Deal to raise debt ceiling: Still needs congressional approval

WASHINGTON–Just before the Asian markets opened, President Obama announced Sunday night he’s made a deal with congressional leaders to raise the debt ceiling. The House and Senate must approve the plan. “This process has been messy, it has taken far too long,” Obama said in the announcement from the White House briefing room. He urged members of both parties to “do the right thing” and support the deal. The agreement–once it is approved by Congress and signed by Obama–means the U.S. averts an Aug. 2 default.

House Speaker John Boehner (R-Ohio) is briefing his members as this is being written. A summary and analysis of the deal from Boehner’s office–a power point presentation with details of the two-step process to cut spending–can be read here.

House Democratic progressives are concerned the deal opens up cuts in entitlement programs; they meet on Monday to discuss the situation.