Sunday, July 31, 2011

Leaders Reach Debt Deal

Here's the banner headline at National Journal, "SENATE LEADERS SAY DEAL HAS BEEN REACHED." And then clicking through, "Obama to Speak: Reid Says Deal Reached."

And checking over at C-SPAN, "President Announces Deal With Congressional Leaders on Debt Ceiling":
President Obama announced this evening that Congressional leaders from both parties have reached an agreement on a plan to raise the debt ceiling.

Saying it wasn't the deal he "would have preferred," the President nonetheless threw his support behind the plan, which will now presumably come up for a vote in the House and Senate this week.

By a count of 50 - 49, the Senate voted this afternoon to not proceed with debate on Majority Leader Harry Reid's (D-NV) debt ceiling proposal. The vote required 60 votes to clear the filibuster hurdle. Following the vote, the Senate went into recess while negotiations continued off the floor.

At the opening of this afternoon's session, Sen. Reid said he was "cautiously optimistic" that a debt ceiling deal could be reached soon. Later in the day House Minority Leader Nancy Pelosi (D-CA) said she would have to present any deal to the Democratic rank and file members of the House before she'd support it.
Yeah, Dems aren't too happy, as Roll Call reports:
Rep. Emanuel Cleaver, chairman of the Congressional Black Caucus, said early reports of the new deal appeared to be “a sugar-coated Satan sandwich.” The Missouri Democrat said the CBC hadn’t yet made a formal declaration that the group would oppose it, “but this is a shady bill.”

“This deal trades people’s livelihoods for the votes of a few unappeasable right-wing radicals, and I will not support it,” ripped Rep. Raúl Grijalva (D-Ariz.), co-chairman of the Congressional Progressive Caucus, before House Democrats had even been briefed. “The lesson today is that Republicans can hold their breath long enough to get what they want.”
Actually, elections have consequences. The real integrity this last few weeks has been on the House side, with the GOP majority.

See also at New York Times, "Leaders Reach Deal to Raise Debt Ceiling." (At Memeorandum.)

I'll update with video in a bit.