Do the math: $2.4 trillion "reduced" over 10 years vs. an immediate $2.4 trillion in new spending!
Republican Plan
Posted on 07/15/2011 10:07:48 AM PDT by Nachum
The Wall Street Journal is reporting House Republicans will vote next week to cut $2.4 trillion over the next ten years while increasing the debt ceiling by a $2.4 trillion.
House Republicans said Friday that they planned to vote next week on a proposal to raise the debt ceiling by $2.4 trillion, with matching cuts and guidelines to control future government spending.
House Majority Leader Eric Cantor (R., Va.) said at a news conference Friday that the House next week would vote on a "cut, cap and balance" approach. The House plans to separately vote on a measure that would amend the U.S. Constitution to require the federal government to balance its budget.
(Excerpt) Read more at townhall.com ...
Geeze thats a wooping 240 billion per year !!!
I’m pretty sure I can predict the Obama/Media response:
“The Republicans are digging their heels in and now insisting that the poor sacrifice even more to pay for the rich and their private jets”.
Do the math: $2.4 trillion "reduced" over 10 years vs. an immediate $2.4 trillion in new spending!
Republican Plan
And the GOP folds again.
Plus 2.5, minus 2.5 equals..................peachy.
So let me get this straight...
They will raise the debt ceiling 2.4 trillion dollars now and cut the budget (over the next ten years) by 2.4 trillion.
That cancels each other out WITHOUT taking care of the debt we have now? This will increase our debt by only God knows how much. Kicking the can again?
I have to say I am surprised about the negative comments on this thread. I don’t see enough information about the proposed legislation to either get upset or to get excited.
You gotta hand it to them. They do this and have the nerve to call us too ignorant to understand.
Wow - so they have, on average, cut $200 billion from a $1.5 Trillion yearly deficit.
Someone please explain how this is supposed to impress me.
The partial video
http://www.youtube.com/watch?v=lzUcTxr-uQI
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*snip*
Boehner and Cantor could still be bluffing themselves.
They took quite a while to develop this proposal, and some wondered whether Boehner could get the votes for a debt-ceiling increase in order to put pressure on the Senate and White House.
One has to assume that they have whipped the caucus to make sure it can pass without Democratic support, even though Tea Party Caucus leader Michele Bachmann and others have publicly declared opposition to any debt ceiling hike. I assume we will see a round of strategic voting and a thin margin of victory in the roll-call vote.
If Republicans pass this in the House, they will have delivered a plan that puts the next debate over the debt ceiling into 2013, and made the 2012 elections hinge on this debate.
The bill will force the Democrats in the Senate and Obama to either accept that outcome or kill the bill — and that puts the onus for default squarely on 1600 Pennsylvania Avenue and the President of Ambiguities.
http://hotair.com/archives/2011/07/15/gop-announces-vote-on-18-month-debt-ceiling-plan/
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I watched the GOP presser this am. ONLY FNC televised it .. NOT CNN, MSNBC, Bloomberg, or CSPAN. Bamma comes on, and EVERY SINGLE ONE OF THEM carried his .. in its entirety.
I AM SO FURIOUS AND DISGUSTED! Pure, shameless partisan bias and slanting the news, purposely depriving the citizens of both sides and the whole story.
In the meantime maybe we can come up with ways to starve the beast. For example: What if folks who are still drawing a paycheck changed their withholding to hold back as much as possible? It would require some discipline to put the money away to pay your taxes, but if enough folks did that would it put pressure on the federal government?
Let’s see 2.4 Trillion over 10 Years??????????????????????????? That has to be a joke!!!!!!!!!!!
No it is a promise to keep the status quo for the next 10 years. There are no "CUTS" in this deal. Just a promise not to make it any worse than it already is.
Also in Washington a "cut" is when you don't increase the budget by 10% from the previous year.
The whole process is just smoke and mirrors.
Shut it down!
Watching votes, taking names! In 2012 we will clean House and Senate of the rest of the cowards who don’t represent we the people!
What is the point of a debt limit?
If our Domestic Gross Pruduct went up by ‘x’%; then the money we could borrow should be adjusted accordingly. But under the inspired leadership of Zero, we have hit the debt limit (2x in less than 1 term; is that a new record?), we have an incompetent leader who has spent more than all other previous Presidents - COMBINED. We have sustained unemployment that is higher now, than when he spent Trillions of dollars to ‘fix’ the problem, two failed Stimulus Programmed, as well as numberous bailouts.
So, if we factor in the utterly incompetent manner in which this idiot has ‘managed’ this country; our debt limit should have gone DOWN.
If Congress can arbitrarily raise the debt limit; and mandate that we must take out loans, to pay the interest on the loans we already have - this country is already dead. End of story; we are bankrupt and it’s all over but the crying. A Debt Limit must be ‘This is the LIMIT, you can go no further’, just like we all have on our credit cards and line of credit at our banks.
i sent a letter to cornhusker kick-back himself and here is my response and my reply.
So our family is in trouble financially and you think we can fix that by getting another credit card. You personally have sold your soul to the devil.
Dear Shawn & Linda:
Thank you for contacting me regarding the federal debt limit. I appreciate hearing from you on this important issue.
As you know, the United States government is on the verge of reaching the legal limit of how much it is allowed to borrow (known as the debt limit or debt ceiling) in order to pay existing legal obligations. By August 2, 2011, it is estimated the U.S. will be forced to default on some payments if the debt ceiling is not increased. Some people think Congress should just let this happen, while others think failure to raise the debt ceiling will result in a serious economic backlash which could permanently undermine U.S. credit around the world. What is clear is that Congress cannot simply continue raising the ceiling year after year. A broader solution is necessary – one which forces us to spend within our means, to prioritize, and to make only strategic investments.
Key to controlling the deficit is for the leadership from both parties to get partisan politics out of the picture and make the hard decisions to cut government spending. The Chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, has called the debt the most significant threat to our national security. This should be reason enough to force serious action on this issue.
I understand Nebraskans want Washington, D.C., to spend less and do more to bring down the national debt as soon as possible because doing so will keep America competitive in the global economy. This is why I voted in favor of the Department of Defense and Full-Year Continuing Appropriations Act, P.L. 112-10, which cuts $40 billion from the federal budget and funds the government through the remainder of Fiscal Year 2011.
Discretionary spending in 2011 will be less than it was in 2010, and I believe Congress should continue this trend and approve further cuts for 2012. A proposal I suggested and implemented earlier this year cut Senators’ budgets by five percent for 2011. I will continue to insist on spending restraint within Congress.
Congress is having serious, ongoing discussions about which short- and long-term actions can be taken in order to get the nation on a healthier fiscal footing. A proposal to this effect will likely be presented in conjunction with the vote on the debt ceiling. I will scrutinize any such proposal carefully and agree it is critical that the right combination of spending cuts and reforms be implemented as soon as possible so that we might avoid this situation in the future.
Thank you again for contacting me regarding critical economic matters. It is important to understand the consequences of raising the debt limit and those of not raising the debt limit before any vote occurs. Rest assured, I will continue working with my colleagues to cut spending to reduce the national debt and accelerate our country’s economic recovery.
Sincerely,
Ben Nelson
U.S. Senator
“Geeze thats a wooping 240 billion per year !!!”
Ah but they also don’t do it by equal amounts. It is waited for the later years. And by then they will have enacted 10 times that in new spending.
This would be the republican cave in that we all knew was coming.
Zero-sum gain.
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