The shape of the debt ceiling deal
Major Garrett:
...This is similar to the last Boehner plan While I am sure some absolutist will not like it, from my perspective it is a clear win for the Republicans and their conservative members. There will be more cutting that will have to be done in the future, but we can get to a balanced budget at some point and this is a start.
... the tentative deal include:
- $2.8 trillion in deficit reduction with $1 trillion locked in through discretionary spending caps over 10 years and the remainder determined by a so-called "Super Committee."
- The Super Committee must report precise deficit-reduction proposals by Thanksgiving.
- The Super Committee would have to propose $1.8 trillion in spending cuts to achieve that amount of deficit reduction over 10 years.
- If the Super Committee fails, Congress must send a balanced-budget amendment to the states for ratification. If that doesn't happen, across-the-board spending cuts would go into effect and could touch Medicare and defense spending.
- No net new tax revenue would be part of the special committee's deliberations.
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