REID CAVES ON DEBT DEAL
Posted on 07/25/2011 11:17:23 AM PDT by Ernest_at_the_Beach
WASHINGTON (AP) -- President Barack Obama's insistence that Congress solve the nation's debt crisis through the 2012 elections emerged as a key sticking point as Democrats and Republicans urgently pieced together competing plans Monday to prevent a first-ever government default next week.
House Speaker John Boehner forged ahead with a plan to raise the current $14.3 trillion debt ceiling by about $1 trillion, along with commensurate spending cuts. That would require lawmakers to go through the painful process again next spring with an even larger debt and deficit package.
With little more than a week before an Aug. 2 deadline, Obama canceled fundraising appearances Monday.
In the Senate, Majority Leader Harry Reid was set to reveal a $2.7 trillion package of spending cuts to accompany a debt hike big enough to avoid another vote before 2013.
Both the Dow Jones and Standard & Poor's 500 were down only slightly in early trading Monday on Wall Street, an indication that investors believe a default will be avoided.
Boehner was set to meet with his chamber's Republicans to discuss his plan in detail. Aides described it as a two-step process, with an immediate $1.2 trillion in cuts and spending caps coupled with a $900 billion debt ceiling increase.
A new congressional panel would be charged with producing nearly $2 trillion in additional cuts and another increase in the debt ceiling to be voted on next year and a second increase in the debt limit would have to be voted on next year, conditioned on congressional approval of the additional cuts.
(Excerpt) Read more at hosted.ap.org ...
If this is true, good for the republicans.
Who would have guessed?
If this is true, the RATS have just cut Ears loose.
But Reid's plan was already being privately rejected by Republicans concerned that the cuts it contains would prove illusory, particularly $1 trillion or so in savings claimed by troop cuts in Iraq and Afghanistan over the coming decade. Reid counters that House Republicans claimed the same savings windfall when they passed their budget earlier this year.
Reid is just doing what cynical bustards always do, give the country the middle finger while accusing republicans of being crude.
“Reid Caves...”
Don’t believe it. Here’s why:
“...Senate Majority Leader Harry Reid is devising a sham that will never pass muster in the House. A Capitol Hill source with knowledge of the plan tells me: “It includes $1.2 trillion in OCO [Overseas Contingency Operations] savings . . . which was assumed anyway, $1.2 trillion (over $1.1 trillion less than [Majority Leader Eric] Cantor identified in the Biden talks) and $300 billion in interest savings.” A Senate aide says dryly that Reid “has about a trillion in ‘savings’ from ending the war in Iraq that’s already going to end.” And a disgusted House adviser bluntly tells me that Reid’s plan “isn’t real.”
Per Jennifer Rubin, at WAPO
http://www.freerepublic.com/focus/f-news/2753624/posts
This doesn’t sound to me like that crafty old fraud Reid is caving, now does it?
Reid hasn’t “caved”. The $2.7 trillion in “cuts” is pure phoney baloney. No actual cuts are included.
I don;t think this is over yet!
death throes of the Republic - stand by for very perilous times...
Any increase in the debt limit is a victory for the progressives. It is a slap to the face of each and every American who pays any taxes, at all. It is an abrogation of the mandate handed to the pubbies in 2010 in the House of Representatives.
Time to clear the entire den of thieves...
I believe we’ve come to the point which all democracies come to - where the citizens vote themselves goodies from the public treasury - this was bound to happen when we kicked our republican form of government to the curb.
In addition, we’ve lost the will to fight, the will to control our borders, and our cultural identity as a nation.
Sorry guys - but we’re toast.
Reid does not cave on anything. He plots and gets even. He already knows something we don’t know and whatever it is, it will be painful for America.
Reid doesn’t give a damn about the American people and he never has.
He is creating as narrative that will eventually help him and hurt the republicans..... guaranteed.
“House Speaker John Boehner forged ahead with a plan to raise the current $14.3 trillion debt ceiling by about $1 trillion, along with commensurate spending cuts. That would require lawmakers to go through the painful process again next spring with an even larger debt and deficit package....Aides described it as a two-step process, with an immediate $1.2 trillion in cuts and spending caps coupled with a $900 billion debt ceiling increase.”
If indeed this is $1.2T immediate cuts up front and requires more cutting from there, then hell yes I support that. I suspect though that’s not the deal.
I am by no means, ‘in the know’, but I suspect a ruse.
It is typical for the Libs to so called ‘cave’, and wind up with as much or more than they were asking for.
Words, phrases, are meaningless in D.C. and in the media. They may just be throwing the GOP/RNC a bone.
The Republicans are know as the party of surrender. (oh, in D.C. talk it is called ‘crossing the aisle’, which is something a Lib never ever does)
"Casualties many. Percentage dead, not known. Combat efficiency, We are winning."
If the debt ceiling increases as much as one centavo, Reid didn’t cave! Boner and company did. And if any “cuts” that are announced are to take place in more than ONE YEAR, Boner and company are co-conspirators in a gigantic
fraud! Those “out years cuts” NEVER ACTUALLY HAPPEN.
Helloooo! We’ve been promised “out years cuts” for 40+
years. Has the government gotten one molecule SMALLER
in those 40+ years? No! I rest my case!
Why would you say Boehner caved when this is exactly what he's been pushing for for months...cuts equal to or in excess of the debt hike?
And I believe you left out an "e" and "h" when you spelled his name.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.