As of now, I am in control here, in the White House

White House and GOP Appear to Have a Deal

It looks like a deal on the debt ceiling is in hand. Alexander Bolton, ace congressional reporter for The Hill, appears to have the lowdown.

A congressional source said Saturday night that Obama and GOP leaders had reached a tentative deal that would raise the debt limit by between $2.4 trillion and $2.8 trillion.

It would include spending cuts of about $1 trillion and set up a select bicameral committee to recommend a second deficit-reduction package worth between $1.4 trillion and $1.8 trillion by Thanksgiving.

If Congress fails to approve the committee’s recommendations, cuts to Defense and Medicare would go into effect automatically, giving both parties incentive to reach a later agreement.

They’ll pass something. They have to. Once Republican and Democratic leaders sign off, the legislation will get enough votes from either caucus to move through the House and the Senate.

Share on FacebookTweet about this on TwitterShare on RedditShare on LinkedInEmail this to someone

29 Responses to White House and GOP Appear to Have a Deal

        • Infuriating. Now he can go to his celebration and crow about what a great deal has been reached. He only cared to kick the can past 2012.

          The debt cannot be sustained.

          • As he blamed Bush for everything he will take credit for this as
            if he even understands anything other than dates. His party and vacation and the big magic 2012! He was willing to throw the seniors and the military under the bus to scare us,
            so he thought. The only thing that scares me about Obama is a
            deep seeded fear he could get elected again in 2012.

  1. Even here, media report about an imminent deal. I do hope that the republicans manage to take hold of the message and do no let Obama try to spin it in his manner. He is a loser, let it be clear.

  2. Watched much of the debate on Harry Reid’s bill on c-span yesterday. Senator Hatch said something very interesting. Treasury has not been very forthcoming about the state of our finances to our legislators. He called on Geithner to “show us the money”. No hard facts on how he came to the 2 Aug deadline. No hard facts on anything from this administration.

    If the ratings agencies are to be believed, we will be downgraded because none of the plans being discussed are enough to prevent it. The only bill that would save our credit rating is Cut, Cap, and Balance and that has been tossed out. It is clear to see that politics wins over the financial stability of America once again.

    It is hard to believe that a handful of people working behind closed doors hold the fate of this country in their hands. Just as I feared they will use Boehner’s bill as the vehicle to pass their compromise through the Senate. It will be sent over to the House where Boehner will join hands with fellow RINOs and Democrats to pass it. The despised Tea Party hobbits will be betrayed and all Americans will be the losers. Guess we really are living under a soft tyranny, we just haven’t realized it yet.

  3. So, we continue to give Obama a blank check through the 2012 election. Didn’t address the balanced budget amendment nor the out of control spending. The ‘young guns’ won’t vote for this but it will pass with Rhino and Dem support. I dare say that we’re not going to make any real changes until we have all 3 branches of the federal government.
    (HT to William for the Uncle Henry bit…pretty sad)

  4. OMG–that David Plouffe guy–why is a compaign guy even talking about this? “This president is trying to tackle the tough issues…it’s just the (mean old) Republicans taking this out of old people and students…” I swear this is Through the Looking Glass. So disgusting. I wish I could just go tut tut and forget it…it’s all good…whatever.