Wrong.. not only are there tax increases but cuts will be spread out over 10 years...in other words there won't be any spending cuts.
Here, according to Democratic and Republican sources, are the key elements:
•A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal). •They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.
•The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both .
•The special committee must make recommendations by late November (before Congress' Thanksgiving recess).
•If Congress does not approve those cuts by December 23, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. This "trigger" is designed to force action on the deficit reduction committee's recommendations by making the alternative painful to both Democrats and Republicans. •A vote, in both the House and Senate, on a balanced budget amendment.
‘This deficit reduction could take the form of spending cuts, tax increases or both’
My understanding of the proposal is that the part of your quote after ‘spending cuts’ is not part of the agreement. If your quote is correct, it would change my position, and also would mean large numbers of defectors in the House GOP. I guess we need to read the bill.
This will be rejected in the house unless rinos join with Dems. This is a scripted sell out. They are delaying so tea party wont have time to react. email your congressman now. I just did!! His staff won’t enjoy the read.