–Senate Majority Leader Says He Also Wants Senate To Vote On Bill Mond
–Final Package Is Compromise By Both Parties
–Must Get Debt Hike Bill To Obama ‘As Soon As We Can’

By John Shaw

WASHINGTON (MNI) – Senate Majority Leader Harry Reid said Monday
afternoon that the plan is now for the House to vote first on the debt
ceiling agreement “sometime this evening,” and then send the bill back
to the Senate.

In comments to reporters after meeting with Vice President Biden
and Senate Democrats, Reid said he hopes the Senate could vote on the
plan Monday evening but said this is not certain.

Reid said the debt hike package must move through Congress quickly.

“We need to send this to President Obama as quickly as we can,”
Reid said.

He added that he is “hopeful and confident we can get this done
quickly.”

Reid said he believes the bill can pass the Senate, but added that
he is not yet ready to “declare victory” for the agreement.

Biden met first with Senate Democrats Monday morning and is now
meeting with House Democrats to lobby for the agreement.

House and Senate Republican leaders are also meeting with their
colleagues to review the accord.

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 **

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