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Economy
See other Economy Articles

Title: Congressional Sources: Republicans and Democrats Reach Tentative Debt Deal
Source: ABC News
URL Source: http://blogs.abcnews.com/thenote/20 ... al-to-raise-debt-ceiling-.html
Published: Jul 31, 2011
Author: Jonathan Karl
Post Date: 2011-07-31 05:12:28 by Murron
Keywords: None
Views: 2620
Comments: 6

Congressional Sources: Republicans and Democrats Reach Tentative Debt Deal

Democratic and Republican Congressional sources involved in the negotiations tell ABC News that a tentative agreement has been reached on the framework of a deal that would give the President a debt ceiling increase of up to $2.4 trillion and guarantee an equal amount of deficit reduction over the next 10 years.

The details are still being worked out, and a senior White House aide tells ABC News, "talks continue but there is no deal to report."

Congressional leaders plan to brief their members on the framework tomorrow. The reaction from both parties' rank-and-file will determine whether this tentative deal becomes a final deal.

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.

Democrats won't like the fact that Medicare could be exposed to automatic cuts, but the size of the Medicare cuts is limited and they are designed to be taken from Medicare providers, not beneficiaries.

Two sources briefed on the framework say the automatic cuts would hit Defense spending harder than Medicare. A Republican briefed on the framework says this will be unacceptable to many Republicans because it could force them to face a choice between accepting tax increases (if that is what the committee recommends) or automatic cuts that would gut the Pentagon's budget.

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#1. To: ALL (#0)

Democratic and Republican Congressional sources involved in the negotiations tell ABC News that a tentative agreement has been reached …

We need an agreement that will place a permanent solution in place. This is not it ... this is not what the American citizens want. The government is still not listening to the resounding call from American citizens for the government to cut everything ... EVERYTHING ... EVERYTHING! Starting with the President’s salary on down to the street sweepers in DC, then moving from research grants to college grants, and continuing on from art subsidies to farm subsidies.

But the government is not listening to the American citizens, the government continues to try and circle jerk its way through debt plans, non-debt plans, revised plans ... as the beat goes on with blah-blah-blah. And the news this morning is that they are going to increase the debt limit and move the problem into the future ... while they damned well know that no Congress can legally saddle a long-term budget plan onto any future Congress.

What they are simply doing today, could have been been done just as well last week … an agreement had been reached (but not one that permanently solved the problem) in Congress, but Obama said, NO. He said not until it moves the problem past the next election. Obama in the meantime continues spouting his poll-tested language, his “balanced approach” mantra while he lies about the social security checks as he plays class warfare in a manner never done by any President.

OriginalGatlin  posted on  2011-07-31   8:15:18 ET  Reply   Trace   Private Reply  


#2. To: Gatlin (#1)

A Credit Downgrade of the US will have minimal effect on the rest of the world.

LMFAO

Go for it, you fucking billionaires...

mcgowanjm  posted on  2011-07-31   8:26:24 ET  Reply   Trace   Private Reply  


#3. To: mcgowanjm (#2)

A Credit Downgrade ... Go for it ...

It will most probably happen, regardless of any action Congress and the President takes before Tuesday.

There will some minor problems, one of which will be around a $500 per year cost of living increase expense for median income families ... offset by the satisfaction of seeing it happen under Obama, the first POTUS ever to cause this.

I'll pay $500 for the satisfaction of finger pointing rights ... using the middle finger, of course.

Bon Ton Roulet ...

OriginalGatlin  posted on  2011-07-31   9:55:38 ET  Reply   Trace   Private Reply  


#4. To: Gatlin (#3)

A Credit Downgrade ... Go for it ...

It will most probably happen, regardless of any action Congress and the President takes before Tuesday.

There will some minor problems

It's called the

Positive Feedback Loop and it's anything but positive....;}

The Entire System will have to be re balanced. You think that everyone will just jostle back into the line.

Instead, the line will disappear.

Colonies and the sick, elderly and children will take the first hits. The Bottom 30% Corporations will take the 2nd.

The USSA will eliminate whatever loans were about to go thru.

mcgowanjm  posted on  2011-07-31   9:59:49 ET  Reply   Trace   Private Reply  


#5. To: All (#4)

China's DaGong Rating Agency will be brutal.

Positions have been staked out, and heads will role.

Starting with Boehners....;}

mcgowanjm  posted on  2011-07-31   10:00:39 ET  Reply   Trace   Private Reply  


#6. To: All (#5)

And a Deal is impossible.

Especially as it went over the past 24 hours.

I defy Anyone to tell me how compromise was reached.

It wasn't. Something is getting rammed thru. Someone will emerge from this Clusterfuck, but God Damn if the MSM will be delivering the message...

Too many things went wrong. This was supposed to be a simple Kabuki Theatre, and then passing a gutted SS/Medicare.

Instead the 'theatre' caught fire.

Heads will roll...;}

"One in five families are on food stamps in the U.S. right now. What an astounding number considering we are not even in recession. The unemployment U6 is over 17%. Again we are not even in a recession. The revised FIRST QUARTER GDP was 0.4% and we are not even in a recession. Announcements of coming layoffs in many sectors are starting to pour in and no one is batting an eye on the MSM. CNBS is still quarreling over the threat to raise taxes on "Job Creators" while Rome burns. I guess they think that the great sucking sound of jobs wasn't a structural issue over the last 30 years but a burdensome tax issue on the billionaires and trillionaires."

-KliGuy38

mcgowanjm  posted on  2011-07-31   10:08:40 ET  Reply   Trace   Private Reply  


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