AP: Highlights of budget and debt limit pact

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--Create a 12-person, House-Senate committee evenly divided between the political parties; charged with producing up to $1.5 trillion more in deficit cuts over 10 years. If a majority of the committee agrees on a plan, it would receive a vote in both the House and the Senate. If the panel deadlocks or fails to produce at least $1.2 trillion in additional cuts, or if Congress fails to enact its recommendations, the White House budget office would impose across-the-board spending cuts across much of the federal budget, including the Pentagon, domestic agency budgets and farm subsidies. Many federal benefits programs, however, would not be covered by this, including Social Security, Medicaid, veterans' benefits, and federal retirement benefits.

--Require both House and Senate to vote on a balanced budget amendment to the Constitution.

--Establish "program integrity" initiatives aimed at stemming abuses in benefits programs like Social Security.

--Increase funding for Pell Grants for low-income college students by $17 billion over 2012-13, financed by curbs in student loan subsidies.