Congress, President Reach Debt Ceiling Agreement

Lawmakers from both sides of the aisle in Congress have said they have reached an 11th hour agreement with the president that would lift the nation's debt ceiling.

The agreement, according to media outlets, would raise the nation's credit limit — the $14.3 trillion debt ceiling — by $2.4 trillion, likely through 2012.

However, before the agreement will come to fruition, it must be voted on by both legislative chambers.
West Virginia's delegation in Washington, D.C., issued statements soon after the agreement was released.
Shelley Moore Capito, R-W.Va., said while the agreement increases the debt limit, it will fundamentally change the way Washington works.

"This debate, often stressful and tiring, is an opportunity to prove to the American people that we can reverse the cycle of reckless spending that got us here in the first place," she said. “We never wavered from our goal of more spending cuts than the increase in the debt limit and no new taxes. I appreciate the leadership in both parties for coming together to reach an agreement that does not give up our principles and puts us on a path toward a brighter, more prosperous future."
 
Sen. Jay Rockefeller, D-W.Va., described the agreement in a news release as a "reasonable compromise." However he expressed frustration with the process.

“This never should have dragged on to the 11th hour, and I am disappointed that so many in Congress used this debate for political purposes," he said. "That said, we have settled on a reasonable compromise that all sides should immediately support and which I intend to vote for. The plan will allow us to extend the debt ceiling — avoiding a major economic catastrophe that would have hurt families and individuals from all backgrounds by raising interest rates, making it harder to get a loan and forcing the federal government to ration how it pays its bills. The compromise proposal helps us secure our nation’s economy, reduces the deficit by making more than $900 billion in immediate spending cuts and setting up a plan for future cuts as early as this fall. Thankfully, those cuts will not come at the expense of Social Security, Medicaid and other safety net programs for low income Americans, which I have insisted since Day 1 should not be on the table right now.”

According to Fox News, President Barack Obama said the agreement calls for an immediate cut of $1 trillion over a 10-year period, followed by the creation of a committee to come up with additional cuts worth $1.5 trillion to be voted on by the end of the year. Tax increases are not part of the deal, Fox News reported. However, lawmakers say the agreement does include a promise to put the Balanced Budget Amendment up for a vote.