the process, for that, i want you to take a look here. i will not try and walk you through it. it s a mess. the bottom line is 917 billion dml spending cuts with a special committee in charge of finding $1.5 trillion cuts by the end of the year, and the debt limit rises by $900 billion now, and $1.5 later. already, there is one potential wrinkle here. the nonpartisan budget congressional office says the plan would cut spending only by 1.5 trillion, not 2.4 trillion. we are following all the claims and repercussions as only cnn can. by colleagues join me, and if you don t believe this is a huge story, look at richard quest, all the way from london. tell us how the deal came to be, and what are the prospects it will bring? first, you explained it as best as anybody could involved in the process. and it is a mess. the democratic plan is rejected in the house, and it looked like a day care here in washington. we did know what the rough pieces of an agreement would look like and
i ll ask about red hot democrats. stay here and hear how it plays out. i m wolf blitzer here in the situation room. we ve been expecting the house to vote on raising the debt limit. but it has not happened yet. the debt deadline is looming larger than ever. the deal would raise the debt limit $900 billion in the short term and green light spending cuts of roughly the same amount over ten years. offset dollar for dollar by more spending cuts. there s a lot of huge ifs involved in making all of that happen. let s go to capitol hill. kate baldwin is standing by. what are we toll about when it will take place? of. the timing is very fluid, wolf. the question is, will this compromise bill pass the house? speaker john boehner in a press conference wouldn t answer the question when i asked him if he had enough votes. but the paul ryan seemed pretty confident this afternoon. listen to him. some have various concerns, whether it s going to prevail. i think we have a majority o
conflict. even though part of this is in the u.s. recognizing a terrorist organization president netanyahu says i think president has a choice he has to decide if he will keep his pact with hamas for makes his peace in israel. he is not part of the plo. the deal suggests it is contrary to what many people are saying here the deal calls for independent government that will prepare for national elections in may, 2012. they will present hopefully they will choose those representatives who advocate a peaceful resolution to the conflict in israel. that is something that needs to be clarified. it is being portrayed as a unit between fatah and hamas. they didn t read the translation of the agreement. what we are calling for is independent government out of all political factions that will
in the u.s. recognizing a terrorist organization president netanyahu says i think president has a choice he has to decide if he will keep his pact with hamas for makes his peace in israel. he is not part of the plo. the deal suggests it is contrary to what many people are saying here the deal calls for independent government that will prepare for national elections in may, 2012. they will present hopefully they will choose those representatives who advocate a peaceful resolution to the conflict in israel. that is something that needs to be clarified. it is being portrayed as a unit between fatah and hamas. they didn t read the translation of the agreement. what we are calling for is independent government out of all political factions that will prepare the ground for
subsidies. still, throughout the tense down to the wire negotiations, both sides said the conflict was about what to cut as how much. we re talking about real spending cuts, no smoke in mirrors. reporter: and now the reality is that it may not cut as deep as they appear. for example, $3.5 billion of cuts to the chip program is unspent money in the program. the deal calls for $2.5 billion in cuts from health care co-ops but the money doesn t exist yet. then there are the controversial policy writers that has nothing to do with spending. many, such as eliminating planned parenthood made it through. for example, gray wolfs are taken off the endangered species