Congress has yet to approve a deal to raise the debt ceiling to stave off a potential financial default. The deal, announced Sunday night by President Barack Obama is a complicated one that many of the lawmakers are just now trying to comprehend.
The legislation would slice more than 2 trillion dollars from federal spending over a decade and permit the nation's 14 point 3 trillion dollar borrowing cap to rise by up to 2 point 4 trillion dollars.
Leaders of the House and Senate say votes could come as early as this evening on the deficit-cutting plan that's expected to avert a government default on its debts. Rob Alexander, associate political science professor at Ohio Northern University says the deal favors republicans and stands to hurt President Obama's popularity going into the 20-12 elections.
Alexander believes the real winners are the American people who won't be faced with a government that has defaulted on its debts.
