's senior congressional reporter. Since 2009, he's led coverage of health care reform, Wall Street reform, taxes, the GOP budget, the government shutdown fight and the debt limit fight. He can be reached at brian@talkingpointsmemo.com