Congressional and White House negotiators finally managed to reach a two-stage deal to raise the debt ceiling and prevent the government from having to default on its obligations. The first stage involves spending cuts of over $900 billion in return for an equivalent increase in the debt ceiling. The second would call for a super-committee of Congress to find an additional $1.2 trillion to $1.5 trillion in savings by November....
>>>Congressional and White House negotiators finally managed to reach a two-stage deal to raise the debt ceiling and prevent the government from having to default on its obligations. The first stage involves spending cuts of over $900 billion in return for an equivalent increase in the debt ceiling. The second would call for a super-committee of Congress to find an additional $1.2 trillion to $1.5 trillion in savings by November.
The tricky portion of the deal, though, involves the precise content of the enforcement mechanism to used if that committee fails to reach agreement.
http://www.washingtonpost.com/opinions/back-from-the-debt-ceiling-brink/2011/07/31/gIQAAqBFmI_story.html
