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
soundoff (21 Responses)
  1. Joey Isotta-Fraschini

    The opera ain't over till the fat lady sings.

    August 1, 2011 at 7:29 am | Report abuse |
    • Scottish Mama

      "It ain't over till it's over."

      August 1, 2011 at 8:00 am | Report abuse |
  2. terri lange

    I am a 64 year old grandmother rasning a 13 year old drand daughter I have taken her to the polls to vote with me since she disgusted and was in kindergarten I am totally disgusted and ashamed of my government not with President Obama he can only do what he is supported to do. I strongly believe that taxes on the wealthy and large corporations should be raised I plan to vote for President Obama again in 2012 and pray that there will be a different congress is voted in. The wealthy won this one, sad to say

    August 1, 2011 at 7:55 am | Report abuse |
    • Tom

      Hi. I too will vote for Obama in 2012. In addition I will be voting out any long term politicians that are in my reach. I will vote for any that will support term limits to end the endless pilfering of the American people and the destruction of a good country.

      August 1, 2011 at 11:21 am | Report abuse |
  3. tribalscribal

    What? No increase in revenues? No end the Bush era tax cuts for the terminally wealthy?? Surprise!

    August 1, 2011 at 8:01 am | Report abuse |
    • Chief

      And all the beads we made by hand, now are days made in J-a-p-a-n, Cherokee nation, Cherokee trial, too proud to live, too proud to die, They tood the whole American nation, locked us on this reservation,..............

      August 1, 2011 at 8:16 am | Report abuse |
  4. Bayard DeNoie

    That congress would attack the paltry benefits of the elderly, infirm and veterans before taxing the super rich, or God forbid, taking a pay cut themselves, is not only reprehensible, but confirms the Republican credo: Gimme, Gimme – me first.

    August 1, 2011 at 8:06 am | Report abuse |
    • Scottish Mama

      Ab-so-lute power corrupts, Ab-lolutely.

      August 1, 2011 at 9:03 am | Report abuse |

    the deal? time to invest in gold...

    August 1, 2011 at 8:28 am | Report abuse |
  6. Joey Isotta-Fraschini

    The sun also sets.

    August 1, 2011 at 8:41 am | Report abuse |
  7. Jeff Frank ( R - OHIO )

    Instead of having the debt talks deadlocked, someone should of released Bernard Madoff contingent with figuring out "just what to do" to prevent loan default.
    Say you make $20,000, and make 88 dollar a week car payment and you default? Then they call repo man to haul your junk away. Say the dealership "feels sorry for you", they'll say borrow you another $50,000 (higher debt ceiling) credit to buy another car, so you greedily respond by driving a brand new Hummer off the lot, rip ass down the road. Now the repo man will have yet another vehicle off your driveway.

    August 1, 2011 at 9:06 am | Report abuse |
  8. Joey Isotta-Fraschini

    I can go all over NYC on the subway.

    August 1, 2011 at 9:15 am | Report abuse |
  9. Joey Isotta-Fraschini

    I'm not the only person in NYC with an MTA MetroCard.
    I've seen legendary stars and unrecognized at-least multimillionaires on Manhattan buses.
    I've ridden coach in airplanes with movie stars.
    Everybody in this country could tighten his belt–hey, it wouldn't hurt. Look at our waists.

    August 1, 2011 at 9:24 am | Report abuse |
  10. clearmind

    are you gonna try it? i`m not gonna try it .... let`s get mikey, he`ll try anything Hey Mikey. not sure if exact quote but you know what i mean.

    August 1, 2011 at 10:59 am | Report abuse |
  11. Arnold Moratalla

    Bueno Estados Unidos tiene que cuidadr sus intereses a nivel national e international y cobrar mas impuestos y cuidar esos programas de hayuda que aveces la gente abusa del govierno y desperdicia lo que les dan..... y nosotros como cuidadanos hay trabajar y no ser confort de consumo.... cuidar el dinero Obama y ver para donde se va el dinero.... y tener mas control en los gastos.... y darle tambien darle parte a la otan para que hayude y EE UU no ser los primeros que saquen los millones porque esos al final nosotros pagueremos los platos rotos....

    August 1, 2011 at 4:39 pm | Report abuse |
  12. Joey Isotta-Fraschini

    If and when this deal gets signed, the biggest losers will be our poor, elderly and our young children, not to mention the people who live in both Afghanistan and Pakistan. But the big winners will be the Tea Partiers, the overpaid generals and admirals, the fat cats who own the defense contracts and of course, the right-wing, worthless politicians in Washington as always!!!

    August 1, 2011 at 5:45 pm | Report abuse |
  13. chrissy

    @ tom i totally agree. Time to do some major fireing. Clean out pretty much the whole lot of em and start over! I worked 40 odd years and am very irate that my $ were sent to pakistan without my permission. And time to bring our troops home.

    August 2, 2011 at 1:35 am | Report abuse |
  14. chrissy

    We are spending ridiculous amts in senseless wars that we have no business being in in the lst place in countries that dont even want our help!! And equal taxation would be a major improvement. Also if nothing else get the dang unemployment #s right!!

    August 2, 2011 at 1:41 am | Report abuse |
  15. chrissy

    And while im venting bout things that are annoying we need to pass some kind of law that if u become a citizen you need to speak english! Lol thats to # l6 post of course. And hello ruffnutt was 2 busy venting earlier but ive been readin ur posts-u rock!!

    August 2, 2011 at 1:48 am | Report abuse |
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