August 1st, 2011
07:26 AM ET

Debt deal vote likely on Monday, party sources say

The U.S. Senate and House of Representatives are expected to vote Monday on a deal to raise the debt ceiling and cut the deficit, a compromise that President Barack Obama and leaders in Congress reached on Sunday night.

The votes come one day before the United States faced the prospect of an unprecedented default on the nation's debt. It follows several weeks of stop-and-start, high-stakes negotiations, nail-biting votes in Congress and stern warnings from all sides about the calamitous effect of inaction.

Obama announced the deal in an unscheduled appearance in the White House briefing room at 8:40 p.m. Sunday. News that political leaders appeared to have broken an impasse soothed frayed nerves and almost immediately buoyed global markets.

"There are still some very important votes to be taken by members of Congress, but I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default," the president said.

The Senate plans a first vote on the deal on Monday afternoon, a Senate Democratic leadership aide told CNN. If the measure passes an expected Republican filibuster attempt, the House could vote on it Monday night, the aide said.

White House officials told CNN that congressional leaders worked hard to reach a deal, but declined to say whether they had been given assurances that the leaders had the votes to deliver its passage.

The proposed deal includes $2.4 trillion in deficit reduction over 10 years while authorizing an increase in the federal debt ceiling by a slightly smaller amount to allow the government to pay its debts through 2012, according to information from the White House and a presentation for his Republican colleagues by House Speaker John Boehner.

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Filed under: Economy • Politics • Taxes
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  1. TERROR ALERT

    EMERGENCY "GOVERNMENT SPONSORED TERROR" ALERT !!!

    REAL SHOOTING IN UTOYA or NORWEGIAN "AFTERLIFE" $$ FLASH MOB !!? http://stateofterror.blogspot.com/ or http://stateofterror.wordpress.com/ REAL TEARS OR TEAR GAS AND PURE THEATER ON FACES OF MANIACS !!? OSLO POLICE or COMMUNIST/LIBERAL CRIMINALS WHO WERE PREPARING FOR ACT OF TERROR AGAINST NORWAY AND EUROPE ALMOST HALF DECADE(collecting proofs and photos) AHEAD !!? WILL THERE BE APOCALYPSE NOW(total obedience or trans in abomination) OR TOTAL RESISTANCE(civil war against multyculturalism) !!? No doubt about bombing in Oslo, but what about shooting in Utoya !!!?

    ARIZONA = UTOYA and STOLTENBERG = BREIVIK (90 minutes vs 30 and for government vehicles or police even 20 minutes the most) !!!

    August 6, 2011 at 2:14 pm | Report abuse | Reply
  2. TERROR ALERT

    YES , WE CAN...YES , WE CAN...WE WILL WIN IN WAR ON TERROR (30 whities or what are terrorists will never come back alive...thank you lord....aaamen).

    What do you mean tragedy! It was just a birthday present for planet apes president !!! That's all ! Feels great to flip hamburgers and hip hop atop of good news...makes you feel vibrant and energized !!!

    ARIZONA = UTOYA = GOVERNMENT‘S "AFTERLIFE" CASH & $$ FLASH MOB (there was no shooting in Utoya or Arizona, but instead tear gas and on faces of multiculturalism maniacs while calling you a terrorists) !!! stateofterror.blogspot.com/ or stateofterror.wordpress.com/

    OBAMA = STALIN = BUSH or USA = SOVIET UNION
    avsecbostjan.blogspot.com/ or avsecbostjan.wordpress.com/

    Whitie is fighting war on terrorism just to come home and be pronounced as terrorist...turned in Timothy, jobless, homeless ...YESSS, WE CAN...YESSS, WE CAN...GABBY OPENED HER EYES (Obaminator’s psychotic speech in Tucson = failed “Apocalypse Now“)

    TEARS WON'T DO YOU ANY GOOD !!! AS BUSH STATED "THAT'S WHAT THEY ARE PAID FOR"(to die ) !!

    Don't worry O(s)bama, you have just saved USA what is lots of Dollars in your DEBT DEALS(DEAD AND ILL) as those best of America or Navy Seals would also grew older and then you already know how it goes !!!

    August 14, 2011 at 2:36 pm | Report abuse | Reply
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