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Fate of Boehner, Reid Debt Limit Plans Unclear
C-SPAN ^ | Wednesday, July 27, 2011 | Staff

Posted on 07/27/2011 11:37:40 AM PDT by Syncro

Fate of Boehner, Reid Debt Limit Plans Unclear

Boehner rewriting plan; Reid plan saves $2.2 trillion says CBO

Washington, DC
Wednesday, July 27, 2011

Debate and a vote on House Speaker John Boehner's (R-OH) debt reduction legislation was postponed at least one day as the Speaker rewrites his bill.  The Congressional Budget Office (CBO) released an analysis of his plan. It says it cuts $850 billion over ten years, less than the $1.2 trillion Boehner claimed it would save. 

Additionally, Senate Majority Leader Harry Reid (D-NV) also postponed debate of his debt ceiling proposal until at least Thursday. Media reports say he is waiting to see the outcome of Speaker Boehner's bill in the U.S. House.

Although the Speaker's proposal is facing numerous hurdles with the defection of some of the most conservative members of his party, media reports indicate that his plan is seeing a resurgence.  Rep. Mike Pence (R-IN) spoke on the floor of the House this morning and called on his colleagues to have an "open mind."

But some Republicans have come out in opposition.  Rep. Jim Jordan (R-OH), a conservative member of Congress, is one of several House members who said he would not support it.  He said it does not cut enough spending and he is opposed to creating a bipartisan committee to determine additional savings.

Responding to the CBO report in a statement Tuesday evening, Speaker Boehner said, "We promised that we will cut spending more than we increase the debt limit – with no tax hikes – and we will keep that promise." He is rewriting his plan.

The House Republican conference met this morning and Speaker Boehner opted not to talk to reporters, a rare occurrence after a week of dueling news conferences by both parties. 

Meanwhile, CBO released an analysis of Senator Reid's proposal to cut spending by $2.7 trillion. It said it would save $2.2 trillion over ten years, also less than Senator Reid claimed, but more than Speaker Boehner's plan. 

Senator Reid said Tuesday that Boehner’s bill is “dead on arrival” in the Senate partly because it would require the President to ask for another debt ceiling increase next year.  Senator Reid said he is “open to compromise,” leaving the door open for an alternative bill to be drafted. But time is running low before the August 2nd deadline imposed by Treasury Secretary Timothy Geithner.

The stalemate has led House Democrats to suggest that President Obama invoke the 14th amendment and lift the debt ceiling, without Congressional authorization. The President has said that is not a route he would like to take.

On the  Washington Journal, guests discussed the debt limit debate. Rep. Earl Blumenauer (D-OR) appeared followed by Rep. Tom Graves (R-GA).



TOPICS: Front Page News; News/Current Events; Politics/Elections
KEYWORDS: 14thammendment; boehner; cbo; cspan; debtceiling; geithner; pence; reid
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The stalemate has led House Democrats to suggest that President Obama invoke the 14th amendment and lift the debt ceiling, without Congressional authorization. The President has said that is not a route he would like to take.

Of course he can't do that if the ammendment is read correctly.

But what does Obama care, he hasn't shown any respect for the Constitution yet.

1 posted on 07/27/2011 11:37:43 AM PDT by Syncro
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To: Syncro

It’s VERY clear!

If Boehner’s bill doesn’t pass, Harry’s will!

So, GET OFF OF JOHN’S BACK!


2 posted on 07/27/2011 11:39:56 AM PDT by G Larry (I dream of a day when a man is judged by the content of his character)
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To: Syncro

Impeach the corrupt, usurping bastard!


3 posted on 07/27/2011 11:40:08 AM PDT by Jim Robinson (Rebellion is brewing!! Impeach the corrupt Marxist bastard!!)
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To: Syncro

Bonehead’s plan may survive, but I predict he won’t.
He put out a phantom plan that the CBO scored poorly.
He lied to the American public about his plan. He has lost a lot of trust. If Bonehead is going to put out a phantom plan, he should at least make sure his phantom plan numbers are accurate.


4 posted on 07/27/2011 11:42:56 AM PDT by tennmountainman
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To: Jim Robinson

” Impeach the corrupt, usurping bastard! “

There is the correct answer. Don’t raise the debt ceiling a penny. Let the Obammunist do the wrong thing ALONE! Then we can ruin his chance for reelection.


5 posted on 07/27/2011 11:43:56 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: stephenjohnbanker

That will work! Don’t raise the debt limit!


6 posted on 07/27/2011 11:46:34 AM PDT by tallyhoe
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To: Syncro

Nobody seems to correlate the rising debt ceiling with declining jobs.

The rising debt ceiling has two consequences....

more regulation ...

to occupy employees in expanding federal bureaucracies...which expand because “they have more money” and another layer of bureaucrats need their 20 year promotions... Each round of regulatory expansion is the effective equivalent of another targeted tax increase on the object of the regulation.

more taxes...

