From the San Francisco Chronicle -
Congressional leaders and the Obama administration negotiated to finish the details of an agreement to raise the U.S. debt ceiling, paving the way for possible votes in the Senate tonight and the House tomorrow on a plan to avert a U.S. default and calm market concerns.
"We're really, really close to an agreement, and we'll let you know when we get it," Senate Republican leader Mitch McConnell told reporters as he left the Senate chamber today.
Under the emerging plan, a bipartisan congressional super- committee would be charged with coming up with the savings by late November, and its recommendations would receive expedited consideration and a certain vote by Christmas.
Socially liberal groups and lawmakers expressed anger at the emerging package because it omits tax increases while cutting deeply into government spending and threatening still more reductions to safety-net programs such as Medicare.Tedski at Rum, Romanism, and Rebellion has Congressman Grijalva's full statement here.
"This deal does not even attempt to strike a balance between more cuts for the working people of America and a fairer contribution from millionaires and corporations," Representative Raul Grijalva, the Arizona Democrat who leads the Progressive Caucus, said in a statement. "I will not be a part of it."
Bottom line: Decimation of the social safety net is on the table; tax increases on corporations and the wealthy are off of the table.