By Cristina Marcos - 08/01/11 09:50 AM EDT
Congress and President Obama have a deal on raising the debt ceiling, but the timing of the agreement, made late Sunday evening, leaves lawmakers on a tight schedule to get it passed in order to avoid a default.
The deal cuts spending by close to $1 trillion immediately and mandates a 12-member joint committee to create additional ways to reduce the deficit by at least $1.5 trillion over the next 10 years. The committee must report its findings by late November. The package does not contain any tax increases.
A vote on the deal is expected to take place Monday, though an exact time is yet to be announced.
Speaker John Boehner (R-Ohio) held a conference call with his caucus Sunday evening to encourage support for the deal, and leaders in the House and Senate will meet with their respective conferences on Monday morning to encourage their rank-and-file to vote for the package.
The final bill will need bipartisan support to successfully pass both chambers and reach the president’s desk for a signature.
Meanwhile, Obama turns 50 on Thursday, and will attend some fundraisers Wednesday as part of the celebration.
Monday, Aug. 1
The Senate will meet at 10:30 a.m., and the House will meet at 10 a.m. for morning-hour debate.
Senate Democrats and Senate Republicans will each hold caucus meetings at 11 a.m. to discuss the final debt deal. House Democrats will also meet to review the agreement.
Tuesday, Aug. 2
The Senate Armed Services Committee will hold a hearing on the U.S. strategy in Afghanistan. Witnesses include Deputy Defense Secretary William Lynn III and Vice Chairman of the Joint Chiefs of Staff Gen. James Cartwright. The hearing will begin at 9:30 a.m. in 106 Dirksen.
Wednesday, Aug. 3
Obama is scheduled to attend two Democratic National Committee fundraisers in Chicago as part of his birthday celebrations. White House spokesman Jay Carney said Friday those would stay on the schedule if a debt deal succeeds.
Thursday, Aug. 4
Richard Cordray will testify before the Senate Banking, Housing and Urban Affairs Committee as part of his nomination to be director of the Consumer Financial Protection Bureau. The hearing will begin at 2 p.m. in 538 Dirksen.
Secretary of State Hillary Clinton will testify before the House Foreign Affairs Committee on "Afghanistan and Pakistan: Transition and the Way Forward." The hearing will begin at 9:30 a.m. in 2172 Rayburn.
Securities and Exchange Commission Chairwoman Mary Schapiro will testify before the House Financial Services Committee on "Fixing the Watchdog: Legislative Proposals to Improve and Enhance the Securities and Exchange Commission (SEC)." The hearing will begin at 10 a.m. in 2128 Rayburn.
Secret Service Director Mark Sullivan will testify before the House Homeland Security Committee on "The United States Secret Service: Examining Protective and Investigative Missions and Challenges in 2012." The hearing will begin at 2 p.m. in 311 Cannon.
Friday, Aug. 5
The House Financial Services Committee will hold a hearing on "Exposure of U.S. banks to the European Union's debt crisis.” The hearing will begin at 10 a.m. in 2128 Rayburn.