As we've heard so many times during the debt ceiling circus, nothing is agreed to until everything is agreed to, but reports are emerging of a tentative deal. ABC has this:
Bloomberg:
The National Journal:
This is being called a compromise, but compare it to what Boehner said he wanted in May:
More that $2 trillion? Check.
Cuts equal to the increase in the debt limit? Check.
No tax increases? Check.
Quite a "compromise.' As an added bonus, we get the "Super Congress." They have to make recommendations before Thanksgiving which must be approved just before Christmas. Conveniently timed for when everybody's attention is elsewhere. I'm sure that's purely coincidental.
By the way, pay no attention to this. And when can we expect a Super Duper, unconstitutional, blame shifting, buck passing, responsibility avoiding Committee on jobs? Hmmm?
* 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.
Bloomberg:
"The tentative outlines of the accord include spending cuts of $1 trillion and creation of a special committee to recommend additional savings of up to $1.8 trillion. The new panel would have to act before the Thanksgiving congressional recess in late November or government programs including Defense and Medicare would face automatic, across-the-board cuts, the person said."
The National Journal:
* $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 in 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.
This is being called a compromise, but compare it to what Boehner said he wanted in May:
"Boehner defined the GOP's terms for raising the legal limit on government borrowing, demanding that Obama reduce spending by more than $2 trillion in exchange for an increase big enough to cover the nation's bills through the end of next year.
Delivering a sermon on fiscal austerity to a Wall Street crowd clamoring for compromise on the debt limit, Boehner firmly rejected any effort to raise taxes."
More that $2 trillion? Check.
Cuts equal to the increase in the debt limit? Check.
No tax increases? Check.
Quite a "compromise.' As an added bonus, we get the "Super Congress." They have to make recommendations before Thanksgiving which must be approved just before Christmas. Conveniently timed for when everybody's attention is elsewhere. I'm sure that's purely coincidental.
By the way, pay no attention to this. And when can we expect a Super Duper, unconstitutional, blame shifting, buck passing, responsibility avoiding Committee on jobs? Hmmm?
So...completely...disgusted.
P.S. "Let's Make a Deal"?????????????
It ain't a deal when one side gets EVERYTHING they wanted and the other side gets NONE of what they wanted.
P.P.S Des, remember what I said, don't get caught lying under the power steering pump on GM models. Stay to the right of the transmission and you'll be fine.
I'm making a rare weekend appearance due the magnitude of my pisstivity index. It is complicated, of course, by the heat indeces. Government ALL screwed up, middle class getting hosed, AGAIN, and heat indeces in the 104 range can make fOr some pretty bad scrotum chafing.
I looked up the definition of the word "compromise" in my collegiate dictionary. Granted, it is a 1970 edition. Perhaps that is the problem. But what is happening to us in Washington on the "debt ceiling" and "deficit reduction" fiasco does NOT match my definition.
On MTP this morning, David Gregory (I like that guy) asked David Plouffe if, given the way the government has behaved and the way the middle class is really getting the short end of the stick here, did HE think there would be a "third party" movement born out of this galactical fustercluck? Mr.Plouffe limberly danced around the issue. So well that I heard ABC's DWTS called him shortly after the show.
Thank you Mr.President for all that you have done for the middle class.
If only Ross Perot would run again. Or, John Anderson.
But, lo, we only have the "party of no" and the "party of can't".
Canada is looking better all the time.
We will not forget how our legislators made us feel while they grandstanded at our expense. The next vote will be a telling blow for the constant campaigners and the rabble that tried to replace them. There will be a new explicit and implied responsibility for governance, and it will be carefully watched.