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**Frannypaync** · 07-31-2011, 03:52 AM

ABC News: http://blogs.abcnews.com/thenote/201...-ceiling-.html

ABC News has learned that Republicans and the White House have struck a tentative deal to raise the debt ceiling before the Aug. 2 deadline. It's not done yet, but here is the framework of the tentative deal they have worked out, according to a source familiar with the negotiations:

Debt ceiling increase of up to $2.8 trillion
Spending cuts of roughly $1 trillion
Vote on the Balanced Budget Amendment
Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
Committee must make recommendations before Thanksgiving recess
If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare.
A senior White House aide pushed back against the idea that a deal was struck. "Talks continue, but there is no deal to report," the aide said.

07-31-2011, 03:52 AM	#1
Frannypaync Join Date Nov 2005 Posts 402 Senior Member	Breaking: White House, Republicans Strike Tentative Deal To Raise Debt Ceiling ABC News: http://blogs.abcnews.com/thenote/201...-ceiling-.html ABC News has learned that Republicans and the White House have struck a tentative deal to raise the debt ceiling before the Aug. 2 deadline. It's not done yet, but here is the framework of the tentative deal they have worked out, according to a source familiar with the negotiations: Debt ceiling increase of up to $2.8 trillion Spending cuts of roughly $1 trillion Vote on the Balanced Budget Amendment Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase) Committee must make recommendations before Thanksgiving recess If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. A senior White House aide pushed back against the idea that a deal was struck. "Talks continue, but there is no deal to report," the aide said.
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