Pelosi: I am behind debt deal despite flaws
House Democratic leader Nancy Pelosi is supporting the debt deal President Obama brokered with congressional leaders because it is just about "adequate," she told CBS News Capitol Hill Correspondent Nancy Cordes on Monday.
The bill "isn't perfect," Pelosi said ahead of the House vote on the deal, which initially cuts federal spending by nearly $1 trillion over 10 years and makes an initial increase in the nation's borrowing limit by the same amount. The deal creates a special, bipartisan congressional committee of a dozen members to come up with recommendations by Thanksgiving for $1.5 trillion in further deficit reductions.
The Democratic leader said she's not pressing other House Democrats to vote for the bill -- "they have to do what they believe," she said. However, Pelosi added, "If you read the Republican description of what this bill is, it makes it sound worse than it actually is."
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Pelosi maintained the bill protects Social Security, Medicare and Medicaid thanks to Democratic efforts. Some progressive members of the House have complained the bill puts Medicare "on the chopping block," since it would trigger some cuts to Medicare in the event that Congress failed to pass a deficit reduction proposal from the bipartisan committee.
Pelosi acknowledged her caucus is divided over the bill. Rep. Emanuel Cleaver, D-Mo., head of the Congressional Black Caucus, went so far this morning as to call the deal "a sugar-coated satan sandwich." In an ABC interview, Pelosi said she'd agree with that characterization.
"It probably is - with some Satan fries on the side," she said.
"I don't think it's a bill Democrats would be happy with because it doesn't share our values," Pelosi told Cordes. "However, it must be done. We have to avoid default."
