Here is a summary of the deal, based on documents provided by both parties:
* The deal would allow President Barack Obama to raise the debt ceiling in three steps. Congress would get a chance to register its disapproval on two of these, but would not be able to block them unless it musters a two-thirds vote in both the House and the Senate – an unlikely prospect.
* It envisions spending cuts of roughly $2.4 trillion over 10 years, which Congress would approve in two steps – an initial $917 billion when the deal passes Congress and another $1.5 trillion by the end of the year.
* The first group of spending cuts would apply to the discretionary programs that Congress approves annually, covering everything from the military to food inspection.
info (s/o london telegraph)
