ABC News' Jonathan Karl reports:
There is caution on Capitol Hill about a tentative deal being reached.
As the mantra here goes, "nothing is agreed to until everything is agreed to."
Congressional leaders have begun briefing their membership on this framework and are gauging reaction. The key question, of course, is whether there is enough support to pass it.
And one more detail on this emerging deal:
As reported earlier, President Obama would get a debt ceiling increase of up to $2.4 trillion (the final amount tied to the amount of the cuts agreed to).
Here's how that would work:
The current framework would give the president the authority to raise the debt ceiling in two parts: roughly half of it now and the balance at the end of the year.
Each increase would be subject to a Congressional resolution of disapproval.
If Congress voted to disapprove that increase, however, the President could veto their disapproval.
This is borrowed from a proposal made a while back by Mitch McConnell.
The bottom line is the same: the president would be able to raise the debt ceiling enough to get past the 2012 election.