There’s just a few hours to go before the deadline to vote on raising the debt ceiling and steer clear of a federal default. Late Sunday a deal was worked out and the House and Senate are expected to vote on it. Broadly, the deal raises the debt ceiling, reduces the deficit, and avoids a credit default. More specifically… everyone should read the 74 pages of the bill before making a comment about it. If you don’t have time for that, the White House has also released a 1,465 word fact sheet, a “TL;DR” document of sorts for the nation.

* The agreement calls for $2.1 trillion in cuts spread out over 10 years, including both defense and non-defense spending.
* The president is authorized to raise the debt ceiling $2.1 trillion
* If Republicans and Democrats don’t follow through with a balanced debt reduction plan, starting in 2013, an “enforcement mechanism” will automatically kick in and force spending cuts split evenly between defense and non-defense spending.

And one of the surest signs that the bill has the potential to represent real compromise is that nobody is completely happy with it.

Here is the full bill to read.

Here is the fact sheet.

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.