Sources on the Hill: Tentative deal is reached

Several sources on Capitol Hill are reporting that tentative deal has been reached on cutting spending and raising the debt ceiling between the White House and GOP leaders in Congress. ABC News reports: Democratic and Republican Congressional sources involved in the negotiations tell ABC News that a tentative agreement has been reached on the framework of a deal that would give the President a debt ceiling increase of up to $2.4 trillion and guarantee an equal amount of deficit reduction over the next 10 years. The details are still being worked out, and a senior White House aide tells ABC News, "talks continue but there is no deal to report." Congressional leaders plan to brief their members on the framework tomorrow. The reaction from both parties' rank-and-file will determine whether this tentative deal becomes a final deal. Here, according to Democratic and Republican sources, are the key elements: * A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size...(Read Full Post)