After weeks of posturing and pleading, with threat of a default just days away, news of a possible debt ceiling deal is dribbling out of Washington, first reported by ABC's Jonathan Karl. The deal would raise the ceiling by $2.4 trillion in two phases, enough to last into 2013, in exchange for up to $2.4 trillion in cuts—$1 trillion over the next 10 years agreed to now, with up to $1.6 trillion in deficit reduction to be named later. The final amount in cuts would match the amount the debt ceiling is raised.