Late last night, the President and Congressional leaders announced a debt-ceiling deal. The trade-off is deficit reduction that relies entirely on spending cuts and no increases in taxes. It still may not pass both houses, but here's how it stands. Almost no Democrats are willing to go past tomorrow's deadline without raising the debt ceiling. But a lot of Republicans are willing to risk the first default in American history. It's a dynamic that doesn't create a deal so much as it creates a "ransom." We hear what the President and leaders of Congress agreed to and what it could mean for their partisan rank and file, the American people and the global economy.
Will the Senate and Congress Pass the Debt-Ceiling Deal?
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Ezra Klein - Vox - @ezraklein, Clive Crook - Bloomberg View - @clive_crook, Jared Bernstein - Center on Budget and Policy Priorities - @econjared, John Berlau - Competitive Enterprise Institute, Neil Buchanan - George Washington University