Debt Ceiling ‘Deal’ Morphs Hourly

Aug 1st, 2011 | By | Category: News Flashes

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August 1, 2011 – Keeping an accurate track of the Republican/Democrat battle over the debt ceiling is as easy as nailing jello to a wall. The Republican-proposed legislation seems to change hourly and no one seems to know exactly what sort of “deal” was struck yesterday evening.

In last night’s press conference, President Obama seemed pleased that a “deal” has been worked out, but as usual, he was short on details. If he is truly pleased, that means Republicans probably were outsmarted and common sense has lost.

As of this writing, Speaker John Boehner’s “Budget Control Act of 2011” cuts spending more than it increases the debt limit; implements spending caps to restrain future spending; and advances the cause of a Balanced Budget Amendment. It cuts and caps discretionary spending immediately, saving $917 billion over a ten-year period.

The bill creates a 12-member Joint Committee of the Congress that is required to report legislation by November 23, 2011, that will result in reducing the deficit by at least $1.5 trillion over 10 years.

The bill would also increase the debt ceiling by $900 billion now. The $900 billion could be followed up by a second increase of $1.2 to $1.5 trillion. The second installment would be subject to disapproval votes by Congress.

A vote on the bill is expected later today. More details will be posted tomorrow.

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