by Calculated Risk on 7/31/2011 06:58:00 PM

The details are still murky ...

UPDATE2: WSJ: Obama Says Congressional Leaders Have Agreed to a Debt Deal

Update: The WSJ reports:

House Republican leaders have agreed to a “tentative deal” ... House leaders have scheduled a briefing for their caucus at 8:30, aides say.

From the WSJ:

* $900 billion in the first stage of deficit reduction.

* $1.5 trillion in second stage of deficit reduction to be defined by a bipartisan special committee of lawmakers appointed by leaders of the House and Senate.

* If the special committee fails to deliver a deficit-cutting package that would trigger $1.2 trillion in cuts, half would be Defense cuts and the other half would be non-Defense cuts, exempting low-income programs Social Security and Medicaid, and only impacting providers in Medicare.

* The debt ceiling increase would be done in three phases: $400 billion initially; another $500 billion later this year would be subject to a vote of disapproval; a third increase of $1.5 to get the rest through 2012 and would also be subject to vote of disapproval.

* There is also a provision to have Congress vote on balanced budget amendment.

From the WaPo: Reid hopes for vote on deal Sunday night

From the NY Times: Reid Backs Debt Deal; Defense Cuts Still in Debate

Apparently Boehner is balking at the defense cuts. The idea behind the triggers is to make people take the recommendations of the special committee seriously. Unless the triggers are unpalatable to both sides, the commission will fail (I suspect it is already doomed).

The multiple votes are for more posing (shameful, but typical politics).

Yesterday:
• Summary for Week ending July 29th
• Schedule for Week of July 31st