Bloomberg appears to be the first news source to report that a...

Bloomberg appears to be the first news source to report that a tentative deal on the debt ceiling has finally been reached between the GOP and the White House. As Bloomberg reported just minutes ago,

The White House and congressional Republicans have found the framework of an agreement to increase the nation?s debt ceiling that would raise borrowing authority through the next presidential election, a person familiar with the talks said late last night.

The tentative outlines of the accord include spending cuts of $1 trillion and creation of a special committee to recommend additional savings of up to $1.8 trillion. The new panel would have to act before the Thanksgiving congressional recess in late November or government programs including Defense and Medicare would face automatic, across-the-board cuts, the person said.

With the debt ceiling threat eliminated, the process of choosing federal programs to cut will begin