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.
Simple as that.
Don’t let ‘em raise taxes or fees, folks. That’s one way that the socialist constituents behind those politicians can hurt you for a long time. Otherwise, let ‘em proceed to their default. They’re going to do that anyway: their own demise and your freedom (little enforcement after default).
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Keep moochele’s a$$ at home and that will save a lot of money.
Not no, but HELL NO!
No debt ceiling increase!
No tax increases!
Cut spending by 5 trillion NOW!
What’s so hard about this?
According to these two IDIOTS the Tea Party doesn’t include the American people...(as if we don’t pay any damn taxes like most of their contituents!)
Schumer and Reid decried the GOP plan as a time-waster during their press conference, saying it had no chance to pass the Senate. Reid said the GOP is being driven by the radical right-wing that is so in tune with the Tea Party, and suggested that rank-and-file House Republicans want their leaders to ignore the American people. The Republican leadership, he argued, needs to break away from those extremists who seem to be running the Republican party in Washington.
Republicans are more interested in trying to embarrass the president than doing whats right for the country, added the Senate majority leader. (See video at link)
I got right through.
Still ON HOLD with Boehner’s OFFICE...20 minutes right now...they must be getting HAMMERED with calls...
Major ratings firms — namely Standard & Poor’s and Moody’s — have said even if the country raises the debt ceiling and doesn’t default, there’s a strong likelihood that the triple-A bond rating will be cut to double-A unless a budget can be crafted that results in $4 trillion in savings, the result of the massive debt load the country has accumulated in recent years.
Which is not nearly enough...
All this drama and they still come up painfully short.
Just got picked up, the lady said they have been “VERY BUSY” this afternoon...told her that “We The People do NOT support such paltry spending cuts, especially over ten years. HOLD FIRM and make these cuts over the next 18 months...”
As well they should!
jasoninthehouse Jason Chaffetz
The new bill has not been published, consequently I have not read it. Once I have read it, I will provide more specificity on why I object.
jasoninthehouse Jason Chaffetz
I support Cut, Cap, Balance, but I do not agree with the new outline presented by the Speaker.
17 minutes ago
Get on the phone, email, tweet these Republicans and tell them what you think!
Boehner’s plan is a scam and so is Reid’s plan.
A few of them should be in prison too.
Some past Congress thought they could impose some manner of fiscal sense and spending constraint on THIS Congress by passing a debt ceiling law.
How is that one working out towards actually constraining Congress towards living within the debt limit?
They don’t have a clue what we believe.
I TOLD YOU RINO BOEHNER WOULD SELL US DOWN THE RIVER
I was just given the following bullet points from one of the individuals who got briefed at the staff level on John Boehners proposal:
On background if you would please, just left the meeting on the Boehner deal.
1. Outlay reduction for FY 12 $25 billion cut in discretionary spending.
2. Debt limit increase right away $1 trillion
3. Does not touch Obamacare funding, Medicare or Social Security
4. Includes the McConnell automatic increase without a vote they tried to sell us on your boss isnt actually voting for a debt limit increase
5. Joint Select Cmte Created 12 Members, if Commission recs pass on entitlement reform, then Pres gets another debt limit increase
6. Budget Authority in FY 12 is $ 7 billion less than FY 11 in discretionary spending.
Most of us here, with exception of a few, could look at what happened with Bonehead’s CR Deal and predict what was to follow.
NO _ NO _ NO!!!!
What don’t they understand about CUTTING UP THE CREDIT CARDS and STOP SPENDING OUR MONEY!!!
Remember the predicted dire consequences off the “Asian Markets Exploding!!” if the debt limit wasn't increased by the opening bell there.
Suddenly, it's not a crisis, and not even mentioned anymore.
The new Congressmen and Women need to simply state that the House will NOT approve a debt limit increase, let the so-called crisis deadlines pass.
Use the power they have and force the spending to STOP.
If they can't stop the RINOs and the Democrats from raising the limit, at least they have locked in their vote against spending, and anyone who voted to raise it has a target on their back in 2012.
Take the heat, or get out of the kitchen!
Money for nothing, chicks for free.
Boehner goes limp, can't hold firm.
You know an example of using compound interest in the best way is Whole Life Insurance the way they use to sell it.
Whole Life was always presented as a savings account. Buy one and it compounds interest. Have it for about 20 years and you break even. Anything after that you are making money. It could turn into a nice little nest egg and that’s good. I am not sure people ever understood this.
Now they are selling term life which gives you nothing unless you die; then someone else gets it.
However, now we have long term compound interest on our debt and it’s eating us alive.
The Pubbies will get played just like Bush I, when the Rats promised to cut $3 of spending for every dollar raised in taxes, when they convinced Bush to go against his “No New Taxes” pledge.
One more thing. This debt we are saddled with isn’t going for what they say it is going for. It is being used by government and some big business to feather them and their families and associates. Lot of private slush funds out there and we the taxpayers are left with the debt which is growing larger with the compounded interest. A credit card you can’t pay off and can’t use.
They really do need to go to prison.
Worth repeating. Loudly.
Why? Because neither the VAST majority of our country OR our out politicians show the stomach for doing what is necessary to avoid absolute calamity. These "proposals"...even the ones that are being demagogued by the Dems...are not even CLOSE to what needs to be done to keep us from falling off a cliff in the next few years to decade.
So...since no one seems to have the will to keep us from destruction...KICK THE CAN. PUNT THE BALL. Buy me a little more time to make my preps...pay off my debts...and get ready.
I suggest 2006 limits. The deficits were reducing ‘til the RATS took over in ‘07. (There was a further deficit reduction in ‘07, but they started their monumental increases in ‘08 after the non-vetoed RAT plans started in ‘08.)
Yes..you are right, 2006 is much less Rat infested.
They have this same debate in 6 months when we approach the debt ceiling AGAIN. It’s all bullsh!t.