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Republican and Democratic leaders have agreed on a plan to raise the debt ceiling, President Obama announced Sunday night.
The announcement arrives after months of intense closed-door
negotiations, and just two days before the deadline set by the Treasury
Department.
According to the details available, the agreement would slow the
growth of government spending over the next decade by $2-$3 trillion and
allow enough borrowing to put off another vote to raise the ceiling to
2013. About $1 trillion will be cut immediately, and the details of the
remaining spending reductions will be handled by a bipartisan committee
of 12 lawmakers from both chambers, who will recommend cuts for Congress
to vote on. To appease the GOP's conservative wing, the deal would also
require a vote in both chambers on an amendment to the Constitution
requiring the federal government to balance its budget each year.
"I want to announce that the leaders of
both parties, in both chambers, have reached an agreement that will
reduce the deficit and avoid default--a default that would have had a
devastating effect on our economy," Obama said. "Now, is this the deal I
would have preferred? No. . . . But this compromise does make a
serious down payment on the deficit reduction we need, and gives each
party a strong incentive to get a balanced plan done before the end of
the year."
House Speaker John Boehner held a conference call Sunday evening with
House Republicans in which he urged them to support the package,
declaring that the deal in place "meets our principles of smaller
government."
"There is a framework in place that would cut spending by a larger
amount than we raise the debt limit, and cap future spending to limit
the growth of government," he said, according to a transcript provided
by Boehner's office. "Now listen, this isn't the greatest deal in the
world. But it shows how much we've changed the terms of the debate in
this town."
With the approval of leaders of the House and Senate, and Tuesday's
deadline looming, Congress must act quickly to convince enough members
to seal the deal with a vote on Monday. The deal will require bipartisan
support due to the opposition within factions of both parties.
Senate Minority Leader Mitch McConnell and Majority Leader Harry Reid
will both present the deal to their caucus Monday at 11 a.m. with a
vote expected afterward.
The announcement arrives after months of intense closed-door
negotiations, and just two days before the deadline set by the Treasury
Department.
According to the details available, the agreement would slow the
growth of government spending over the next decade by $2-$3 trillion and
allow enough borrowing to put off another vote to raise the ceiling to
2013. About $1 trillion will be cut immediately, and the details of the
remaining spending reductions will be handled by a bipartisan committee
of 12 lawmakers from both chambers, who will recommend cuts for Congress
to vote on. To appease the GOP's conservative wing, the deal would also
require a vote in both chambers on an amendment to the Constitution
requiring the federal government to balance its budget each year.
"I want to announce that the leaders of
both parties, in both chambers, have reached an agreement that will
reduce the deficit and avoid default--a default that would have had a
devastating effect on our economy," Obama said. "Now, is this the deal I
would have preferred? No. . . . But this compromise does make a
serious down payment on the deficit reduction we need, and gives each
party a strong incentive to get a balanced plan done before the end of
the year."
House Speaker John Boehner held a conference call Sunday evening with
House Republicans in which he urged them to support the package,
declaring that the deal in place "meets our principles of smaller
government."
"There is a framework in place that would cut spending by a larger
amount than we raise the debt limit, and cap future spending to limit
the growth of government," he said, according to a transcript provided
by Boehner's office. "Now listen, this isn't the greatest deal in the
world. But it shows how much we've changed the terms of the debate in
this town."
With the approval of leaders of the House and Senate, and Tuesday's
deadline looming, Congress must act quickly to convince enough members
to seal the deal with a vote on Monday. The deal will require bipartisan
support due to the opposition within factions of both parties.
Senate Minority Leader Mitch McConnell and Majority Leader Harry Reid
will both present the deal to their caucus Monday at 11 a.m. with a
vote expected afterward.