The rising debt ceiling has demands and expectations of creditors for new elements of “revenue raising” by the Feds...taxes or fees.

In this strangling environment job creation is simply NOT possible.

In fact the only logical conclusion..can be ..is that the Federal apparatus -initially an asset to the United States..by virtue of its abilities to raise an effective Navy in the late 1700’s, and early 1800’s to facilitate overseas trade on behalf of the States, has become nothing other than the States greatest liability at this point in time. In the absence of profound regulatory and taxation reform-which is not capable of coming from the same minds that created the problem..we may well be at the end of the line.


7 posted on 07/27/2011 11:47:46 AM PDT by mo
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To: tallyhoe

It will also cut spending immediately. We need immediate and deep cuts. That ALSO hurts Obama.


8 posted on 07/27/2011 11:49:29 AM PDT by stephenjohnbanker (God, family, country, mom, apple pie, the girl next door and a Ford F250 to pull my boat.)
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To: Syncro

Don’t go around tonight,
Well, it’s bound to take your life,
There’s a bad moon on the rise.

Hope you got your things together.
Hope you are quite prepared to die.
Looks like we’re in for nasty weather.
One eye is taken for an eye.


9 posted on 07/27/2011 11:50:34 AM PDT by SUSSA
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To: Syncro

Nobody seems to correlate the rising debt ceiling with declining jobs.

The rising debt ceiling has two consequences....

more regulation ...

to occupy employees in expanding federal bureaucracies...which expand because “they have more money” and another layer of bureaucrats need their 20 year promotions... Each round of regulatory expansion is the effective equivalent of another targeted tax increase on the object of the regulation.

more taxes...

The rising debt ceiling has demands and expectations of creditors for new elements of “revenue raising” by the Feds...taxes or fees.

In this strangling environment job creation is simply NOT possible.

In fact the only logical conclusion..can be ..is that the Federal apparatus -initially an asset to the United States..by virtue of its abilities to raise an effective Navy in the late 1700’s, and early 1800’s to facilitate overseas trade on behalf of the States, has become nothing other than the States greatest liability at this point in time. In the absence of profound regulatory and taxation reform-which is not capable of coming from the same minds that created the problem..we may well be at the end of the line.


10 posted on 07/27/2011 11:51:22 AM PDT by mo
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To: Jim Robinson; All
I'm with you Boss! Send the ursurper packin'

More:

DEBT CEILING

Senate Leaders Working Behind Scenes on Debt Compromise

By Dan Friedman

Updated: July 27, 2011 | 6:45 a.m.

Senate Minority Leader Mitch McConnell (right) ripped the plan of Majority Leader Harry Reid on Tuesday but has signaled openness to a compromise along a framework similar to House Speaker John Boehner’s.

While House Speaker John Boehner, R-Ohio, hunts for votes to pass his two-part debt-ceiling plan, Senate leaders are quietly working to fashion a compromise plan that could emerge as a solution that both chambers can accept before an August 2 deadline set by the Treasury Department.

With the Boehner plan floundering, Senate Majority Leader Harry Reid, D-Nev., delayed floor action on his alternate plan to cut $2.7 trillion in spending over the next 10 years while raising the debt ceiling past the November 2012 election. Reid believes his hand will be strengthened by the defeat of Boehner’s plan, aides said, because it would force Boehner to move to a bill that could win the votes of House Democrats or to accept a Senate-passed alternative.

(RELATED: Boehner Pushes GOP to Support His Plan, Despite Opposition)

Discussions are "going on right now," Reid told reporters on Tuesday. "I am open to a compromise."

Reid is eyeing a procedural move to force a Thursday vote on his plan. Both sides expect that Reid’s plan, due to GOP opposition, would not win 60 votes without modification. It serves now as a  placeholder that leadership staffers on both sides said Reid will attempt to replace with a compromise bill negotiated with Senate Minority Leader Mitch McConnell, R-Ky. McConnell ripped the Reid plan on Tuesday but has signaled openness to a compromise along a framework similar to Boehner’s.

"We cannot get a perfect outcome from my perspective controlling only the House of Representatives," McConnell said.

(RELATED: Congressional Sites Crash After Obama Speech)

Whether or not Boehner’s bill clears the House, lawmakers in both parties suggested the debt-ceiling endgame will involve Senate passage of a compromise measure combining parts of the Reid and Boehner plans, which would be sent to the House after Senate passage.

There are “enough similarities” to make a compromise between the Reid and Boehner bills possible, said Senate Republican Policy Committee Chairman John Thune, R-S.D.

