The framework of a tentative deal to raise the nation’s debt ceiling calls for up to $2.8 trillion in total deficit reduction over the next decade, two sources familiar with the negotiations told CNN late Saturday night.
The agreement, still being negotiated by the White House and bipartisan congressional leaders, would allow the debt ceiling to be raised by enough to last at least through the end of 2012.
The debt limit would be increased in two stages, both of which would occur automatically — a key Democratic demand that would prevent a repeat of the current crisis before the next election.
The agreement includes upfront spending cuts in the range of roughly $1 trillion, the sources said. A special congressional committee would recommend additional spending reductions of up to $1.8 trillion no later than Thanksgiving. If Congress failed to approve the recommended cuts by late December, automatic, across-the-board cuts - including both defense and Medicare - would take effect.
And why can’t we just pass a stand alone bill to raise the debt ceiling? One of my friends said it well: “Whether or not it is a spending problem or a revenue problem is not relevant to the question of what to do about it now. It doesn’t matter what we had for dinner, the check is here.”
#ScottWalker Walker is scheduled to be at the Opening Ceremonies of WI State Fair in the WE Energies Energy Park on August 4th at 10 am.
Please feel free to share with others to get the word out etc. Our Governor is coming to a public venue. Cream puffs, deep fried pickles and a Walker protest! - Originally alerted by the Sara Schulz Show on facebook
As Congress wrangles over spending cuts, surging numbers of Americans are relying on the government just to put food on the table […]
When Moody’s Analytics assessed different forms of stimulus, it found that food stamps were the most effective, increasing economic activity by $1.73 for every dollar spent. Unemployment insurance came in second, at $1.62, whereas most tax cuts yielded a dollar or less. All the talk in Washington these days, however, is of cutbacks—even for the hungry.
What is this? Tea Party Radio? Hello Wisconsin Public Radio @WPR
would b assumed you wld break into your regularly scheduled classical music 2 let people hear Obama discuss budget crisis this morning. Especially when you announced he would be speaking. What’s up with that?
*Note regarding the Ideas network comment: expect more that that. Demand more. That is not addressing what I said.*