Republican and democratic leaders have agreed on a plan to raise the debt ceiling, announced by President Obama on Sunday evening.
Alert arrives in the months of intense negotiations with the door closed, and only two days before the deadline set by the Treasury Department.
According to available data, the agreement would slow down the growth of public expenditure in the next ten years by $ 2-$ 3 trillion and allow enough to borrow from another vote to increase the ceiling until 2013. Approximately $ 1 trillion will be immediately cut, and the details of the remaining reductions of expenditure will be handled by a bipartisan Committee of 12 lawmakers from both Chambers, who will recommend cuts for Congress to vote on them. To appease the GOP conservative wing, the deal would also require a vote in both Chambers on an amendment to the Constitution that the Federal Government each year to its budget in balance.
"I wish to announce that the leaders of both parties in both houses, have reached an agreement which would cut the deficit and avoid the default is the default value, which would have catastrophic consequences for our economy," Obama said. "Now, whether this is the case, I would prefer? №… But this compromise to make serious guarantee fee to reduce the deficit, we need, and gives each side a powerful incentive to maintain a balanced plan made before the end of this year. "
House Speaker John Leader Boehner's held a conference call Sunday night with the Republicans to the House in which he asked them to support the package, declaring that business on place "meets our principles of smaller government. "
"There is a framework, would the expenditure by a larger amount as we raise the debt and future expenditure limit the growth of the Government, Cap " he said, according to a transcript, the Boehner of the Office. " Listen to "Now, this Isn ' t the largest business in the world. But it shows that how much We have changed the terms of the debate in this city. "
On the approval of the leaders of the House and Senate, and the Tuesday deadline looming, the Congress must act quickly and to convince enough members to conclude an agreement with the vote on Monday. The agreement will require the support of both political parties, due to opposition within the factions from both sides.
Senate Leader Harry Reid both majority leader and the minority Mitch McConnell will present the agreement to their group on Monday at 11 a.m. with a vote expected later.
Alert arrives in the months of intense negotiations with the door closed, and only two days before the deadline set by the Treasury Department.
According to available data, the agreement would slow down the growth of public expenditure in the next ten years by $ 2-$ 3 trillion and allow enough to borrow from another vote to increase the ceiling until 2013. Approximately $ 1 trillion will be immediately cut, and the details of the remaining reductions of expenditure will be handled by a bipartisan Committee of 12 lawmakers from both Chambers, who will recommend cuts for Congress to vote on them. To appease the GOP conservative wing, the deal would also require a vote in both Chambers on an amendment to the Constitution that the Federal Government each year to its budget in balance.
"I wish to announce that the leaders of both parties in both houses, have reached an agreement which would cut the deficit and avoid the default is the default value, which would have catastrophic consequences for our economy," Obama said. "Now, whether this is the case, I would prefer? №… But this compromise to make serious guarantee fee to reduce the deficit, we need, and gives each side a powerful incentive to maintain a balanced plan made before the end of this year. "
House Speaker John Leader Boehner's held a conference call Sunday night with the Republicans to the House in which he asked them to support the package, declaring that business on place "meets our principles of smaller government. "
"There is a framework, would the expenditure by a larger amount as we raise the debt and future expenditure limit the growth of the Government, Cap " he said, according to a transcript, the Boehner of the Office. " Listen to "Now, this Isn ' t the largest business in the world. But it shows that how much We have changed the terms of the debate in this city. "
On the approval of the leaders of the House and Senate, and the Tuesday deadline looming, the Congress must act quickly and to convince enough members to conclude an agreement with the vote on Monday. The agreement will require the support of both political parties, due to opposition within the factions from both sides.
Senate Leader Harry Reid both majority leader and the minority Mitch McConnell will present the agreement to their group on Monday at 11 a.m. with a vote expected later.
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