Posted on 05/05/2011 5:22:55 PM PDT by NormsRevenge
WASHINGTON (Reuters) – The outlines of a deal that would allow the United States to avert a debt default emerged on Thursday as top Republican and Democratic lawmakers held their first meeting aimed at cutting the bloated U.S. deficit.
Republicans edged toward a White House plan that would cut some spending now and set long-term deficit reduction targets, but said more difficult decisions on taxes and healthcare spending would have to wait until after the 2012 election.
A top Republican lawmaker, Paul Ryan, said there would be no immediate "grand slam" agreement on tackling the budget deficit, expected to reach $1.4 trillion this year and a major worry for Americans and investors.
If both parties can reach agreement on the framework for cutting the long-term U.S. deficit, that could clear the path for a vote on raising the $14.3 trillion debt ceiling.
The U.S. Treasury says the borrowing cap will be breached on May 16, although it can take steps to keep funding the government until August 2. An increase of roughly $2 trillion is needed to ensure enough borrowing power through the November 2012 election, Treasury officials have said.
Like the White House, Ryan and other top Republicans favor setting a long-term deficit reduction goal with automatic triggers that would kick in if deficit-cutting targets had not been met.
But a clear fault line remains as Republicans say those triggers should only require spending cuts, not automatic tax increases. Democrats say tax hikes need to be part of the equation.
...
Biden voiced optimism after the meeting as Republicans drew back from a plan to scale back the Medicare health program for the elderly, an approach Democrats firmly oppose.
"We had a good, productive first meeting today," Biden said in a statement. A second get-together .. next Tuesday.
(Excerpt) Read more at news.yahoo.com ...
Just making the issue go away for the next election.... Then there will be another election.... Then another......
Someday ‘Bondzilla’ WILL come back to life. Bernanke can’t keep him chained up forever.
I wonder when, if ever, our nation will have a two party system again....
I figured as much. We aren’t serious about fixing anything. We need china to dump our debt so we can fix it. Until then we will continue to hit our crack pipe of debt.
Gee, the Pubes won’t even hold out for the OBL photos. The Dems must have loads of fun playing these cowardly fools.
John Boehner : "You promise this time; dinner first!"
LLS
Weak, effete, elite, Crybaby Boehner is more dangerous than Pelosi or Reid. I firmly believe he is on the Democrats side. He disgusts me.
Be very worried. This is too easy and that means it bodes ill for the people.
The GOP better watch it.
Is Boner crying yet?
...which, of course, we all know will NEVER be reached, because of "emerging priorities."
Same old... same old....
The Deal:
Democrats keep and increase all their spending projects by 10%.
Republicans get a vague promise of consideration for future discussion about “deficit reduction targets,” a decoder ring, an IPOD loaded with Obama speeches....
...and a puppy.
TRANSLATION: "We are rolling the weaklings in the Stupid Party - and doing it quickly!"
“I wonder when, if ever, our nation will have a two party system again....”
It won’t. The gop and dems may disagree around the margins from time to time, but one thing they absolutely 100% agree on is using the law to hinder third parties. It’s been an effective strategy.
BOHICA
It is a party no longer worthy of conservative support. They are part of the problem.
Well here we go again. Republicrats doing what they do best. Nothing.
Here is a novel idea. I know its a little crazy but why not just cut $1.6 trillion from the spending plan and then they won’t need to raise the debt ceiling? I know it sounds too reasonable. Just forget I said it.
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