White House, GOP could be getting closer to a deficit deal

Well, that's what the WSJ is reporting. The compromise would give Republicans lots of spending cuts and the Democrats enough votes to raise the debt ceiling. Oh, and all decisions about Medicare and taxes would be deferred until after the 2012 elections.

A deal that would only force later action would be a blow to antideficit hardliners, who don't want to put off tough choices until after the election. The administration sees a specific target, sometimes known as a "fiscal rule," as a significant signal to financial markets that politicians are capable of managing government finances responsibly. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, an antideficit group, said talk of budget-process legislation is reminiscent of the December 2010 deal in which White House and congressional Republicans agreed to accept either other's tax cuts: "Let's both agree to do something that doesn't hurt.''