US Congress Reaches Debt Deal to Avoid Default
Last night Congressional leaders came to a compromise with President Obama to raise the debt ceiling by at least $2.1 trillion and cut government spending by $2.4 trillion. The House plans to vote on the bill today and the Senate will try to do so as well, as leaders of both parties involved in negotiations try to sell the deal to their peers.
While the deal does not satisfy more liberal Democrats who fault it for not increasing taxes, nor does it satisfy some conservatives who say it doesn’t make enough spending cuts, it will prevent default if it’s passed by both chambers as expected. More to come soon.