By the sound of it, Obama has capitulated to the right and has alienated many Democrats in the process. I'm not sure how this will fare for him in the future regarding further support from his own party.
Though this won't likely please any Tea Party extremists, this otherwise looks like a major victory for conservatives.
Obama has to tread carefully now, as it's uncertain to me how he will live this down among Democrats.
Oh yeah: the failure of centrism and the myth of the left, and all that rot.
yeah....
---------- Post added at 10:47 PM ---------- Previous post was at 10:38 PM ----------
Quote:
Originally Posted by Willravel
$1t in cuts over 10 years is what's being reported. No doubt these are to vital social programs and are accompanied by little to no tax increases.
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I'm sure it's best for details to emerge after it's confirmed to pass, but I gleaned these bits from a couple of articles....
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[...] Most notably, congressional sources said negotiators were discussing a deal that would raise the debt limit and cut spending in two steps.
The first would combine spending cuts of upward of $1 trillion with a debt limit increase of the same size, which would be enough to let the government pay its bills for about six months. Those cuts would be centered on "discretionary" congressional expenditures on programs such as housing and transportation, and would not touch entitlements such as Medicare.
The second debt ceiling increase, of about $1.2 trillion, would be combined with a second round of spending cuts that would come about in one of two ways.
A special bipartisan committee of lawmakers would be given the responsibility of developing a plan to cut the long-term deficit by $1.8 trillion either through spending cuts -- including entitlement reform -- and a rewrite of the tax code to trim deductions and lower overall rates.
If the committee fails to come to an agreement, or if Congress fails to ratify its suggestions by the end of the year, Congress would have to vote on a constitutional amendment requiring a balanced budget.
And if that fails -- which is likely, because constitutional amendments require two-thirds majorities in Congress to move forward -- an additional $1.2 trillion in automatic cuts would take place, and they would be matched with a similar increase in the debt ceiling.
Those automatic cuts would not affect Medicare or Social Security benefits, but they could reduce payments to doctors and other Medicare providers. [...]
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Obama, GOP craft debt ceiling plan - Washington - The Buffalo News
Quote:
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[...] The discussion centers on a $3-trillion package that includes cuts in discretionary spending, capping future spending and a vote on a balanced budget amendment. A special joint committee would be formed to consider further cuts and entitlement reforms that could be considered in Congress this fall. [...]
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Senate shelves Reid bill as final debt-ceiling plan comes into focus - latimes.com