Despite optimism that Reid and McConnell can reach an agreement, however, no lawmakers or aides have identified how a compromise would bridge the basic divide between the parties. Republicans want a two-part plan where a second debt-ceiling increase early next year could occur only after enactment of matching spending cuts. Democrats, led by President Obama, might accept a two-part plan, but only if the second debt-ceiling increase can occur even if Congress does not sign off on further spending cuts. The White House said on Tuesday that Obama's advisers would recommend that he veto the Boehner plan as it stands.

(RELATED: Obama Mum on Word Dirtier Than 'Compromise')

No major progress on a Senate deal is expected until after the House votes on Thursday on the Boehner plan, and until after what are likely to be several Senate votes, aides said. Votes on both the Reid and Boehner plans are possible. Democratic leadership aides asserted all 53 of their members, except Sen. Joe Manchin, D-W.Va., who an aide said remains undecided, have said they would oppose the Boehner plan. Following defeat of the Boehner plan, Democrats expect “McConnell will find the votes” among the GOP for a fallback, one senior Democratic aide said.

Meanwhile, members of the Senate "Gang of Six," still hoping their plan to cut the deficit by $3.7 trillion over a decade will factor in a debt-ceiling deal, discussed their options with Reid on Tuesday. An aide familiar with the discussion said the gang hopes that a vote on their plan will be among sweeteners included in a compromise Senate bill to attract GOP votes. The gang plan, for example, could automatically receive a vote if a 12-member bicameral committee that both the Reid and Boehner plans would create fails to agree on recommended deficit reductions, the aide said.

 

 


11 posted on 07/27/2011 11:52:16 AM PDT by Syncro (Sarah Palin, the unofficial Tea Party candidate for president--Virtual Jerusalem)
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To: Syncro

“When your enemy is making a mistake, do not stop him.” — Napoleon B.


12 posted on 07/27/2011 11:54:47 AM PDT by ClearCase_guy (The USSR spent itself into bankruptcy and collapsed -- and aren't we on the same path now?)
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To: stephenjohnbanker

Agreed! It will cause immediate cuts!!! No gimmicks!


13 posted on 07/27/2011 11:54:49 AM PDT by tallyhoe
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To: stephenjohnbanker

Not raising the debt limit does not mean we will default on our debt. There’s still sufficient income (close to $200B) coming in monthly and that more than covers the debt plus a myriad of programs. And the debt would be paid first before anything. Default is not an issue; never has been. It’s only been used as one by Obama and the Democrats as a scare tactic.

In fact, I’d like to see a bill that scales back the debt limit incrementally over the next 5 years, calls for a balanced budget, a permanent reduction of tax rates, and the cutting of all discretionary spending by a minimum of 20%. Leave entitlements such as social security, medicare alone FOR NOW. It would get through the House, and perhaps the Senate should the GOP twist enough arms. Obama would veto it, but that makes him own the consequences.


14 posted on 07/27/2011 11:56:02 AM PDT by bcsco
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To: stephenjohnbanker

We also need tax code rewrite to lower the tax rates and to include 98% of Americans pay some taxes. We need either a sales tax or a flat rate tax of 10% everyone pays and no deductions!


15 posted on 07/27/2011 11:57:18 AM PDT by tallyhoe
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To: tallyhoe

Don’t raise the debt limit and the budget gets cut by 40% immediately, then we can decide what is important, the troops, or government employees at the multitude of ‘aba agencies’.
I think a 40% cut in government employees is a credible start, raising the retirement age to 70 by 2020 and raising access to medicare to 70 or a real poverty level number, personally i want out of the whole thing MC,SS and the rest etc.


16 posted on 07/27/2011 11:59:12 AM PDT by qman
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To: Syncro

Unless they are talking REFORM, throwing the illegals out, stopping the welfare to them, and cutting their own platinum health care plan and going on Medicare like the rest of us SERFS, limiting 0 vacation $$, make him buy his own clothing, after all he is a multi-millionaire, and we should not have to pick up the tab for the Mooches atrocious clothing and jewels, then they are not offering ‘fixes’ just platitudes, and more taxes and more debt.

Most First families who are given gifts like jewels donate them to St. Judes...but not the Mooch, she keeps the ones given her.


17 posted on 07/27/2011 12:00:37 PM PDT by GailA (REFORM IS THE WORD, NOT just piddly phony cuts, and more taxes!)
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To: qman

I agree!


18 posted on 07/27/2011 12:02:10 PM PDT by tallyhoe
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To: Syncro
...a bipartisan committee to determine additional savings.

Hmmm. I wonder who would be on that "bipartisan" committee?


19 posted on 07/27/2011 12:08:21 PM PDT by COBOL2Java (Obama is the least qualified guy in whatever room he walks into.)
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To: COBOL2Java

...that’s about right...


20 posted on 07/27/2011 12:09:34 PM PDT by who knows what evil? (G-d saved more animals than people on the ark...www.siameserescue.org.)
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