Moments ago, President Obama addressed the nation to announce that he had reached an agreement with Republicans to raise the debt ceiling, just two days from potential default. Obama did not discuss details of the deal, but it is likely very similar to the one unveiled by Congressional leaders this morning. He did say the deal was not “what I would have preferred,” but said it will “allow us to avoid default and end the crisis that Washington imposed on the rest America.” Most importantly, it will ensure we don’t have to repeat the crisis in coming months, Congressional leaders from both parties will present the plans tomorrow, urging lawmakers to support it. Watch it:
House Republicans signed on earlier in the night, after Senate Democrats did this afternoon. House Speaker John Boehner (R-OH) said in a conference call with reporters, “My hope would be to file it and have it on the floor as soon as possible.”
Even so, it appears Boehner is already pushing the goal posts. A bipartisan debt reduction committee established by the proposal is charged with looking for ways to reduce the deficit by either cutting spending or increasing revenue. But Boehner put out statement tonight titled, “Two Step Approach To Hold President Obama Accountable,” saying Republicans intend to bind the commitee with accounting rules to “effectively mak[e] it impossible for Joint Committee to increase taxes.” Obama said in his address that he would push for a “balanced approach” on the committee. Obama has suggested previously that if tax reform doesn’t happen through the committee, he will veto an extension of Bush tax cuts when they come up at the end of 2012.
You can read the fact sheet on the deal released by the White House here.