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Thread: Tentative Budget Deal reached

  1. #1
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    Tentative Budget Deal reached

    My guess is this will pass. Thoughts?

    Tentative deal would raise debt limit by $2.4 trillion - USATODAY.com
    WASHINGTON — President Obama and congressional leaders said Sunday they have reached a tentative, two-step deal to increase the nation's $14.3 trillion debt ceiling, cut future government spending and avert an unprecedented default.

    We're not done yet," Obama said in an 8:40 p.m. announcement to reporters at the White House. But the agreement would "end the crisis Washington imposed on the rest of America."

    The deal reached by Democratic and Republican leaders in Congress, Obama said, would first cut nearly $1 trillion in spending over the next 10 years while raising the debt ceiling by the same amount.

    Congress must approve the deal and Obama must sign it by 11:59 p.m. Tuesday to stop the U.S. government from defaulting on its debts, which would trigger a drop in the nation's AAA credit rating and force interest rates up for all types of consumer loans.

    ......If approved by Congress, the deal will increase the nation's debt ceiling by at least $2.1 trillion overall while cutting about that much in government spending over the next 10 years, Obama and congressional leaders said. The debt ceiling would not need to be raised again until 2013. Other elements include:

    •The creation by Congress of a committee to develop other debt reductions, including tax reform as well as changes to entitlement programs such as Medicare and Social Security. The committee would be required to report back by Nov. 23. The panel would be charged with reducing the debt by another $1.4 trillion over 10 years.

    •A second debt ceiling increase of up to $1.4 trillion. Congress reserves the right to disapprove of the second debt-ceiling increase, but the president can veto such an action.

    •Votes in the House and Senate on a balanced-budget amendment if the committee can't reach an agreement, or if Congress rejects its recommendations.

    •If the committee fails to reach an agreement, automatic spending cuts split 50/50 between domestic and defense spending will kick in starting in 2013.

    •Automatic cuts — the enforcement mechanisms at the heart of the talks — would fall on programs important to both Republicans (defense cuts) and Democrats (health spending). Any potential Medicare cutbacks would affect providers, not beneficaries.

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    Miss Mock Out jackalope's Avatar
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    At this point .... don't they have to?

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    Veteran Member Devil505's Avatar
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    If the deal includes no additional revenue....... it's a cave-in to the GOP. Kill it!

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    Quote Originally Posted by jackalope View Post
    At this point .... don't they have to?
    No. They can still play the extension game or some other maneuvers, but I think they are in the end game now.

    As most have already posted, much of this was grandstanding and showboating. To actually default would piss off a lot of people.

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    Quote Originally Posted by Devil505 View Post
    If the deal includes no additional revenue....... it's a cave-in to the GOP. Kill it!

    Not only no revenues, but no revenues in trigger, either.

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    Veteran Member Devil505's Avatar
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    Quote Originally Posted by Divine Wind View Post
    To actually default would piss off a lot of people.
    To actually cave once again to GOP bullying would hurt the elderly & middle class & would/should kill Obama's reelection chances in 2012.
    If the deal is being accurately reported...the Dems should kill it! (& start grooming another Dem nominee to replace Obama in 2012)
    Last edited by Devil505; 31st July 2011 at 07:58 PM.

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    Veteran Member Devil505's Avatar
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    Quote Originally Posted by jackalope View Post
    Not only no revenues, but no revenues in trigger, either.
    Somebody please tell me what's in this "Deal"/Cave for the Dems??

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    Miss Mock Out jackalope's Avatar
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    Quote Originally Posted by Devil505 View Post
    Somebody please tell me what's in this "Deal"/Cave for the Dems??
    I have no idea, Dev. I really don't.

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    Maybe the Democrats will tube the deal and take the hit for the economic collapse they've been predicting for weeks now.

    Quote Originally Posted by OP article
    Obama said he wanted more revenues from eliminating tax subsidies for corporations and by raising tax rates for Americans making more than $200,000. He said he would push for the special committee to make those changes.

    The most reserved reaction to the deal came from House Minority Leader Nancy Pelosi, D-Calif., who said she wasn't sure about support among House Democrats. "We all may not be able to support it, or none of us may be able to support it but we'll wait and see," she said.

    Early reaction from some House Democrats was sharply negative "This deal trades people's livelihoods for the votes of a few unappeasable right-wing radicals, and I will not support it," said Arizona Democratic Rep. Raul Grijalva, co-chairman of the House Progressive Caucus.

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    Post Obama Announces Debt-Reduction Deal Approved by Senate, House Leaders

    31st July 2011 07:15 PM

    President Obama announced Sunday night that leaders of both parties in both chambers have reached an agreement on a debt-reduction deal that will "lift the cloud of uncertainty that hangs over our economy" and prevent the nation from potentially defaulting on the nation's financial obligations.





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