I think it’s too early to tell what this will look like at the end, but this is the NYTimes on the current state of the deal. I pulled out the sections that appear substantive:
There seemed to be broad agreement that any deal reached would include at least $2.5 trillion in spending cuts over the next 10 years, of which $1.2 trillion would be approved now. But there was intense jockeying over the terms governing the next steps, including the work of a new bipartisan Congressional committee whose members would be charged with finding more deficit reductions in time for a second increase in the debt ceiling in just a few months.
Failure by that committee would trigger automatic cuts in programs beloved by Democrats and Republicans, respectively, unless Congress later this year passed a Constitutional amendment requiring balanced budgets.
Under the framework that negotiators were discussing today, half of those cuts would come in defense spending, while the other half would be a combination of other domestic spending, like discretionary programs and farm subsidies. Cuts to Medicare would not make up more than 3 percent of the non-military cuts.
We’d need a total number for non-military cuts to know what “not more than 3 per cent” means.
And negotiators agreed that any deal would not include language that could lead to a new formula for the annual cost-of-living adjustments for Social Security beneficiaries, a change that could save more than $100 billion in the first 10 years. While many economists have long said the existing formula overstates inflation, many Democrats oppose any change that would reduce benefits from current law. Dropping the proposal from the White House-Congressional talks reflected in part the influence of Representative Nancy Pelosi, the Democratic minority leader, whose negotiating hand has been strengthened, since she will have to deliver a significant number of Democrats votes for House passage of any solution, given the likelihood that Mr. Boehner will face a significant loss of Republican votes.
And it looks like the proposed changes to Social Security are off the table, for now.