President Obama and the leaders of both parties in the House of Representatives and Senate, have finally agreed to a framework for a deal to prevent America from defaulting on paying its bills for the first time in our history. The specifics of the deal are not yet known, but for the first time in months, a possible consensus has been reached.
President Obama spoke earlier tonight and urged all members of Congress to pass the deal, saying there are still some very important votes to be taken by members, but that a general consensus has been reached on a plan that will avoid default. What do we know so far? The deal would;
- Cut $1 trillion dollars in 10 years
- Appoint a special congressional delegation also called a Super congress, will report by November on ways to further reduce the deficit and to find ways to increase revenue through taxes and decide on more spending.
- Will extend through 2013.
Meanwhile, the Republican Speaker of the House Of Representatives, John Boehner, R-Ohio, set up a conference call with House Republicans for Sunday night, and House minority leader Nancy Pelosi, D-Calif., said she would meet with Democrats on Monday. Mrs Pelosi also made the news, assuring the nation that seniors would get their Social Security checks, the U.S. military would be compensated and other obligations would be met.
More information on the deal will be made public soon.