Posted on 07/26/2011 7:42:33 PM PDT by WOBBLY BOB
■Provides two increases in the debt limit -- $900 billion and $1.6 trillion — totaling $2.5 trillion. It gives the President an immediate $900 billion increase given that Congress does not vote to disapprove it. It gives the President another $1.6 trillion increase next year if a bill written by a new Super Committee passes both houses and becomes law.
■Reduces spending by only $1.2 trillion over the next ten years. This amount won't even come close to balancing the budget, as the debt is expected to grow by as much as $10 trillion over the next decade. The plan also reduces spending by only $6 billion in 2012. Considering that our government currently spends $10 billion a day, $6 billion is far too little to cut over the first year of the plan.
■Calls for a vote on the Balanced Budget Amendment but does not require its passage. Without passage of a strong Balanced Budget Amendment, Congress will never break its addiction to spending.
(Excerpt) Read more at senateconservatives.com ...
Posted By: U.S. Senator Jim DeMint
I have troubling news. I'm very careful about criticizing my party's leaders, but what is happening in Washington right now cannot be ignored.
House Speaker John Boehner (R-OH) has abandoned the Cut-Cap-Balance Act and is now pushing a new plan that is nearly identical to the one proposed by Senate Majority Leader Harry Reid (D-NV).
The Boehner-Reid plan gives the President an immediate increase in the debt limit and only promises to cut spending in the future. It violates all three principles of the Cut-Cap-Balance Pledge because it does not substantially cut current spending, it does not truly cap future spending, and it does not require the passage of a strong Balanced Budget Amendment before raising the debt limit.
In short, I oppose the Boehner-Reid plan because it won't balance the budget and stop the debt that is destroying our country.
The Boehner-Reid Plan
You will hear many claims about this plan over the next few days as it is pushed through the House and Senate. Some of these claims will be true, but many will be false. Here are the facts. The Boehner-Reid plan:
■Provides two increases in the debt limit -- $900 billion and $1.6 trillion — totaling $2.5 trillion. It gives the President an immediate $900 billion increase given that Congress does not vote to disapprove it. It gives the President another $1.6 trillion increase next year if a bill written by a new Super Committee passes both houses and becomes law.
■Reduces spending by only $1.2 trillion over the next ten years. This amount won't even come close to balancing the budget, as the debt is expected to grow by as much as $10 trillion over the next decade. The plan also reduces spending by only $6 billion in 2012. Considering that our government currently spends $10 billion a day, $6 billion is far too little to cut over the first year of the plan.
■Calls for a vote on the Balanced Budget Amendment but does not require its passage. Without passage of a strong Balanced Budget Amendment, Congress will never break its addiction to spending.
■Makes it virtually impossible to stop the debt limit from going up. The debt ceiling increases can only be stopped if Congress passes a resolution of disapproval and then votes to override the President's veto with two-thirds support in the House and Senate.
■Creates a new, 12-member Super Committee to write another "grand bargain" to reduce the deficit by at least $1.6 trillion. It does not, however, prohibit the Super Committee from writing a bill to raise taxes and destroy jobs. The bill can then be fast-tracked through the House and Senate with no amendments.
Why It Should Be Rejected
After reviewing the details of Boehner-Reid plan, I cannot support it.
■It won't balance the budget and stop the debt. Even if the cuts called for in the plan were real, the debt will still increase by $7 trillion over the next ten years.
■It won't protect our AAA bond rating. According to financial reports, this plan will not reduce long-term spending by enough to prevent a downgrade. If we lose our AAA rating, it will create higher interest rates and cause our debt to grow even faster.
■It will likely result in higher taxes that will destroy even more jobs. The unemployment rate is over 9 percent. We cannot afford to lose more jobs when so many Americans are struggling to find work.
I oppose any plan with any retreat, compromise or surrender. Just CUT!!
There is no emergency to pass anything else. No DEALS! Just CUT!! And keep cutting!
Let the people decide in 2012 if they wish to remain broke, unemployed and oppressed under Obama and the socialist Democrats or live free under a constitutionally limited government as intended!!
Go tea party Republicans!! Hold the line!! Reinforcements coming in 2012!!
Bottom line: "CCB" would have also raised the debt ceiling by $2.4 TRILLION dollars.
CBO just scored Boehner's "plan" and said that $6 billion is actually $1 billion.
Which in itself is mythical. It's a "cut" of projected increases.
$6 Billion.
That is simply insane.
Pull the Boehner bill.
This is another GOP Sellout.
Check out this thread. It's not $6 billion, it's $1 billion.
Tell Your Representatives to Vote NO on Speaker Boehner’s Debt Ceiling Plan
And this article was released BEFORE the CBO came out with Bonehead and Cantor’s Deal. What I don’t understand is why Allen West and Paul Ryan came out in the support of the deal, before the CBO numbers were released. It’s all “phantom” cuts anyway. The only cuts I want to see are the here and now. Everything else is more DC Trickery.
What is it going to take to force these a-holes to do the job they were elected to do?
I saw that too somewhere. So it’s really 1 billion in cuts(which is 1/10th of what we spend everyday. The rest of the cuts are “phantom” cuts never to be made.
A very bad deal. Shame on Bonehead and Cantor.
total collapse- torches and pitchforks.
which will then be too late.
You may be wobbly, Bob, but Senator DeMint is not. I sure wish he’d run, so we wouldn’t have to deal with a contested primary season.
How do you figure? He supports CCB, which would raise the debt ceiling $2.4 TRILLION.
“How do you figure? He supports CCB, which would raise the debt ceiling $2.4 TRILLION.”
...and your alternative?
Quit borrowing and spending money our grandchildren and great-grandchildren will have to pay back. It’s not complicated.
Every single vote to contract debt that our generation cannot possibly pay is a vote for their enslavement. It is the stripping of our posterity’s God-given right to self-government by consent.
It is the repudiation of the crowning purpose stated by the founders in our Constitution: “to secure the Blessings of Liberty to Posterity.”
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