Posted on 07/24/2011 2:37:05 PM PDT by SDShack
Just out from CNN's Lisa Desjardins
BREAKING - NEW Dem. debt plan: Reid to offer at "least $2.5 Trillion" in deficit redux w/ no revenue increases, Dem. source tells CNN. NEW REID PLAN: "At least $2.5 T in deficit redux" w/ no revenue increases. BUT, unclear what baseline he's using and what he'd cut. REID PLAN: Dem aide tells our @tedbarrettcnn they think it meets GOP call for dollar-for-dollar spending cuts with debt increase.
(Excerpt) Read more at zerohedge.com ...
LisaDCNN Lisa Desjardins
DEBT - BOEHNER in battle mode: In call said GOP must protct U.S. from “what...president is trying to orchestrate” and GOP must “stop him”.
Moodys has said before: less than $4 trillion in cuts = credit downgrade.
First details I’ve seen. Just posted on Politico:
http://www.politico.com/news/stories/0711/59780.html
I suspect Reid will get an earful from the libs if there are no tax increases. Most likely it will be like Zero Hedge says... backloaded spending cuts that won’t materialize and no tax cuts. Essentially a debt ceiling raise with no cuts. Will be interesting to see the reaction of S&P and Moody’s.
Whatever it is that Reid is offering must be thoroughly examined for escape clauses, booby traps, other mischief as the DemoRATS are NOT trustworthy ever.
If true this is a good sign. The debate needs to be about the level of cuts without any tax hikes. The amount is important but not as important as ensuring we frame the debate for 2012.
The storyline for 2012 is that the dems have been running spending us into oblivion and now it is the Republicans turn (to spend us into half an oblivion).
>> anyone know what is going on in the Asian Markets right now?
Oh, it’s total Chernobyl meltdown, I’m sure. I don’t even have to look; Odumbo and Boner said it would be and they NEVER lie.
I don’t believe it either...
Raising taxes is part of a Dem’s DNA. Raising taxes is as natural to a Dumocrap as breathing and walking.
1. Make up phony spending projections.
2. Make up phony cuts in the distant future.
3. Cut the sh*t out of defense.
4. Adjust 1, 2 and 3 until they compute to $2.4 trillion.
Voila!
Oh, yeah,and blame the Republicans when it falls through.
I don’t think the Republicans need to do anything. They passed a budget and dingy harry tabled it. Alright harry, I’m going home.
ditto.
Boehner and Majority Leader Eric Cantor (R-Va.), according to several sources on the call, implored his colleagues to “stick together” to enact a budget deal that they can support. Boehner said an agreement “will require some of you to make sacrifices.”
In otherwords, Freshman GOP...BOHICA
All Asian markets are up! http://www.marketwatch.com/
Let’s wait and see how much, if any, of the $2.5 MM cuts are frontloaded in FY 12.
If the deal is a sham, then the credit rating agencies will have the last word.
And they can pass a sham deal in both houses without GOP support. Let the RATS own the consequences.
If S&P is true to its word, the downgrading will come.
Timmy and Barack lose.
no cuts intended, just minor reductions in the planned increases.
Eliminate all welfare, welfare health care, food stamps, the EPA, Department of Eucation, Interior Department, Energy Department, the FDA, for starters and fire everyone that works in them.
For a tax increase, eliminate the Earned Income Tax Credit.
WHY IS NOT BOEHNER, the Republicans and even Rush, Our Real Leader, NOT DEMANDING INSTANT EVALUATIONS of EVERY FEDERAL BEREAUCRAT EMPLOYEE thru Efficency Studies and Reductions of Force thruout the Entire FEDERAL GOVERNMENT, Department by DepartmenT????????????? CUT THE FEDERAL WASTE AND FRAUD!!
We dont need the Department of Energy, the Department of Education, nor 99% of the department of State to name just a few!! We can cut the Federal Payroll by 30% and not have any adverse effect whatsoever, and if we cut the Federal Payroll by 50%, AMERICA would see an Immediate Improvement of 1000%!!! CUT THE FRAUD AND CRAP IN GOVERNMENT!!
House Democratic Minority Leader Nancy Pelosi outlined to a small group of bloggers Friday a way that Democrats could reluctantly accept $2.5 trillion in cuts without revenue increases. They would take the $1.5 trillion in cuts identified by a bipartisan group led by Vice President Joseph Biden, added to $1 trillion from ending the wars in Afghanistan and Iraq. Democrats wouldn't be happy to accept such cuts without any tax increases but it would achieve their goal of preserving safety-net programs like Social Security and Medicare. And it would allow Congress to extend the debt limit through the end of next year—a $2.5 trillion increase—while meeting Mr. Boehner's condition of having an equal amount of spending cuts.
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