[wmfights]

◦If this new Joint Committee legislative process fails to result in a law, then there will be no tax increases and there will be triggered $1.2 T of across-the-board spending cuts in discretionary spending, Medicare, farm subsidies, and a few smaller entitlements. These triggered spending cuts would hit defense more deeply than other types of spending.

◦The additional deficit reduction could include tax increases, but only if:

◦7 of 12 Members of a new Joint Committee of Congress agree to raise taxes, including at least one Republican Member of the Committee;

◦and a majority of the House and Senate vote for the Committee’s recommendations;

◦and the President signs the bill into law.

Thank you for posting the link that included this information.

http://keithhennessey.com/2011/08/01/bca-summary/

It seems that the key for the Pubs is to put the right people on the "dirty dozen". The defense cuts are a big concern, but if they are spread out over 10 years they only reflect 50 billion a year.

[TomasUSMC]

The Budget Control Act trades $21 billion in cuts next year for a debt ceiling increase of $2.1 trillion. That’s one penny in cuts for each dollar of new debt.

Time for a Third Party.