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 the republican leader and mit
busy weekend. good morning, august 1st. a lot going on today. it was an agonizing weekend and we were all up late last night. e-mails flying at midnight. it was busy. but things are a little brighter today than they were last night and saturday night and a little brighter. tiny bit. we start with that possible break-through in the debt ceiling crisis. in a few hours the house and senate are expected to vote on a plan by president obama and congressional leaders to raise america s borrowing limit in exchange for massive spending cuts. i want to announce that leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default. the default that would have had a devastating effect on our economy. a sense of what the agreement looks like, going to increase the debt ceiling by up to $2.4 trillion. that is enough to get us through 2012, we hope. the plan also includes $917 billion in immediate spending cuts and it preserves t