White House, Republicans Strike Tentative Deal To Raise Debt Ceiling – no Balance Budgets Amendment, No Tax Increase

Throw out the Balance Budget Amendment folks!

ABC News’ Jonathan Karl reports:

ABC News has learned that Republicans and the White House have struck a tenative deal to raise the debt ceiling before the Aug. 2 deadline. It’s not done yet, but here is the framework of the tentative deal they have worked out, according to a source familiar with the negotiations:

  • 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)
  • Vote on the Balanced Budget Amendment
  • 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.

via White House, Republicans Strike Tenative Deal To Raise Debt Ceiling – The Note.

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