US Congress to vote on debt ceiling deal

The CNN is reporting that The US Congress is expected to vote today on a last-minute agreement to raise the federal government's debt ceiling while imposing sweeping spending cuts.



The vote will be on a bipartisan deal that promises to narrowly avert an unprecedented national default with catastrophic economic consequences.



The deal calls for up to $2.4 trillion in savings over the next decade, raises the debt ceiling through the end of 2012 and establishes a special congressional commission to recommend long-term fiscal reforms.



The measure needs to reach President Barack Obama's desk by Tuesday night to beat the August 2 deadline.