Debt-Limit Agreement Likely to Pass, Republicans Say

Republican leaders and the Obama administration voiced optimism that Congress will pass a compromise plan to raise the U.S. debt limit by at least $2.1 trillion and slash federal spending by $2.4 trillion or more.

The House plans to vote today on the agreement after a months-long struggle over raising the $14.3 trillion debt ceiling before the nation’s borrowing capacity expires tomorrow. Senate Majority Leader Harry Reid said a Senate vote “could happen either tonight or tomorrow.”

“I feel confident that this will pass,” Vice President Joe Biden said after meeting with House Democrats to rally support. “It has one overwhelming redeeming feature. It says that this debt-limit issue cannot come up again until 2013.”

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