By Philip Klein - washingtonexaminer.com
President Obama announced moments ago that Congressional leaders in both parties have reached a deal to raise the debt limit.
Just before he took the stage Senate Majority Leader Harry Reid D-Nev. and Senate Minority Leader Mitch McConnell R-Ky. touted the deal on the Senate floor.
House Speaker John Boehner R-Ohio has been distributing this slide presentation to sell the deal to his members.
Like the Boehner plan the bill would raise the debt limit by $900 billion now in exchange for $917 billion in discretionary cuts and then by another $1.5 trillion. The second part will coincide with a joint Congressional committee finding additonal savings. If Congress doesnt adopt the recomendations it will trigger across the board cuts to both defense and non-defense spending. Medicare could be cut as part of the trigger but Social Security Medicaid veterans and civil & military pay would be exempt.
With both liberals and conservatives complaining about the deal the question is whether the center will be able to pass it in the House.
