01 August, 2011

CNN Breaking News

House Speaker John Boehner told House Republicans Sunday night that there is nothing in the framework of the newly announced debt agreement that "violates our principles," according to a transcript of his remarks obtained by CNN.

The agreement calls for more than $2.4 trillion in deficit reduction.

"It's all spending cuts. The White House bid to raise taxes has been shut down. And as I vowed back in May -- when everyone thought I was crazy for saying it -- every dollar of debt limit increase will be matched by more than a dollar of spending cuts. And in doing this, we've stopping a job-killing national default that none of us wanted," he reportedly said.

Both chambers of Congress still must pass the measure.

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