Minnesota Sen. Al Franken wanted to take away tax breaks for the rich and eliminate tax loopholes for big oil companies as he tried to reduce the deficit and raise the debt ceiling. But he'll settle for the cuts-only compromise offered by the Senate and House leaders and endorsed by the President. In a statement released late Monday afternoon Franken explained that the "disastrous" alternative of allowing the country to default on its payments would hurt Minnesotans too much. Franken said the cuts-only deal that also raises the debt ceiling to keep the government paying its bills protects Social Security and Medicare and Medicaid beneficiaries. Franken joined Minnesota's other Sen. Amy Klobuchar, who announced her support for the debt/deficit deal early in the day.