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Report: Tentative Debt Deal Reached Between Obama And Republicans

Reports from Washington suggest that a last minute deal between Democrats and Republicans to end the debt crisis is looking very possible. ABC’s Jonathan Karl reports that Congressional leaders are sharing details of the plan with their respective members to see if the latest attempt, featuring some elements from Republican Senator Mitch McConnell’s proposal, could secure enough support from both parties.

Under the tentative deal, there are no revenue increases and President Obama would be able to increase the debt ceiling enough to get past the 2012 election, but through a convoluted procedure suggested by McConnell that would essentially make it clear that Republicans do not support the increase. Additionally, a Congressional committee would be set up to recommend further deficit reduction, and if their findings are not approved by Congress, then that would “trigger” across-the-board cuts. However, Karl warns that in Washington “nothing is agreed to until everything is agreed to,” and as evidenced by the past few days, anything could still happen.

Check out the report from ABC News.

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