Reid to offer $2.7T deficit cutting plan

[abelenkpe]

Reid to offer $2.7T deficit cutting plan

Senate Majority Leader Harry Reid (D-Nev.) said Sunday he is drafting a $2.7 trillion deficit reduction package that would raise the debt ceiling through 2012 after he said talks on a bipartisan deal “broke down” again with House Speaker John Boehner (R-Ohio).

The announcement raises the likelihood that the House and Senate will pursue separate proposals to lift the debt limit with just eight days to go before a potential U.S. default after Aug. 2. If both chambers passed their own bills this week, it would leave little time for the measures to be merged and sent to the president before the Treasury Department runs out of money.

Reid said his bill would meet the GOP’s criteria for approving a debt-ceiling increase: it would contain spending cuts that meet or exceed the additional authorization in federal borrowing, and it would not include new revenues - as Democrats have long demanded.

http://thehill.com/homenews/senate/173163-reid-to-offer-27t-deficit-package

-----------------------------
(more at link)


:(

[av8rdave]

1. In that case, fuck Reid

[rusty charly]

2. Yep.

[leveymg]

8. Reid is probably the most ineffective Majority Leader of the post-war era.

In the opposition, he wasn't so bad, but as Majority Leader he's been simply awful. He didn't even learn how how to shift into 1st gear.

Still driving in reverse as fast as he can.

[av8rdave]

9. No kidding....

I'm amazed that someone can be literally handed political power and they don't know how to even use it to sway the argument, much less wield it.

[leveymg]

10. I don't think that's any more an accident than Obama's trading frenzy, They're captives.

and they're trying to give as much to Wall Street and the global bankers as they can before the next election. Come hell or high water.

The GOP may be nuts, but these guys are just bought and paid for.

We got f-cked. I won't put up with any more of this bullsh-t, particularly from my own party. They all (almost all) have to go.

- Spoken as a loyal Democrat.

[Ruby the Liberal]

13. Yes, his "strongly worded letters" during Bush the Stupid's legacy will forever

enshrine his legacy as a Democratic leader of the party.

Sorry, some of us have been paying attention for the last 30 years. No offense intended or implied.

[gateley]

3. Man, I was hoping I'd like what I was gonna read hear. And...

for what it's worth, heard the hammer might not come down on the 2nd, that we've received a few bill in our coffers since the amount we had when the August 2 date was given.

I read it on DU, and it wasn't official, just an editorial or something that some "experts" put out there.

[kstewart33]

4. Looks like total capitulation.

Obama will regret it if it passes.

[midnight]

5. Why?

[CONN]

6. screwing all but the rich

[SnakeEyes]

7. Word is there no specific cuts.. just vague general numbers/goals

Looks like he's providing cover for the Republicans to sign this deal that will end up cutting nothing and raise the debt ceiling. I think the Republicans know they are big losers in this fight and have to concede but are willing to cause us to default if it means angering the tea party.

[BeyondGeography]

11. Boy, do we suck

The whole damned team.

[abelenkpe]

12. +1 nt