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Outlines of Debt Compromise Emerge An announcement could come as early as Sunday afternoon. By Major Garrett Updated: July 31, 2011 | 9:20 a.m. July 30, 2011 | 11:26 p.m.

U.S. Senate Minority Leader Sen. Mitch McConnell, right, speaks as Speaker of the House Rep. John Boehner looks on during a news conference on the debt ceiling negotiation July 30, 2011 on Capitol Hill in Washington, D.C Here are the outlines of a debt-ceiling deal that congressional leaders and the Obama White House are firming up in preparation for a possible announcement as early as Sunday afternoon. In many respects, the deal will, if approved by all parties, resemble the contours of a short-lived pact negotiated last weekend by House Speaker John Boehner, R-Ohio, and Senate Majority Leader Harry Reid, D-Nev. Obama rejected that deal, forcing Congress to wrestle with other inferior legislative options throughout the week. Among the newest wrinkles, according to informed sources, is an agreement to extend the current $14.3 trillion debt ceiling very briefly to give the legislative process time to work without resorting to emergency, hurry-up measures. Read More:

http://www.nationaljournal.com/budget/outlines-of-debt-compromise-emerge-20110730