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trillion in cuts over ten years, raises the debt ceiling about about the same amount, sets up a bipartisan committee to find other ways to trim another trillion and change from the deficit. think of it as a deficit posse. it calls for both chamber of commerce eventually to pass a balanced budget amendment to the constitution. they don't actually have to pass it, they just have to vote on it. and the president and house speaker admit that the plan is not perfect, but hey, there's a deadline tomorrow. here's what the president said, then you'll hear from a freshman republican who, by t...

the process, for that, i want you to take a look here. i will not try and walk you through it. it's a mess. the bottom line is 917 billion dml spending cuts with a special committee in charge of finding $1.5 trillion cuts by the end of the year, and the debt limit rises by $900 billion now, and $1.5 later. already, there is one potential wrinkle here. the nonpartisan budget congressional office says the plan would cut spending only by 1.5 trillion, not 2.4 trillion. we are following all the claims and repercussions as only cnn can. by colleagues join me, and if you don't believe this...

Harmed our economy. why on earth would we want to go through this again a few short months from now? >> so it has to be through 2012? >> for the economy, number one. number two, we want to make sure that if there is an enforcement mechanism -- and again, the committee is not going to be charged with just doing spending cuts only. the committee will be charged at looking at our entire deficit reduction problem and look at things like tax reform and revenue. you want something to compel this committee to act. that was part of the president's approach that he laid out for the country a few months...