Obama announces parties have reached a deal

President Obama announced moments ago that Congressional leaders in both parties have reached a deal to raise the debt limit.

Just before he took the stage, Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky., touted the deal on the Senate floor.

House Speaker John Boehner, R-Ohio, has been distributing this slide presentation to sell the deal to his members.

Like the Boehner plan, the bill would raise the debt limit by $900 billion now in exchange for $917 billion in discretionary cuts, and then by another $1.5 trillion. The second part will coincide with a joint Congressional committee finding additonal savings. If Congress doesn't adopt the recomendations, it will trigger across the board cuts to both defense and non-defense spending. Medicare could be cut as part of the trigger, but Social Security, Medicaid, veterans, and civil & military pay, would be exempt.

With both liberals and conservatives complaining about the deal, the question is whether the center will be able to pass it in the House.

Beltway ConfidentialUS

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