ABC reporting tentative deal made to raise debt ceiling

[HipChick]

http://blogs.abcnews.com/thenote/2011/07/white-house-republicans-strike-tenative-deal-to-raise-debt-ceiling-.html

ABC News has learned that Republicans and the White House have struck a tenative deal to raise the debt ceiling before the Aug. 2 deadline. It's not done yet, but here is the framework of the tentative deal they have worked out, according to a source familiar with the negotiations:

Debt ceiling increase of up to $2.8 trillion
Spending cuts of roughly $1 trillion
Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
Committee must make recommendations before Thanksgiving recess
If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare.

[senseandsensibility]

1. K and R

eom

[scheming daemons]

2. One sacred cow for GOP (defense), one for Dems (Medicare)..... just might work

....but also I would automatically rescind Bush tax cuts as a trigger.

[CelticThunder]

20. Disgusting capitulation (as usual) by Obama. If he runs for a second term, he will lose.

[scheming daemons]

24. He's already running for a second term... are you that oblivious?

[CelticThunder]

29. You are the oblivious one.

[scheming daemons]

30. Dude... he filed the paperwork.. he's officially a candidate... he's already running.

[nadinbrzezinski]

3. Well yes, I guess taxes could never be put in there

I mean we need to protect the rich...

[Horse with no Name]

4. So...the republicans got EVERYTHING they wanted

including a Super Congress (calling it a "special committee" doesn't change what it really is).

Not only that--we get to do this all over again...

And we walk away...totally fucked over by a coven of cowards.

[11 Bravo]

7. Yeah, the Repugs were begging for cuts to Defense.

[ProgressiveEconomist]

8. "We get to do this all over again" I read the OP as saying not til 2013, given the $2.9 trillion

debt ceiling increase.

Sounds like the penalties for not finding another $1.8 trillion in cuts by Thanksgiving are automatic cuts to Defense and Medicare--NOT another debt ceiling vote.

We'll be going through another BUDGET figth soon in any case. IMO ANYTHING's better than anoother debt-ceiling vote before the 2012 elections.

[TheWraith]

13. No, that's ludicrous BS. For one thing, there is no "super congress."

Calling it that doesn't negate the fact that anything it recommended would still have to go through Congress and the White House to be enacted.

[kelly1mm]

25. The Super Congress had to go through both houses as well. How

is the special committee different? Many here pointed out, when asked about the constitutionality of the super congress that is is/was simply a joint select committee.

[DJ13]

5. Special committee to recommend cuts of $1.8 trillion

The blade of austerity will remain hanging over our heads.

Thats pathetic.

[Chan790]

12. Who picks the committee?

I'd fully support it if we chose three good solid liberals and insisted that Rand Paul be a GOP member but Paul Ryan be excluded.

Such a committee would have little chance of agreeing on anything but savings resulting from ending the wars and the war on drugs...and that might add up to nearly $1.8T over 10 years.

[scheming daemons]

14. Wars alone are more than half of the $1.8 trillion... letting Bush tax cuts expire is the rest

[Ruby the Liberal]

6. Triggered cuts to Medicare, nothing about the Bush tax cuts for the wealthy

That sounds fair.

:sarcasm:

[scheming daemons]

9. They end on Dec 31, 2012... unless congress acts to extend them

If Obama wins re-election, the Bush tax cuts are gone.

[potone]

10. This is a lousy deal.

It means that we will go from being held hostage by the tea party Republican House members to being held hostage by a special committee, and one that will not consider any tax increases. Even if the Bush tax cuts aren't renewed, the damage caused by the cuts will remain. Why is this an acceptable solution?

[scheming daemons]

11. Because GOPers will do anything to prevent defense cuts

....

[Ruby the Liberal]

17. And the ratio of defense cuts to medicare cuts is what, exactly?

Exactly...

[TheWraith]

15. No, it's not. You just imagine it is. nt

[Lorien]

22. Amen. Just invoke the 14th and be done with it. Repugs wouldn't dare to try to "impeach"

Obama for it, because the public would turn on them in a nanosecond. Obama would be seen as the hero and adult in the situation.

[CleanGreenFuture]

16. That sucks.

[spartan61]

18. I just might be asking a dmb question,

but I'm going to ask anyway. Last Dec. bush's tax cuts were extended. Can they still expire or are they going to be untouched with this new tentative deal? Just because the repukes don't want "revenue" and there is no revenue in the deal, is that the end of the tax increase talk? Does this mean that the wealthy are off the hook for any tax increases?

[Ruby the Liberal]

19. Off the hook, yes. They expire in Dec of 2012 unless extended

but no revenues have been included in this "deal". Only cuts.

[JCMach1]

21. Apparently Obama's secret strategy was surrender...

:grr:

[Gregorian]

23. Darn it, that made me laugh.

Might as well. I'm watching Idiocracy again very soon.

[JCMach1]

26. It is 44D chess, so maybe it will work...

[sad sally]

27. The Republicans and the White House?

Is there a Party not represented here?

[Tx4obama]

28. * * * * * thinkprogress RT @samyoungman: Dem familiar with situation disputes ABC report * * * *

thinkprogress
RT @samyoungman: Dem familiar with situation disputes ABC report

http://twitter.com/thinkprogress/status/97502157829447680