White House Strikes Tentative Debt Ceiling Deal With Republicans

Posted by | July 30, 2011 22:58 | Filed under: Top Stories


Here’s the framework:

  • 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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Copyright 2011 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.

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