GOP lawmaker supports 'grand bargain' to reduce deficit

Amid speculation that conservatives would reject any "balanced" debt plan put forth by the bipartisan super committee, at least one Republican says he favors a "grand bargain" to reduce the deficit - but doesn't expect one anytime soon.

In an appearance Thursday on MSNBC's Morning Joe, Rep. Peter King, R-N.Y., said he "would support a grand bargain," but considering the ideological stalwarts appointed to the 12-person panel by both parties, "I don't see it happening in August," he said. "It didn't happen in May or June or July; I don't see it happening now. Hopefully something like that can happen between Labor Day and Thanksgiving."

Despite the more liberal Democrats and anti-tax Republicans on the committee, King said realistically, "I think we can talk about real entitlement reform, we can talk about having new revenues, whether you're talking raising taxes or just doing away with certain loopholes."

King said he supported the negotiations between President Obama and House Speaker John Boehner, R-Ohio, before "the bases of both parties sort of blew that up. I think they were really onto something there."

Going forward, King said he doesn't expect the intransigence shown by tea party-affiliated members of Congress during the debt-ceiling compromise to bode well for the super committee's task.

"I know a lot of others who barely voted yes [on the debt-ceiling compromise] who are very, very concerned about the tea party," King said. "And of the 95 Democrats who voted yes, I don't know how many would if there were real changes made to Medicare or Social Security. I think a lot of them would bail out."

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