July 30, 2011


Is This the Deal?

ABC News reports that Republicans and the White House have struck a tentative deal to raise the debt ceiling.

Key features of the agreement: 

  • 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 before Thanksgiving
  • Automatic across-the-board cuts go into effect, including cuts to Defense and Medicare, if not approved by December
  • No new tax revenue
National Journal is reporting a very similar deal.

If this is the deal, expect significant push back from Democrats.










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