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 ...
•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.
THIS is what I tried to point out on the other thread and no one seemed willing to see it. Now here it is again and this time, in the Weekly Standard.
We can't just go silent and accept this.
It will take 8 years of a new administration and Congress to clean up the mess Obama made in 4.
At some point, congress won’t be able to borrow money.
Then they will do by necessity, what they lack the courage ti do now.
Seems to conflict with the last line in that paragraph: ‘No net new tax revenue would be part of the special committee’s deliberations.”’
Only 8 years?
You’re rather optomistic.
Yes, they think they can just going into debt forever!
“Spend all you want, we’ll make more.”
Actually, he did it in 2, that's when the Republicans took control of the House and put the brakes on his spending.
Then this piece of garbage better be DOA in the House.
The special Congressional committee "recommends" cuts and taxes, huh.. We'll see how fast "recommends" turns into "commands". This "special committee" sounds like a ruse designed to make all the important decisions so that those decisions can then be denounced as "outrageous" by the cowards who created the committee, even as they shrug and say, "Oh well, what can you do? The 'committee' says taxes have to be raised again. My hands are tied."
I am so sick of these scumbags it makes me throw up in my mouth a little.
So how come “across the board” cuts hit Defense and Medicare the hardest? “Across the board” to me means everybody gets hit the same. Once again, the PUBs show their yellow streak.
If this deal goes through, the MUST be a constitutional challenge.
Just why do they need a committee?
It’s the Congressional version of mutually assured destructiom...and it sucks.
Cowards. That’s why. Yesterday, I was defending the leadership. THIS is supposedly a *tentative framework*.If that is true, then it ain’t over because the fat lady, US, hasn’t sung yet. I hate opera, but I will bust a few octaves to try to make sure this doesn’t see the light of day.
obama should get NOTHING because that is exactly what he contributes. Less than nothing. I am furious.
I doubt if they’ll get this through the House.
I wouldn’t trust Obama with a pocket full of quarters let alone a couple of trillion dollars. We have heard this “give me a couple of trillion dollars or the world will end” song before. I didn’t like it back in 2008, I don’t like it now. You know this money is going to be used to pay off his democratic supporters who will then use it to pay for his reelection campaign. no deal.
I thought "revenue enhancements" (LOL) were not an option?
Do Republicans really think a "committee" endorsement gives them political cover from raising taxes? How shallow is this?
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