Posted on 07/25/2011 10:11:01 AM PDT by kristinn
Rush Limbaugh said Speaker of the House John Boehner phoned him this morning around 10:30 to brief him on the latest news about his negotiations with Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell to raise the nation's debt ceiling.
Limbaugh told about the conversation on his nationally syndicated radio program. Boehner said there is a two-tier plan in the works. Step one would cut $1.1 trillion in spending with a $1 trillion increase in the debt that would get the government to April 2012 with no tax increases.
The next tier would be recommended cuts by a joint House-Senate committee made by twelve members, six from each chamber with three each appointed by each leader, Boehner, Reid, McConnell and House Minority Leader Nancy Pelosi.
Limbaugh said that McConnell is now on the same page as Boehner.
Obviously, that all depends on how many branches of Gov't we control in Jan '13.
But, for now we keep them from passing additional spending and even get them to pass plans to cut. Not only does this give a framework for going forward (which of course is dependent on elections) but it weakens the Dems and discourages their base.
>>I agree. The only thing that will save us from the coming crash is a 40% cut in government spending - now. It’s not going to happen. <<
Therein lies the problem. It is one of those “damned if you do, damned if you don’t” sort of things. If they do what is really necessary, the people would come unglued in a way that the Greece riots would look like a family picnic. The people will not let them do what they must do, so they continue to argue and debate issues that really won’t matter - like a family hopelessly in debt arguing endlessly over whether they sould pare down the Netflix account to one movie at a time instead of three.
We should all send the White House some cans of peas!
Obama still pushing for tax hikes...
DISAPPROVAL NEARS RECORD HIGH...
7/25/2011
44% - Approve
55% - Disapprove
Onward!
So we have a conservative-dominated House and a Senate with 15 Red-State Dems up for election whom they have to please. I don't really see that as a negative.
kick the can (of peas) down the road
ditto.
Other than 9/11, what happened 10 years ago? I'd have to check wiki to see what the highlights are (again, other than 9/11). Do they really believe this will be binding on future Congresses? NO! Those old cronies will kick it even further down the road, assuming there IS a congress ten years from now among the ruins of the Unites States!
Jul 25, 2011
Obama: Rich should pay ‘fair share’ of debt reduction
As Congress weighs competing debt plans, President Obama said today that wealthy Americans should pay their “fair share” to reduce the nation’s red ink if valuable programs are to be cut.
“Are we a nation that asks only the middle class and the poor to bear the burden?” Obama asked a supportive crowd at a National Council of La Raza conference.
Obama again promoted what he called a “balanced” plan as he and aides wait to see what House and Senate members do about debt negotiations that are currently stalled.
The parties are trying raise the nation’s $14.3 trillion debt plan — while reducing debt in the years ahead — by Aug. 2, the day the Treasury Department says it may have to default on some of the nation’s bills.
Obama told the mostly Hispanic crowd that the U.S. must address its debt problems, because repayment is crowding out necessary government investments. He said that “will leave us unable to address things like education.”
Yes, this plan continues the debate into next year which Obama wanted no part of.
“So we have a conservative-dominated House and a Senate with 15 Red-State Dems up for election”
Exactly the reason the GOP should have gone for the jugular and added what they needed to add to CCB to get a handful of those Red State Democrat senators on board.
Instead we’ve got the 10-year cuts nonsense going on again.
We should all send Boehner our voter registration cards with a big F.U. in red letters on them.
I agree with you that overall this is a win.
The problem is cuts are over ten years. I don’t see a breakdown if they’re front-loaded, back- loaded, or even yearly.
But that situation is a problem. I’m not sure it will pass. The only cuts to look at happen in the next two yrs. If that amount is 120 b, 120 b each year - that’s a debt max increase of 1000 B and cuts of 240 B. I think this is a problem. BUT - i would have to take it knowing that we’d re-do it in April.
It was difficult to follow the details, but it was my understanding that all the cuts, including those in the first round would be the agreed decision of the 6 members.
I also did not understand the timing for all the cuts being in the out years.
Harry Reid’s Debt Proposal Will Leave Entitlement Benefits Untouched
WASHINGTON — Senate Majority Leader Harry Reid’s (D-Nev.) $2.7 trillion debt ceiling proposal will not include reforms to the benefit structure of entitlement programs, several Democratic sources confirmed on Monday.
The plan, which is being crafted as a last-minute attempt to break through the political impasse on a deficit reduction package, would instead lean heavily on cuts to discretionary spending. The package will also reportedly include roughly $1 trillion in savings that will come from the drawdown of the wars in Iraq and Afghanistan (which the Congressional Budget Office does score). Reid’s office was notably hesitant to confirm that detail, cautioning reporters to wait until the final package is unveiled. That said, if entitlement programs remain more or less untouched in the plan, there would be few other areas from which to draw ten-year savings.
http://www.huffingtonpost.com/2011/07/25/harry-reid-debt-ceiling_n_908596.html
No, you missed nothing. Got your vaseline handy?
You don't have much faith in the Tea Party, do you.
If you believe the Tea Party can make gains in '12, perhaps work to capture the Senate and even White House why would future cuts be a red herring?
And raising the debt ceiling does not crash the economy if these partiers continue to cut spending.
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