Skip to comments.Boehner Proposal: Balanced-budget Amendment, Raise Debt Ceiling By $1T, Save $1.2T Over Next Decade
Posted on 07/25/2011 12:46:29 PM PDT by conservativeforpalin
Speaker John Boehners proposal includes a balanced-budget amendment and a raise in the debt ceiling by $1 trillion. The proposed plan would save $1.2 trillion over the next decade.
Fox News reported:
The approach was received from a senior GOP leadership aide and reads as follows:
Two-Step Approach to Hold President Obama Accountable
Republicans insisted if the President wants his debt ceiling increase, the American people will require serious spending cuts and reforms. This two-step approach meets House Republicans criteria by (1) making spending cuts that are larger than any debt ceiling increase; (2) implementing spending caps to restrain future spending; and (3) advancing the cause of the Balanced Budget Amendment without tax hikes on families and job creators. While this is not the House-passed Cut, Cap, & Balance, it is a package that reflects the principles of Cut, Cap, & Balance. Here is more information on the plan:
Cuts That Exceed The Debt Hike. The framework would cut and cap discretionary spending immediately, saving $1.2 trillion over 10 years (subject to CBO confirmation), and raise the debt ceiling by less up to $1 trillion.
Caps To Control Future Spending. The framework imposes spending caps that would establish clear limits on future spending and serve as a barrier against government expansion while the economy grows. Failure to remain below these caps will trigger automatic across-the-board cuts (otherwise known as sequestration).
Balanced Budget Amendment. The framework advances the cause of the Balanced Budget Amendment by requiring the House and Senate to vote on the measure after October 1, 2011 but before the end of the year, allowing the American people time to build sufficient support for this popular reform.
Entitlement Reforms & Savings. The framework creates a Joint Committee of Congress that is required to report legislation that would produce a proposal to reduce the deficit by at least $1.8 trillion over 10 years. Each Chamber would consider the proposal of the Joint Committee on an up-or-down basis without any amendments. If the proposal is enacted, then the President would be authorized to request a debt limit increase of $1.6 trillion.
No Tax Hikes. The framework included no tax hikes, a key principle that Republicans have been fighting for since day one.
In other words, no spending cuts will ever happen. EVER.
When you’re $14.6 Trillion in the hole, $1.2 Trillion over 10 years isn’t gonna get you out of the hole...................
New deal same as old deals, more debts today for nothing tomorrow.
debt ceiling raised this week (so Barky can claim victory and go on vacation)
cuts will come over the next “decade”
What are the numbers for FY 2012?
If Congress wants to balance the budget, they have all the power to do so today. STOP SPENDING THE MONEY.
Simply words on a piece of paper -- they can't constrain a future Congress like that.
No, what we need are real cuts, today. Period. project future savings all you like, but be honest about what's really being cut and what is beyond this Congress' control.
What the hell are they doing? We are 1.6 trillion in the hole just this year. Save a whole 100 billion next year?
Have the dumb gotten dumber?
Are we surrendering? TELL THEM NO MORE SPENDING!
Skru this namby pamby nonsense.
House: here is the plan. pass it or default is yours.
and stop already....
The 2012 election is going to be SOOO much fun.
What a stupid plan. What is with these 10 year gimmicks? They could probably balance it in 5 by going back to 2008 levels and freezing it for 5 years.
How about no
A dollar down and a dollar a month,Great plan!\s
In other words, no spending cuts will ever happen. EVER
It’s called DC Elite Trickery. The plan will allow another Blue- Ribbon Commission to decide what cuts to make. CONGRESS NEVER follows commission recomendations.
Any GOP congresscritter who votes for this plan needs to be primaried. IT DOES NOTHING except punt.
NO RAISING THE DEBT CEILING..PERIOD..what is so hard for these turd brains to understand. We are already bankrupt. Geez I am not even that good at math and I see that raising the debt ceiling is a HORRIBLE HORRIBLE idea
If they can’t cut hundeds of billions in 2012 then there is zero chance that the future supposed cuts will ever materialize. Personally, all I care about is the 2012 cuts.
That might be somewhat good news if the $1T increase would last for an entire decade.
$1 trillion over the next decade will be far exceeded by the dim-bulb-crat graft and corruption increases during that same period.
Like that amount during next year.
$1.2 trillion over a decade is NOTHING and we know they won’t cut a dime.
What would be the point of a Balanced Budget Amendment if even the guy proposing it offers to cut such a piddling amount??
The gov’t is currently running a 4 BILLION $ deficit EVERY DAY. $120 Billion a year for ten years? The $120 billion this year represents 30 days worth of deficits! What about the other 335 days Speaker Boehner. You are nothing more than a tool of special interests if you propose such crap.
REAL CUTS, RIGHT NOW, with future spending capped at 2008 levels for three years. That is what I want to see.