Reid Agrees To Major Debt Limit Deal — Here's What He's Signed Off On  —  Senate Majority Leader Harry Reid (D-NV) has signed off on a deal to raise the debt limit pending the approval of his caucus — and of course if can win the backing of Senate GOP leaders and then a majority of the House.

GOP on verge of huge, unprecedented political victory  —  By all accounts, it looks like a deal is about to be announced in which the debt ceiling is hiked in exchange for the promise of major spending cuts, including to entitlements, totalling at least $2.4 trillion.

Waiting To Exhale  —  For those holding their breath over the debt crisis, Sunday night brought some positive news.  —  Around 8:30pm the chief Senate Democrat Harry Reid and his Republican counterpart Mitch McConnell hit the chamber floor to announce they had reached a deal in principle.

To Escape Chaos, a Terrible Deal  —  There is little to like about the tentative agreement between Congressional leaders and the White House except that it happened at all.  The deal would avert a catastrophic government default, immediately and probably through the end of 2012.

Obama and Leaders Reach Debt Deal  —  WASHINGTON — President Obama and Congressional leaders of both parties said late Sunday that they had agreed to a framework for a budget deal that would cut trillions of dollars in federal spending over the next decade and clear the way for an increase in the government's borrowing limit.