Leaders of both parties, Democrats and Republicans, came to an agreement after they worked furiously to sell their rank-and-file members on a debt deal reached with President Barack Obama in a bid to end a political 'cat and mouse' chase that nearly undermined Americans faith in their political institutions.
It's a debt deal that isn't ideal or loved. So why is it getting a vote on Capitol Hill?
With the debt deal negotiations done, the focus now shifts to the Republican-led House, where Speaker John Boehner, R-Ohio, will try to attract moderate Democrats to offset the likely high number of Tea Party House members who will vote against the bill. A Senate vote on the bill also could occur later Monday.
After months of vitriolic discord, Republican and Democratic lawmakers were expected to vote on Monday on a White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented default.
Congressional leaders and President Obama reached a deal to raise the federal debt ceiling in an effort to avoid the first U.S. default but a series of crucial votes in both chambers of Congress remain before the President can sign it into law.
A weary-looking President Obama told reporters late Sunday that a deal had been reached between the leaders of the White House, Senate and House of Representatives to raise the federal debt ceiling and avoid the first U.S. default, although a series of votes by all members in Congress is needed to make the ceiling raise a reality.
President Obama and House Majority Leader John Boehner have agreed to a deal to raise the debt ceiling and cut spending by $1 trillion over the next 10 years.
Two days before a financial market-rocking U.S. Government default, President Barack Obama Sunday night announced that leaders of both major political parties have reached a debt deal agreement to reduce the U.S. deficit and avert a default. Both the Senate and the House are expected to vote on the bill Monday.
President Obama, House Speaker John Boehner, and Democratic lawmakers struck a deal and averted a government default come August 2. The deal will cut $1 trillion in spending over 10 years, announced Obama, reported Reuters.
Lawmakers were close to a last-ditch $3 trillion deal on Sunday to raise the U.S. borrowing limit and assure jittery financial markets that the United States will avoid a potentially catastrophic default.
President Barack Obama told reporters Sunday that a deal has been reached to raise the federal debt ceiling and avoid the first U.S. default, the culmination of days of high-level, high-stakes political wrangling to attempt to resolve the nation's large deficits.
Senate Majority Leader Harry Reid has "signed-off" on a debt-raising deal that could be voted on as early as tonight, although the Senate's Republican leadership indicates a deal has not been reached yet as the U.S. attempts to avoid the first-ever default on debt by the U.S. government.
A deal to raise the federal debt ceiling and avoid the first ever U.S. default is "very close," but House Democratic Leader Nancy Pelosi said Sunday there is a chance they may not pass it.
After two weeks of acrimony, Democrats and Republicans, perhaps after having stared into the abyss, returned to the bargaining table Saturday. Still, no one will believe the issue has been resolved until President Barack Obama signs a bill that raises the debt ceiling and cuts the budget deficit.
Top congressional Republicans said on Saturday they were in serious talks with President Barack Obama to break a U.S. debt limit deadlock and were confident the risk of default by the world's largest economy could be avoided.
The White House said on Saturday it "strongly supports" a bill being considered in the House of Representatives that incorporates both Democratic and Republican ideas and would raise the debt limit to early 2013.
The Speaker struggles to hold his party together.
The debt deal saga is becoming a defining moment for House Speaker John Boehner, R-Ohio.
Republican leaders will scramble to rescue their budget deficit-cutting plan on Friday after conservatives mounted a rebellion that heaped uncertainty on efforts to avert a catastrophic debt default.
Urgent efforts to avoid an unprecedented U.S. debt default suffered a new blow on Thursday when some fiscally hardline Republicans blocked a budget deficit plan proposed by their own congressional leaders.
House Speaker John Boehner has postponed a vote on a debt ceiling increase late Thursday.
Republicans in the House of Representatives on Thursday delayed a vote a short-term bill to raise the nation's debt limit by $900 billion, Democratic sources said.
