Inching Toward A Deal

Monday, August 1, 2011 - 2:43pm

Congress is set to approve a new deal to raise the debt ceiling and slash government spending.

On the floor of the house this morning, the start of the sell.

The morning after cutting a deal to slash spending and raise the debt ceiling, leaders must now get their caucuses to give it the green light.

The agreement would make about a trillion in cuts, while raising the debt ceiling by almost that much.

A Congressional panel would then decide on another trillion and a half in deficit reduction this fall.

The deal is catching criticism from both sides, conservatives who say there aren't enough cuts
and Democrats who wanted tax reform.

Even the president admits its not the deal he wanted.

"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," Mr. Obama said.

There could still be battles ahead.

Before that can happen, this deal has to pass the house and senate before the clock runs out.
 

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