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07.31.2011 0

Obama, Congressional Leaders Reach Debt Deal?

Barack Obama, Harry Reid, and John BoehnerBarack Obama, Harry Reid, and Mitch McConnell have reached a debt deal agreement, while Boehner possible holds out. The deal would cut as little as $2 trillion over the next decade.

Boehner is supposedly concerned that the deal would cut too much from the Pentagon, and is still considering whether he will support the legislation. Further trouble for the compromise plan arises in the Huse when Nancy Pelosi issues tepid support at best for the deal, “We all may not be able to support it or none of us may be able to support it.”

Still looming though is the prospect that the U.S. credit rating is downgraded. Further, Moody’s and Standard & Poor’s have all cautioned that all debt plans to date have not met requirements to avoid a credit rating downgrade.

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