Trillions in cuts in domestic spending and no new revenues. No closing of loopholes.
From the WaPO:
Levin said a potential deal-breaker was the trigger — which forces spending cuts across the board if a special committee cannot produce as much as $1.8 trillion in cuts that win approval from the Congress. If the potential cuts to Medicare under this trigger include reductions in any benefits to the elderly, Levin said, “then you’re going to lose a lot of Democrats.”
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http://www.washingtonpost.com/politics/liberals-hawks-are-obstacles-to-debt-deals-coalition/2011/07/31/gIQAFKWCmI_story.htmlI knew there would be a deal. I knew it would be one in which Seniors and the poor were whacked upside the head with a two by four. I hope it serves to sharpen focus and doesn't lead to walking aound in a dazy.