10:42pm | The possible deal?
ABC News’ Jon Karl reports that the deal being considered in the White House is as follows:
Debt ceiling increase of up to $2.8 trillion [Enough to last through the beginning of 2013]
[Immediate] Spending cuts of roughly $1 trillion
Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
Committee must make recommendations before Thanksgiving recess
If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare
This represents a compromise between the Boehner and Reid plans — with a single debt limit increase through, but “triggers” to incentivize a debt deal.
This is by no means finalized, and Senators will meet with the White House tonight to iron out a deal.
The Senate would then take it up, before bringing it to the House, where Democrats and Republicans would be required to join together in a bipartisan vote to raise the debt limit — likely with just hours left until the deadline.
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