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Debt ceiling: What they'll be voting on

NEW YORK (CNNMoney) -- Well, that was ugly.

And there's plenty in it for everyone to hate.On Monday, Congress will start voting on a last-minute debt ceiling deal that would keep the country out of default and reduce deficits by an estimated $2.5 trillion over a decade.

Whether the deal might also avert a first-ever credit downgrade for the United States is not clear, since ratings agency Standard & Poor's indicated it was looking for a credible, bipartisan plan that had at least $4 trillion of debt reduction.

As described by the parties Sunday night, the plan includes no tax or entitlement reform measures up front, although theoretically it leaves the door open to both.

The Senate is set to vote first, then the House. They don't have much time. The debt ceiling must be raised by Tuesday.

A debt ceiling increase of between $2.1 trillion and $2.4 trillion: The framework will raise the debt ceiling immediately by $400 billion, then by another $500 billion after September.

After deep cuts are enacted by the end of the year, it will be increased by another $1.2 trillion to $1.5 trillion.

All told, the increases should cover the Treasury's borrowing needs until 2013.   Read the legislation - Full text  http://money.cnn.com/news/storysupplement/debt_ceiling_bill/?iid=EL

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