White House, congressional leaders reach debt deal
July 31st, 2011
09:00 PM ET
12 years ago

White House, congressional leaders reach debt deal

Washington (CNN) - Two days before the deadline for a possible U.S. government default, President Barack Obama and congressional leaders reached agreement Sunday on a legislative package that would extend the federal debt ceiling while cutting spending and guaranteeing further deficit-reduction steps.

The proposed $3 trillion deal, which still requires congressional approval, brought some immediate relief to global markets closely watching the situation play out and a nation filled with anger and frustration over partisan political wrangling that threatened further economic harm to an already struggling recovery.


Filed under: Debt • Deficit
soundoff (9 Responses)
  1. Myron8160

    Show me the money

    July 31, 2011 01:01 am at 1:01 am |
  2. VA VERY Ex Republican

    here is what is soooo sad. the republican party's most important goal is for Obama to fail as president even if it means the destroying the economy to achieve this goal. tea party fools, sorry, I mean followers have no idea how economy works and they are just like plain idits following the cry of their manipulators without the slightest understanding of what spending and cutting spending and the debt ceiling is all about. this is a party that says no to taxing the wealthy 1% and to cutting the defense budget. so Mr. and Mrs. Joe, who the hell do you think will finance the budget cut???? maybe you might want to take a step back and think about it. you people make me sick (I know, my comment will be blocked because of my last sentence so CNN, do not edit, either all or nothing) and again, you people make me SICK

    July 31, 2011 01:14 am at 1:14 am |
  3. Myron8160

    Hey american peobal the teaparty want to helo the greedy not needy

    July 31, 2011 01:31 am at 1:31 am |
  4. MagaliaDave

    The Democrats are selling out the senior citizens of this country to the blood sucking tea baggers !!

    LET IT ALL BURN! The GOP cannot dump on the senior citizens in this country with impunity!!

    The Washington Politicians better not vote to cut Social Security by one nickel – I worked 45 years for my benefits and, as one of the Seventy-six million American Baby Boomer children that were born between 1945 and 1964, we are going to shove your excessive sugar daddy Bush tax cuts right up your tea bag.

    Grandpa is mad as hell, packing an M1 Garand, and not afraid to use it !!

    July 31, 2011 03:52 am at 3:52 am |
  5. The Lone Okie

    Its too late. No one knows whats even in those bills. The tea party is comitting economic terrorism. The economy is bad and they are going make it worse. If the government defaults they should accountable.

    July 31, 2011 05:00 am at 5:00 am |
  6. sailor714

    The largest gathering of millionaires occurs when congress is in session. These people have no qualms about spending money. As long as it's not theirs. Now they wan't a blank check. A good place to start cutting is perks for the "elected officials". They should pay first.

    July 31, 2011 09:05 am at 9:05 am |
  7. Peter s

    What's is the cause of all the economic and social problems we face in America today? the answer is really simple!! the pathological narcissism of the far right and the far left. Both groups lives in a world of fantasy but the level of delusion they wallow in is far much divorced from the reality. Time for the people in the middle to stand up and say "no more nonsense." I don't see the reason why the Federal Government can default to pay the bills!!! yet the society expect "we" the people to pay our credit cards, school loans, morgages etc on time and without default. IF THE US GOVERNMENT DEFAULTS WE GONNA GO LIKE THE ROMAN EMPIRE!! EVERY ONE SAYING THE FUNDAMENTALS OF OUR DEMOCRACY ARE STRONG!!.

    July 31, 2011 09:24 am at 9:24 am |
  8. vic , nashville ,tn

    Our mistake, in 2010 we voted for tea party without asking any question our fault

    It won’t happen again they won’t get our vote again

    July 31, 2011 09:29 am at 9:29 am |
  9. GI Joe

    Wanna see where some of the debt ceiling was raised?

    The Virginia Class submarine. (The V-class was designed to attack Soviet subs. There are no more Soviet subs, but Bush ordered three dozen anyway – at $1.8 billion each).

    The GOP's spending continued at record pace, but when the bill arrived, the Republicans looked around, pointed at the working families, seniors, Medicare, veterans' benefits, Medicaid and Social Security, and said, "Let's make those that receive these benefits pay."

    Are you aware that Congressman Cantor, the guy leading the Republicans' refusal to lift the debt ceiling, voted for the V-class sub as well as Bush's bogus scavenger hunt for weapons of mass destruction in Iraq. Now, Cantor doesn't want to pay the bill.

    July 31, 2011 09:35 am at 9:35 am |