White House & Congressional Leaders Reach Deal on Debt Ceiling to Avert Default

President Obama and the Congressional leaders have reached a deal on the debt ceiling and we won't be staring a default in the face. Well, the passage of this won't be a shoo-in and I suspect the Democrats sold their souls for this one, with the Republicans getting what they basically wanted, but a deal has been reached. President Obama is expected to speak momentarily.

Cuts of $1 trillion over the next ten years. President Obama said it has been "messy" and "took too long." He said some modest adjustments will be made to sacred cows such as Medicare. Implements spending caps, balanced budget and other issues. No tax hikes, though President Obama said he believed taxing the rich was the right way to go. He also said there will be a bipartisan panel that will revisit the issues later in the year and bring a bill to Congress for an up or down vote. If this can't be accomplished, everything will be on the table and harsh realities will set in for both Republicans and Democrats. Um, couldn't we have reached this agreement last month? Why all the drama from adults in Congress? They're like crabs in a barrel. Of course, this isn't over by a stretch. We will now see if the "children" in Congress will vote for this deal or we will be party to more bickering. When all is said and done, this will be a modest victory for Centrists in this country. President Obama moved to the center, as well as Republicans & Democrats.