Posted on 07/31/2011 1:37:38 AM PDT by Colonel Kangaroo
Late Saturday night, ABC News and National Journal reported that the outline of a deal had been reached by congressional leaders and the White House.
ABC's Jonathan Karl reports that "Democratic and Republican Congressional sources involved in the negotiations" tell him that these are the key elements of the deal:
•A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal). •They have now agreed to spending cuts of roughly $1.2 trillion over 10 years. •The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both. •The special committee must make recommendations by late November (before Congress' Thanksgiving recess). •If Congress does not approve those cuts by December 23, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. This "trigger" is designed to force action on the deficit reduction committee's recommendations by making the alternative painful to both Democrats and Republicans. •A vote, in both the House and Senate, on a balanced budget amendment. An additional element of the deal, according to a report by National Journal's Major Garrett, is that "No net new tax revenue would be part of the special committee's deliberations."
Karl adds some more key details on the potential automatic Medicare and defense cuts:
Two sources briefed on the framework say the automatic cuts would hit Defense spending harder than Medicare. A Republican briefed on the framework says this will be unacceptable to many Republicans...
(Excerpt) Read more at weeklystandard.com ...
At this point, I am beginning to think that no deal is the better of worse options IF this is what we are looking at.
We really haven’t been shown anything yet. This is a balloon and we should pop it even before it starts to float.
I agree. And the basics of this agreement, if they pan out, sound helpful in that regard, and quite an accomplishment for where we are now.
The solution is to freeze the debt limit, and cut spending to match income. Get ride of rogue agencies such as EPA, DOE, NEA, OSHA, and EEOC. Cut welfare, especially to those that never paid into the system. Cut ALL benefits to illegals. Then start trimming the important stuff.
This is but another scam from the professional politicians on both sides of the aisle.
Until we force government to zero-based budgeting they will continue to show us ‘deficit reduction’ in this manner. Only these gasbags tell us that what they now intend not to spend based on (likely false) CBO projections of revenue is a real reduction in spending. The CBO projections factor in growth that may or may not happen, and they look out three to five years.
Zero based budgeting, along with balanced budget requirement and Constitutional validation of expenditures (via the enumerated powers), will go a long way to assuring fiscally responsible government, at all levels.
Make me emperor an I will do it in two.
Maybe. Or is this a leak allowing the WH to see what the reaction of the public is?
Remember 2 weeks ago when it appeared there was a deal, some Sen. dems squawked loudly about being "out of the loop" and then Obama wanting $400B in taxes? My take is that there may be a deal if the Tea Party voters accept this and the whacky left accepts it.
But if there are no new net tax revenues (increases), then it is a wash. In other words, taxes can be raised to close loopholes if the overall tax rates lowered. I hope that’s what it means.
Once again this is a con job.
1) The Tea Party puts up a budget (several actually),
2) the Democrats says it’s unreasonable,
3) the Democrats gather a few RINOs and say they have a “bi-partisan” solution,
4) the MSM touts how much the Democrats have compromised,
5) Tea Party members are bashed for not giving in.
This has happened several times already. Last time the House Tea Party members got burned. I don’t think they’re going to let that happen again but I’ve been disappointed before.
“Across the board” to me means everybody gets hit the same. <<
How do you hit 47% that pay no taxes?.....with no skin in the game its a losing cause...
Correct, they will then double you taxes and hire more police to protect themselves.
These “deals” keep getting worse and worse. I hope Boehner loses his speakership over this.
“Make me emperor an I will do it in two.”
LOL John Stossel did it in about 10 minutes when I saw his show yesterday. He got rid of a ton of govt agencies and their subsidiaries.
Not a damn wash, the rinos and rats have kicked the can. And have increased the odds of a second Obummer term.
Heck, why have a “committee” why not just a
Budget CZAR. /S
I think we need to save every sound bite and written word from those involved to throw back at them during the election. They will not be able to run from the decisions they have made.
None of this talk about compromise!..the Compromise is built into the Constitution via 2 houses!
Time for all of the Tea Party members to give the MSM a lesson on the constitution!!...Don't let “compromise” become the issue...(it's not in the constitution)...Its been done!
I am sick of hearing about compromise. It is only compromise if we do it "their" way!
The leadership of the Republican Party has shown itself to be worse than Democrats. Republican leaders are sneaky traitors to fiscal responsibility while double dealing against their own strongest and most patriotic members.
No raise in the debt ceiling is the best possible option.
The sky won't fall.
The Democrats will be shown as liars.
Real cuts will have to be made immdediately.
The world's investors will regain confidence in America's seriousness about its debt.
I saw some of that. What a mess, 400 subsidies in the Dept of Ag(I think it was). Man I could have fun cleaning that up.
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