MSNBC is reporting that President Obama says that leaders of both parties have reached a deal on the debt-ceiling limit.
Oh, the show hasn't started yet.
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|Rock River in Lowell Park|
|Where Reagan saved 77 lives|
|Sunset east of Dixon--June 6, 2011|
•Debt ceiling increase of up to $2.8 trillionTechnorati tags: Democrats Obama Barack Obama Republican gop john boehner Congress news deficit government
•Spending cuts of roughly $1 trillion
•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.