Obama & Congress reach debt ceiling deal: The deals highlights

Okay all this is a breaking story and it's moving quickly.Keep in mind that the deal still requires congressional approval. Here are some highlights of what is included in the Obama / Congress debt ceiling deal:

*The proposed deal would extend the debt limit through 2012 beyond the presidential election.

* The debt ceiling would rise about 1 trillion and would be offset by 1 trillion in cuts

*Deal would reduce defecit by 1 trillion dollars over 10 years.

*The agreement would require both chambers of Congress to vote on a balanced budget amendment to the U.S. Constitution.

*No revenue increases ( No tax increases )

*No extension of unemployment benefits

*A Committee often referred to as a "Super Congress" will make recomendations for more deficit cuts by November. These recomedations will be voted on by the US Senate and the House with an up or down vote. Failure to pass these recommenadtion could lead to cuts in medicaid and defense spending.

George Cook AAreports.com. Author of the Kindle book Let's Talk Honestly: One Black Man's Thoughts $1.50