Under a plan negotiated late Saturday night, the nation’s debt limit would rise in two steps by about $2.4 trillion and spending would be cut by a slightly larger amount, the officials said. The first stage — about $1 trillion — would take place immediately and the second later in the year.
Translation : the Republican leadership caved and returned to business as usual – i.e. spiraling the US down to third world nation status.
Bullshit. Spending will not be cut. At most, a small reduction will be made in the rate of increase in government spending. Mostly it will be accounting tricks so not much of even that will be accomplished.
We are discussing ludicrous “solutions” to a major problem. We are talking about adding only 50% more to the national debt over 10 years instead of 70%. Whoop de damn do. The “cuts” (as I said, already bullshit) won’t even happen anyway since future Congresses will renege on them, as they have without fail whenever such a plan is implemented.
Harry Reid’s whole accounting trick was pulling the troops out…..
That’s already figured into everyone elses budget cuts in the first place
Cut all funding to ACORN (which is still getting funding but under different names now), the UN, Planned Parenthood, etc., and the ‘crisis’ will suddenly be gone.
I think the “new” deal has a lot of positive stuff. Let the Super COmmitte fail then “we the people” get to decide on a balanced budget admendment…..
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 additional $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
expect plenty of hyperventilating at the term “Super Committee,” but it’s basically the kind of ad hoc committee that Congress can authorize at any time. It sounds a lot like the BRAC process used by Congress to identify military bases for closure. The prohibition on net tax revenue gains is a big, big win for Republicans if it holds. I should note that Jimmie Bise in his post believes that the second round of cuts might be actual cuts; if so, then this is an even bigger win.
Note too that the second round of cuts appears to be guaranteed; if the Super Commission can’t agree on specific and precise reductions, then an across-the-board cut goes into place.
http://hotair.com/archives/2011/07/30/reid-postpones-vote-to-give-everyone-as-much-room-as-possible-for-deal/
Unless there is an out, it will never pass.
Not unexpected, the left is straining to blame the Tea Party.
for those who haven’t seen it yet:
http://www.youtube.com/watch?v=0rSthGQylgE