Saturday, July 30, 2011

Debt Deal Framework Alas!

As seen on twitter via mpoppel,
AP sources: Significant progress toward debt deal between White House and GOP
The White House and republicans have apparently come up with a framework (now being called tentative) of a debt deal. I'll post more as it rolls in. This is the framework per ABC:
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.

CBS News update says there is a hint of deal as negotiations carry on into the night.