No. of Recommendations: 4
http://blogs.abcnews.com/thenote/2011/07/white-house-republi...

Here, according to Democratic and Republican sources, are the key elements:

•A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal).

•They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.

•The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both.

•The special committee must make recommendations by late November (before Congress' Thanksgiving recess).

•If Congress does not approve those cuts by December 23, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. This "trigger" is designed to force action on the deficit reduction committee's recommendations by making the alternative painful to both Democrats and Republicans.

•A vote, in both the House and Senate, on a balanced budget amendment.
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Sounds like a can kicking to me.
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No. of Recommendations: 2
what will happen....

the debt commission will report...

it will be ignored....

the Bush cuts will be allowed to expire...

tax rates will necessarily skyrocket

but that happens AFTER the next election on Jan 1, 2013

Everyone will blame everyone else for 'not getting a deal' in Nov....but the fallback is simply to let tax rates rise.....and no one will 'vote' on that.....


t.
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No. of Recommendations: 0
what will happen....

the debt commission will report...

it will be ignored....

the Bush cuts will be allowed to expire...

tax rates will necessarily skyrocket
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There might be tax increases above and beyond the Bush tax cuts expiring:

The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both.

2012 is going to be a very important election. If the dems win back control and Obama is reelected i wouldn't be surprised to start hearing talk of a VAT.
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No. of Recommendations: 2
Whoopde-freakin-do

- baseline budgeting still in effect. Only in DC can spending go up and the leaders can call it a cut.

- the baseline makes Obama's spending orgy a permanent part of the budget.

- future pseudo-cuts aren't binding on future Congresses anyway.

Our lives are in the hands of fools.
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No. of Recommendations: 1
Same old Washington BS. As for the vote on a Balanced Budget Amendment, that's to set the stage for the next election. It will be interesting to see how many Dems are permitted to vote in favor so as to enhance their relection chances. Nothing is going to happen is DC until America goes off the cliff. A pox on both Parties.
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Many liberals have lamented (and some conservatives boasted) that Senate Majority Leader Harry Reid’s (D., Nev.) deficit plan consists entirely of spending cuts. Hardly. To start, Reid’s plan proposes to set revenue levels according the Congressional Budget Office baseline, which follows current law, as opposed to current policy. Current law, of course, assumes the expiration of certain business tax extenders, the Alternative Minimum Tax patch, and the Bush tax rates. So in effect, Reid’s plan assumes an overall tax hike of about $3.5 trillion to $3.8 trillion over ten years.

Not only that, but a Republican source tells me that Democrats are currently negotiating for automatic tax increases as part of a trigger mechanism that will go into effect if the bipartisan committee called for in Reid’s (and Boehner’s) plan fails to reach an agreement on an additional $1.2 trillion to $1.8 trillion in deficit reduction. Several GOP Senators confirm that this is the primary hang-up in the ongoing negotiations. Meanwhile, Senate Budget Committee chairman Kent Conrad (D., N.D.) has been shuttling back and forth between Reid and Mitch McConnell’s offices in an effort to negotiate a solution, but tells reporters there’s still no deal.
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Oh God! There's no way the dems will negotiate if automatic tax increases happen if they do nothing. They'd love that. They'd probably flee the country like the Wisconsin democrats fled Wisconsin.
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No. of Recommendations: 2
Not only that, but a Republican source tells me that Democrats are currently negotiating for automatic tax increases as part of a trigger mechanism that will go into effect if the bipartisan committee called for in Reid’s (and Boehner’s) plan fails to reach an agreement on an additional $1.2 trillion to $1.8 trillion in deficit reduction.

He who needs the deal worse loses. This is a direct result of the constant media pressure blaming the GOP for everything under the sun including (but not limited to): crabgrass, solar flares, and toenail fungus.
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No. of Recommendations: 1
They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.

So the national debt, instead of increasing by roughly $10 trillion over the next decade, will increase by $9 trillion? Break out the champagne.
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No. of Recommendations: 1
So the national debt, instead of increasing by roughly $10 trillion over the next decade, will increase by $9 trillion? Break out the champagne.

And those "cuts" aren't even binding on future Congresses. Party time!!!
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•They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.

Sounds good... provided the '10' is binary.
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No. of Recommendations: 1
http://www.marketwatch.com/story/grading-debt-deal-the-good-...

"To put it all in context, the debt has increased about $4 trillion in the last three years and is projected to almost double to $27 trillion in the next 10 years, according to the Congressional Budget Office. Next year the yearly budget deficit will be roughly $1.1 trillion, down slightly from $1.4 trillion this year. These numbers are numbing."

The numbers are rather horrifying, actually.
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