Debt-Limit Agreement Likely to Pass, Republicans Say – Bloomberg

Debt-Limit Agreement Likely to Pass, Republicans Say – Bloomberg.

Republican leaders, with no extra time before a default threatened for tomorrow, voiced optimism that Congress will pass a compromise with President Barack Obama to raise the U.S. debt limit by at least $2.1 trillion and slash federal spending by $2.4 trillion or more.

The House plans to vote today on the agreement reached during a weekend of negotiations that capped a months-long struggle between Obama and Republicans over raising the $14.3 trillion debt ceiling. Senate Majority Leader Harry Reid said he expects a vote “hopefully during” today’s session.

“We’re very optimistic we’re going to do well,” said Senate Republican leader Mitch McConnell, of Kentucky, emerging from a meeting where he briefed Senate Republicans on the plan.

In the House, Budget Committee Chairman Paul Ryan said, “It’s a good agreement, it’s going to pass.”

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