Debt Deal Reached Sunday night
Late Sunday night, the president and congressional leaders reached an agreement to raise the debt ceiling, which they say cuts some spending immediately and uses a “Super Congress” for future cuts. The deal includes $2.4 trillion in deficit reduction over 10 years and a first round of cuts that would total $917 billion.
The next round of $1.5 trillion in cuts would be decided by a committee of 12 lawmakers, six from each party. This “Super Congress” must come up with cuts by Thanksgiving, which the rest of congress cannot amend or filibuster the recommended cuts. If the “Super Congress” cannot agree or fails to enact savings, there is a measure requires automatic cuts worth at least $1.2 trillion. The cuts would be split between military and domestic programs.
However this bill still needs congressional approval and it is not over until the Senate and House vote to pass it. Both the Senate and the House are expected to vote on it today. Senate approval seems likely, but the outcome in the House is less certain.
Hit the jump to see how the debt deal will affect your pocketbook…
Earlier this week, a story went viral that a SWAT teamed kicked in a door of a person whose estranged wife had not paid her student loans. Many people were outraged, but shortly after the press got wind of the allegations, the story was recanted by statements that the raid had taken place due to misuse of federal funds.
Top Congress and White House officials failed to reach a budget deal Tuesday, which would have covered the remainder of the current fiscal year. This means that at the end of the week, the federal government could partially shut down. If there is no deal by midnight Friday, areas of the government will close down.
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