ABC News: White House, Republicans Strike Tentative Deal To Raise Debt Ceiling [View All]

[Bluebear]

White House, Republicans Strike Tenative Deal To Raise Debt Ceiling
July 30, 2011 10:39 PM

ABC News' Jonathan Karl reports:

ABC News has learned that Republicans and the White House have struck a tenative 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
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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