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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