Speaker details deal to Limbaugh:
1.1 Trillion in cuts – recommendations made by 6 members of each chamber, occurrence of cuts to be determined – cuts will be non-defense, real and not accounting gimmicks
1 Trillion in debt limit increase
Will last until next April
There must be a vote on Balanced-Budget Amendment
Earlier: Speaker’s PressSec releases memo on another “two-step”s solution, set to be unveiled Mon. afternoon.
“Since Democrats offered no plan of their own and the President waited so long to engage, a two-step process is inevitable at this point.”
Cantor aide: Today, President Obama renewed his call for higher taxes on working families and small businesses. Meanwhile, reportscontinue to trickle out showing that Senator Reid’s plan will include spending cuts and “no revenues.” Does the President believe Senator Reid’s plan is an unacceptable and unbalanced approach?