Sen. Reid signs off on bipartisan debt-ceiling compromise (The Hill)

[chill_wind]

Sen. Reid signs off on bipartisan debt-ceiling compromise
By Alexander Bolton - 07/31/11 05:22 PM ET

Senate Majority Leader Harry Reid (D-Nev.) has signed off on a bipartisan deal between President Obama and GOP leaders to raise the debt limit.

After meeting with House Democratic Leader Nancy Pelosi (Calif.) for over an hour and a half on Sunday, Reid and other Senate Democratic leaders must now sell the deal to their caucus.

“Senator Reid has signed off on the debt-ceiling agreement pending caucus approval,” said Adam Jentleson, a spokesman for Reid.

Sources familiar with the outlines of the deal say it would raise the debt limit by about $2.7 trillion and reduce the deficit by the same amount in two steps. It would cut about $1 trillion in spending up front and set up a select bicameral committee to put together a future deficit-reduction package worth $1.7 trillion to $1.8 trillion.

Failure of Congress to pass the future deficit-reduction package would automatically trigger cuts to defense spending and Medicare. An aide familiar with the deal said the Medicare cut would not affect beneficiaries. Instead, healthcare providers and insurance companies would see lower payments.

more: http://thehill.com/homenews/senate/174595-reid-signs-off-on-bipartisan-debt-deal

[BlueDemKev]

1. I'd never guess the White House AND Senate were controlled by Democrats

:eyes: :eyes: :eyes: :eyes: :eyes: :eyes: :eyes: :eyes: :eyes: :eyes:

[HereSince1628]

2. Two steps...what the hell did Boehner compromise on?

[sad sally]

4. That he would only have two drinks before coming on the tv...

[amborin]

3. such a blatantly offensive statement: "Medicare cut would not affect beneficiaries," while next admi

admitting healthcare providers would see lower payments.

[chill_wind]

6. Said the aide.

That's going to be the official sell.

[Bluebear]

5. Roll over! Good dem!

[chill_wind]

7. Reid still hoping for a vote tonight.

Roll Call and TPM links.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1623753