Sunday, July 31, 2011

White House and congress leaders come to agreement on debt ceiling


From yahoo.com: President Barack Obama and Republican congressional leaders reached historic agreement Sunday night on a compromise to permit vital U.S. borrowing by the Treasury in exchange for more than $2 trillion in long-term spending cuts.

Officials said Republican Speaker John Boehner telephoned Obama at mid-evening to say the agreement had been struck.

No votes were expected in either house of Congress until Monday at the earliest, to give rank and file lawmakers to review the package.

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