Be interesting to see how this is all presented by the media
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President Barack Obama and Republican congressional leaders reached agreement
Sunday night on a compromise to permit vital US borrowing by the Treasury in
exchange for long-term spending cuts. No votes are expected in either house of
Congress until Monday at the earliest.
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Breaking News Alert
The New York Times
Sunday, July 31, 2011 -- 8:45 PM EDT
-----
Congressional Leaders Have Agreement Framework Deal on Debt; Will Present Deal
to Party Members on Monday
The Democratic and Republican leaders of the Senate announced Sunday night that they had reached a deal to raise the nation’s debt ceiling and avert a default.
President Obama spoke moments later at the White House, telling reporters that “the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid a default.”
“My message to the world tonight is that this nation and this Congress are moving forward and we are moving forward together,” Senator Harry Reid of Nevada said from the floor of the Senate.
Senator Mitch McConnell of Kentucky, the Republican leader, said, “There is now a framework to review that will ensure significant cuts in Washington’s spending.”
The announcement came even as House Speaker John A. Boehner was holding a
conference call with his Republican members.
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July 31, 2011
President Obama, Congress reach a debt deal
WASHINGTON (AP) - Ending a perilous stalemate, President Barack Obama announced
agreement Sunday night with Republican congressional leaders on a compromise to
avoid the nation's first-ever financial default. The deal would cut more than
$2 trillion from federal spending over a decade.
Default "would have had a devastating effect on our economy," Obama said at the
White House, relaying the news to the American people and financial markets
around the world. He thanked the leaders of both parties.
No votes were expected in either house of Congress until Monday at the
earliest, to give rank-and-file lawmakers time to review the package.
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