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 ...
Sounds like a Bad deal. Republicans already passed 2 plans that are more then the Democrats deserved. Let them choose among them, or better yet let the federal Government run on Revenue for a change.
The ‘many’ who know what the stakes are, aren’t the ones making the decisions. They are part of the Country Party, who happen to be in DC.
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