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.