Debt deal: Brace for spending cuts

CNNMoney
Charles Riley, On Monday July 4, 2011, 8:30 am EDT

That's how the deal to raise the debt ceiling is shaping up. Details are thin, as negotiations have been carried out behind closed doors and involve only a few of Washington's heaviest hitters.

This much is known: Lawmakers must raise the nation's $14.3 trillion legal borrowing limit soon. The Treasury Department says that on Aug. 2 it will run out of money to pay the nation's bills in full and on time.

That's only a few weeks away. So what's it gonna take?

Full story:
http://money.cnn.com/2011/07/04/news/economy/debt_ceiling_debate/index.htm