C'mon Man! Exclaims VP in Deficit Meeting. 'Let's Get Real!'
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'C’mon, Man!' Exclaims VP in Deficit Meeting. 'Let’s Get Real!'
July 11, 2011 6:15 PM
Officials familiar with the negotiations say today’s meeting began with President Obama asking House Majority Leader Eric Cantor, R-Va., to lay out what was agreed upon in the deficit reduction talks led by Vice President Biden.
Cantor outlined around $2 trillion in deficit reduction over the next decade: $1–1.1 trillion in discretionary spending; $200 billion in mandatory discretionary spending (such as civilian military retirement and farm subsidies); $200 billion in Medicare and Medicaid; and roughly $200-300 billion in saved interest on the debt.
After Cantor’s presentation, the President said the two sides might be able to reach consensus on roughly $1.7 trillion, though there were still some issues to resolve.
House Speaker John Boehner, R-Ohio, has said the amount they agree to in deficit reduction needs to be equal to – if not more than – the amount they agree to raise the debt ceiling.
How much is that? There seemed to be consensus in the room that the amount by which they need to raise the debt ceiling is $2.4 trillion.
That would get the government to February or March 2013. Why that date? No one thinks a lame duck Congress should take this on from November-January 2012/2013 and that would allow the new Congress and maybe a new President to get his or her sea legs before addressing this again.
So tomorrow’s homework assignment, the president said, is for the congressional leaders to figure out how to get from $1.7 trillion to $2.4 trillion.
Republicans are still insisting on no new taxes. Democrats say they need some revenues – a “balanced approach” – to get Democratic votes. As House Minority Leader Steny Hoyer, D-Maryland, said today, “Republicans must be prepared to make concessions of their own and not put the entire burden on seniors, the middle class and the most vulnerable among us."
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LINK TO FULL ARTICLE: http://blogs.abcnews.com/politicalpunch/2011/07/cmon-man-exclaims-v...
For the 5th day in a row more GOOD Conservative news...that makes 10 times in 5 days!
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