Saturday, July 30, 2011

ABC News: Tentative deal on debt-ceiling between GOP and White House

ABC News' The Note blog is reporting that a tentative deal between the White House and House Republicans has been struck. The blog says it includes:

•Debt ceiling increase of up to $2.8 trillion
•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.
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