Update II: Via Jeff Dunetz, National Journal’s Major Garrett also gets a similar story from his sources, but the news is a little better:
•2.8 trillion in deficit reduction with $1 trillion locked in through discretionary spending caps over 10 years and the remainder determined by a so-called super committee.
•The Super Committee must report precise deficit-reduction proposals by Thanksgiving.
•The Super Committee would have to propose $1.8 trillion spending cuts to achieve that amount of deficit reduction over 10 years.
•If the Super Committee fails, Congress must send a balanced-budget amendment to the states for ratification. If that doesn’t happen, across-the-board spending cuts would go into effect and could touch Medicare and defense spending.
•No net new tax revenue would be part of the special committee’s deliberations.
Sounds preposterous to me.
By 2018-2020 the debt level would be closer to what number? 20-25 trillion - does that sound right? Perhaps more than 20 trillion - quite a bit more than that.
I don’t get what the “if that doesn’t happen” means. If the Committee doesn’t get 7 votes then Congress must pass the BBA(which version of the the BBA?). But then it says if that doesn’t happen there are automatic cuts.
If what doesn’t happen?
“The Super Committee”
I’ll look for that in the Constitiution.
All for Vampire-Care timing, for the iron hand of Big D.C.
“Thou Shall Not Steal” Exodus 20:15