Democrats: We need debt deal framework by July 22

Democrats said Thursday that a framework for a deal on raising the debt limit needs to be in place by around July 22 in order to get the deal done.

The Obama administration has set August 2 as the date at which the debt limit will be crossed if Congress does not act, which they say would cause economic catastrophe. But speaking on background today, Democrats familiar with the budget negotiations said a deal in principle needs to be in place roughly three weeks from today to get a bill passed in time.

The two Democrats also suggested that because of what they cast as Republicans' unwillingness to negotiate, the GOP will get most of the blame if a deal doesn't come together. Republicans say they will only vote to raise the debt limit as part of a deal that cuts spending by a greater amount than the debt limit increase, and they have ruled out tax increases to raise revenue. President Obama called that position unsustainable on Wednesday.

The pair also offered details on the White House position on generating revenue. Over ten years, the White House would like to:

• Limit deductions for high-income earners, raising $290 billion
• Eliminate LIFO accounting for businesses, raising $60 billion
• Eliminate oil and gas loopholes, raising $45 billion
• Eliminate tax breaks for hedge fund managers, raising $20 billion
• Close the corporate jet loophole, raising $3 billion

The total revenue raised would be $418 billion. The Democrats conceded, however, that Republicans have shown no interest in any of these revenue raisers in their negotiations.