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President, Congressional Leaders Reach Debt Limit Deal

Official White House Photo: David Lienemann

President Obama and Congressional leaders agreed Sunday night to raise the federal debt limit, with one day left before the Treasury said it would start being unable to meet government obligations.

Obama announced the deal Sunday night in a televised statement from the White House briefing room. The deal raises the $14.3 trillion limit by as much as $2.4 trillion, to be done in two stages.

The Washington Post reports the deal calls for $1.2 trillion in cuts to federal agencies over the next decade, with a bipartisan committee scheduled to offer by November a proposal to further reduce the deficit.

“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,” Obama said.

The deal was negotiated primarily between Vice President Joe Biden and Sen. Mitch McConnell (R-Ky.). The deal still needs to pass both the full House and Senate Monday.

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  1. T-Party/GOP wins, America loses! America was offered a 5 Trillion dollar deficit cut but T/GOP protecting THIER special interests of super rich and Military spending reduced it to 2 trillion, ADDING 3 more trillion to our deficit and all along not missing a beat in the hate song ” Obama did it “.

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