–Senate Majority Leader Says He Wants Senate To Vote On Bill Monday
–Final Package Is ‘Compromise’ By Both Parties
–‘No One Got What They Wanted’ on Debt Hike, Deficits

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid said Monday
that Congress should act “in the next few days” to pass the compromise
debt ceiling plan that was announced Sunday evening by President Obama
and congressional leaders.

In comments on the Senate floor, Reid said he wants to set up a
vote by the Senate on the package sometime Monday.

He called on lawmakers to “pass this remarkable agreement” to
boost the debt ceiling and cut the deficit.

“It was a compromise,” Reid said.

“No one got what they wanted,” he added.

` Vice President Joe Biden has come to Capitol Hill Monday to meet
with both House and Senate Democrats and lobby for the agreement.

House and Senate Republican leaders will also meet with their
colleagues to review the accord.

The debt ceiling agreement will be placed on a bill that is pending
in the Senate and is likely to be voted on by the upper chamber Monday.

If the bill passes the Senate, it will then be sent to the
House for a final vote, either Monday night or Tuesday.

The package calls for $1 trillion in discretionary savings over ten
years that will be secured by putting in place caps on discretionary
programs.

A bipartisan congressional committee will be created to identify an
additional $1.5 trillion in deficit reduction, including from
entitlement programs and from tax reform. This panel must make its
recommendations in November 23, 2011. If Congress fails to accept this
plan by Dec. 23, across-the-board spending cuts would be triggered to
secure more than $1 trillion in savings

Under the agreement, the debt ceiling will be increased by $2.1
trillion which should extend Treasury borrowing until early 2013.

The U.S. has already reached its $14.29 trillion debt ceiling.
Treasury Secretary Tim Geithner has said that Congress must pass
legislation increasing the debt ceiling by August 2, this coming
Tuesday.

** Market News International Washington Bureau: (202) 371-2121 **

[TOPICS: M$U$$$,MFU$$$,MCU$$$,M$$CR$]