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Deal Framework Reached on Raising U.S. Debt Ceiling

Posted By admin On July 31, 2011 @ 5:05 am In Featured Stories,Tile | Comments Disabled

Heidi Przybyla and Kate Andersen Brower
Bloomberg [1]
July 31, 2011

Deal Framework Reached on Raising U.S. Debt Ceiling 31fiscal4 span articleLarge v3

President Barack Obama and congressional leaders began a fresh attempt to reach agreement on raising the U.S. debt cap, with a potential framework for a deal emerging two days before a threatened default deadline.

The White House and congressional Republicans have sketched out the contours of an agreement to increase the nation’s $14.3 trillion debt ceiling that would raise borrowing authority through the next presidential election, a person familiar with the talks said late last night.

The tentative framework includes immediate spending cuts of $1 trillion and creation of a special committee to recommend additional savings of up to $1.8 trillion later this year. The new panel would have to act before the Thanksgiving congressional recess in late November and Congress would have to approve its recommendations by late December or government departments and programs, including defense and Medicare, would face automatic, across-the-board cuts, the person said.

No more than 4 percent of Medicare would be subject to cuts, and beneficiaries would be unaffected as reductions would apply to providers, the person said. Social Security would be untouched.

Full article here [1]

Deal Framework Reached on Raising U.S. Debt Ceiling 150709banner2 [2]

 


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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/news/2011-07-31/white-house-republicans-said-to-reach-tentative-deal-on-u-s-debt-ceiling.html

[2] Image: http://www.prisonplanet.tv/

[3] Stop Raising the Debt Ceiling: http://www.prisonplanet.com/stop-raising-the-debt-ceiling.html

[4] White House Defends Obama’s Senate Vote against Raising Debt Ceiling But Warns of Catastrophe If GOP Doesn’t Raise Debt Ceiling: http://www.prisonplanet.com/white-house-defends-obama%e2%80%99s-senate-vote-against-raising-debt-ceiling-but-warns-of-catastrophe-if-gop-doesn%e2%80%99t-raise-debt-ceiling.html

[5] The Truth About The Debt Deal: It’s Pretty Much Meaningless: http://www.prisonplanet.com/the-truth-about-the-debt-deal-its-pretty-much-meaningless.html

[6] The Debt Ceiling Deal From Hell: http://www.prisonplanet.com/the-debt-ceiling-deal-from-hell.html

[7] 71% Oppose Raising Debt Ceiling As Congress Prepares To Ignore Supermajority’s Wishes Again: http://www.prisonplanet.com/71-oppose-raising-debt-ceiling-as-congress-prepares-to-ignore-supermajoritys-wishes-again.html

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