Monday, August 1, 2011

Leaders Agree on Framework of Deal to End Debt Crisis - NYTimes.com

Leaders Agree on Framework of Deal to End Debt Crisis - NYTimes.com

President Obama and Congressional leaders of both parties said late Sunday that they had agreed to a framework for a budget deal that would cut trillions of dollars in federal spending over the next decade and clear the way for an increase in the government’s borrowing limit.

The tentative agreement calls for at least $2.4 trillion in spending cuts over 10 years, a new Congressional committee to recommend a deficit-reduction proposal by Thanksgiving, and a two-step increase in the debt ceiling.

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