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 ...
I don’t mean a wash the larger sense but a wash in the sense of taxes. Clearly the deal is utterly inadequate in what it cuts
EXACTLY!!...and that's how the MSM is framing it...
They need to be taken to the woodshed and schooled on the Constitution...The “compromise” happened when the House PASSED....I said PASSED 2 bills....
“This is a balloon “ ...sent up to help the Dems on the Sunday talk shows.
The media always does this on an important issue Saturday night to keep Republicans off point.
NO WAY THIS SHOULD GO PAST THE ELECTION. I DON’T WANT TO GIVE THAT BASTARD ONE THING TO HELP HIM GET REELECTED.
Remember, if he wins, he brings along his croney dem senators with him...if he loses, they go too. While the GOP is no paradise, it is far better than that pack of commie running dogs.
Sounds to me like that means they can shuffle revenues, but not raise them.
Sounds like this bill would require at least two more votes — one on the balanced budget amendment, and another on the committee’s recommended cuts.
So if it were to pass, there would be plenty of drama down the road, not exactly giving Barry0 peace past the election.
I have no opinion yet on the bill, waiting to hear more. Sounds like it offers plenty to annoy all sides.
The ruling elites have yet again taken and snubbed their noses at Americans..
This bill gives democrats and socialists what they wanted.
Our only hope is the house stands firmly against this pig.
Both Stuart Varney and Charlie Gasperino said this morning on FOX that the latest crap produced by both sides is a loser for conservatives and the Tea Party and increases our debt dramatically.
Rinos and Dims win again.
bs... do nothing and budget is automatically balance
When Pelosi said “Boehner went to the dark side”? Republicans should have come out and reminded Pelosi of her “PAYGO” PLATFORM...which she never honored.
Notice how Medicare and Defense are the ones to take the big hits next time if no agreements? WHY? Because those are the two that the DEMS can scream about and acuse the Repubs once again the elderly and our soldiers will go without if you don’t raise the limit.....SHELL CAME AGAIN.
Notice cuts over 10 years again....
Did you hear how the illegals are going back to Mexico because our economy is so bad and the unemployment in Mexico is like 4% unlike 9.7% in US.
I believe the House will stand firmly against this pig.
As for giving democrats and socialists what they wanted, they should be careful what they wish for.
There is no way this bill represents the sense of the GOP-dominated House. Any bill that passes with less than a significant majority of GOP House members onboard may be a tactical victory in the short-term for the President, but it will be a major strategic blunder for him.
And here’s why: Boehner 3.0 had 90% GOP support, and for that reason, it would have given the President the lifeline he desperately needed. Obama would have been viewed as the bi-partisan champion, the adult in the room, and the major Tea Party leverage would have been gutted going in 2012.
If they instead come up with a deal that passes the Senate, goes back to the House where they get 100% of Democrats and just enough GOP defectors to get to a one vote passage, the outrage will be unbelievable. The ensuing political tidal wave will make a Rick Santelli rant look like Mister Rogers Neighborhood by comparison.
It will energize the GOP base unlike anything we have seen since 1980, and as Obama proved in 2008, an energized base and GOTV is the key to victory. It will ensure Obama’s defeat.
The “cave” was Boehner 3.0. The Dems foolishly did not take that gift. Now, they give Boehner cover, and the House will be united.
What NOBODY is asking...what will they do in 2013 when they have to come back for another debt increase?
not a deal. but abdication.
the GOP now becomes irrevalent to conservatives.
This one will now only vote Tea Party
“At some point, congress wont be able to borrow money.
Then they will do by necessity, what they lack the courage ti do now.”
They already can’t borrow the money. Once this debt ceiling is passed, Bernanke will fire up the printing presses for QE3 and buy up the new debt. Our elites have decided to solve the revenue problem through hyperinflation.
“When Pelosi said Boehner went to the dark side? Republicans should have come out and reminded Pelosi of her PAYGO PLATFORM...which she never honored.”
I’ve come to the conclusion that a major criteria of becoming a Republican leader is learning how to turn the other cheek. Bush spent eight years as a punching bag with Reid, Pelosi, Kerry, Kennedy, and the mainstream media spewing lies and distortions.
We are seeing the same thing with Boehner and McConnell. Reid, Obama, and Pelosi tell outrageous lies which are not responded to by the Republicans.
The Democrats approach politics as nuclear warfare. We saw this in the adoption of healthcare where they used every dirty trick. The Republicans approach politics as a country club sport. Winning or losing isn’t important it is the social aspect of the game. They just want to get it over with so they can shake hands and go on to the cocktail hour.
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