Posted on 07/27/2011 6:23:40 PM PDT by Hojczyk
A modest improvement, but lets face it: At this point, no ones supporting the bill on its merits. If youre backing it, its because its the best we can do to avert a default right now and because, if it passes the Senate somehow, it would force The One to choke on his quasi-threat to veto any short-term deal at the last minute. Theres some fun in that, I suppose.
The new bill does, at least, keep his promise to produce savings in an amount greater than or equal to the amount of the debt-ceiling increase, which will be $900 billion if this is enacted. Its hard to get excited about the difference between $1 billion in savings next year, which the old bill provided, and $22 billion, which the new one ensures, when were running multitrillion dollar deficits. But Yuval Levin makes a fair point. The lower we can get CBOs baseline now, the deeper future Congresses will have to cut to sell their proposals:
These are still very small numbers in the scheme of federal spending, but the greater front-loading actually matters a lot. One reason is that the 2012 and 2013 budgets are the only ones that will actually be under the control of this congress. But even more important is the greater reduction of the baseline itself since, as weve witnessed in the past 24 hours, the CBO baseline is the measure of all future cutsit sets the bar. This debt limit fight has set a precedent that from now on increases in the debt ceiling will need to be accompanied by equivalent cuts in spending, and those cuts will be measured by the CBO baseline, so cutting it by this much in the first two years will really shape the next round of the budget wars, which will come very soon. Front-loaded cuts have a kind of ratchet effect. And the larger cuts to the baseline in the following years (the revised bills cuts are larger every year than the original bills cuts) matter for the same reasoneven if they dont fully materialize (since one congress cant bind another), they define the measure of future spending in every round of budget debates, which means that they make all future cuts larger in real terms.
Reids bill would produce $30 billion in savings this year, but guess where that comes from. Right: The phantom savings from winding down in Iraq and Afghanistan. Which, contra Levin, reminds us that its not that hard to beat those CBO baselines with a creative gimmick or two.
As of early evening, another member of the Cut, Cap, and Balance coalition has peeled off to join Allen West in supporting Boehners bill. And Darrell Issa, on a conference call with bloggers, thinks they have the votes sort of. Exit quotation: I dont think all the people whose votes we have yet know it.
What late date?
Since when is obamas birthday a drop dead date for american default
Mark my word, Obama will use Executive order and will raise ceiling himself.
Mark my word. Democrats and Obama rejection to every bill and not ready for compromise are intentionally done.
even that little taco bell dog has bigger balls than boehner.
This is just pathetic. These idiots all are just posturing and could care less about the fiscal state of the USA. It is all some big Gotcha! game they are playing to gain/retain power next November. Rearranging the deck chairs on the Titanic. And they think that this time the people are all asleep. Well, many still are - but we are waking them up. If we need to jettison the Stupid Party once and for all then let’s get on with it. The time for a revolt is nearing.
The only thing that can be agreed upon is a balanced budget amendment. That alone is a long term victory for the taxpayer. The Republicans should give Obama enough cash to run the government for the balance of his term if a BBA is passed out of Congress. That is the principled approach.
What a disappointment Boehner has turned out to be. One-term Speaker.
Investors will not purchase Treasury securities if there is even a hint of doubt about whether they are valid obligations.
Pass this damn bill, if the Senate wants to add more savings and limit increases let them have at it on a 2:1 ratio of cuts to increases. I’m sure the Senate will not complain that the Speaker’s bill does not cut enough.
That crap isn’t even a cut of any kind!
It is only a miniscule reduction in budget increases!
Since everyone else has committed themselves to untenable positions, an outsider should propose the BBA-only solution.
Who better than Sarah Palin to make this happen?
The CBO is causing its mischief again. Who trusts them anymore? They are bought and paid for by the Democrat party... and they are working overtime to implement democrat socialism.
“Doing nothing means we get a balanced budget this year! “
Bingo. The Obama is winning because Boner thinks he has to compromise with a veto, not realizing that he has the upper hand: do nothing = win.
RESIGN
We did that in 96 and in 2000 we gave the GOP the House, the Senate and the Presidency. How did that work out? That we need is for the Tea Party to replace the GOP. The GOP is no better then the rats.
I wish it were more too. From this article, I gained a better understanding of CBO.
While I'm certain that 917 billion will never be in play after this Congress, it does mean that any cuts made to the future budgets of this congress have to cut MORE than 917 in order for it to even be considered a cut By CBO. That's large.
Supposing this passes - when we do a budget that CBO scores as a cut of $500B, that means it cuts $500 B more than the 917 cut. That is indeed large. Similarly, anything that does not cut at least 917 will be scored as an increase. That will KILL the dems. I like it.
Well PogySailor, 22B is what we borrow in five days.
Boehner is part of the problem. CBO is part of the problem. McCain and his ilk are a major part of the problem. Nobody who has been in Congress for more than 10 years is part of the solution. No future Congress can be constrained by the present Congress. Only a balanced budget amendment can do that. That is the only solution to Americas profligate spending, anything else is HS.
Hey Kennard that's what I've been saying... but I say give him less that what's budgeted even if slightly.
His district will reelect him. But I think a tea party type may be elected by the House next time.
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