[EGPWS]

"In an effort to reach a bipartisan compromise, we are putting together a $2.7 trillion deficit reduction package that meets Republicans' two major criteria: it will include enough spending cuts to meet or exceed the amount of a debt ceiling raise through the end of 2012, and it will not include revenues.

Sounds like this is a cave by the dimocrats if this is true.

[skimbell]

"Sounds like this is a cave by the dimocrats if this is true."

Yep, and it might be a start as long as it isn't built on some B.S. idea of the cuts coming over the next ten years.

Taxes set up over a time period like this ALWAYS are enacted. Cuts over the same time span...not so much.

[Principled]

Sounds like this is a cave by the dimocrats if this is true.

It's a cave to the extent that they'll want Boehner's word that this is what he will pass. Reid knows he can't hold his majority in a vote for CCB ... so he wants Boehner to accept this.

Hold the line Mr. Speaker - out year cuts do not exist. Hence the debt max should only rise by the amount of THIS year's cuts.

[hinckley buzzard]

My guess is, a huge proportion of the cuts will be from defense.

[Brilliant]

In other words, increase the debt by $100 billion, cut the baseline by $100 billion. It may be better than what the Dems were offering, but they weren’t offering anything before. This isn’t much better, particularly if the spending cuts are in outlying years.

[mlocher]

Sounds like this is a cave by the dimocrats if this is true.

I wish they would cave. My take is that it cuts spending by $270B a year and pushes the next time the ceiling will be reached until after the 2012 election. Remember, Obama has had annual budgets with $1.6T deficits, and this would simply put it in the range of the $1.3T range -- still a very huge problem.

Reid's plan simply lets government grow at a slightly slower pace, unchecked, until AFTER the election. The dems want the issue on the back burner, while giving the appearance they are dealing with it.