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We begin this morning with a budget breakthrough. president obama announced last night that lawmaker mis-washington have reached a last minute agreement to raise the nation's debt ceiling before tuesday's deadline. nbc's tracie potts joins us from washington with the details. good morning to you. >> reporter: veronica, good morning. the deal will raise debt ceiling and deal with most of the tough questions well before the 2012 elections. the white house and top democrats and republicans agreed on over $2 trillion in budget cuts, allowing the u.s. to borrow that much more. >> it will allow us t...

Unable to get a successful conclusion, we go to sequestration for automatic cuts, but if you look at the automatic cuts, they are nowhere near devastating as the default on the debt would have been and it is balance between defense and domestic which will cause heartburn for democrats and republicans and something that we need to avoid, but neither side has an advantage in the negotiations. we hope that we will be able to come together. i hope it is for more than $1.2 trillion and i hope it is balanced and including revenue and if we do that, it is is going to be best for the country. >> and w...