Reid Signs Off on Emerging Debt Deal to Widespread Disgust

[xchrom]

http://www.theatlanticwire.com/politics/2011/07/reid-signs-emerging-debt-deal-widespread-disgust/40633/

Senator Reid has signed off on the latest incarnation of the debt-ceiling agreement pending caucus approval, the Wall Street Journal reports. Here’s the outline of the debt ceiling deal as of now, according to officials on both sides, and courtesy of the Journal's live-blog:

* $900 billion in the first stage of deficit reduction.

* $1.5 trillion in second stage of deficit reduction to be defined by a bipartisan special committee of lawmakers appointed by leaders of the House and Senate.

* If the special committee fails to deliver a deficit-cutting package, it would trigger $1.2 trillion in cuts, from Medicare, exempting low-income programs Social Security and Medicaid.

* The debt ceiling increase would be done in three phases: $400 billion initially; another $500 billion later thise year would be subject to a vote of disapproval; a third increase of $1.5 to get the rest through 2012 and would also be subject to vote of disapproval.

* There is also a provision to have Congress vote on balanced budget amendment.

* The special committee would not necessarily tackle tax reform. But Mr. Obama is threatening to veto any extension of the Bush-era tax cuts for those making $250,000 a year or more unless Congress acts on an overhaul of the tax code.

[aquart]

1. Great. The assholes will give us a flat tax and a VAT

instead of progressive income tax.

I hope they rot of incurable itch.

[xchrom]

4. +1

[hobbit709]

5. I believe Deuteronomy 28:27 says it.

The LORD will smite thee with the botch of Egypt, and with the emerods, and with the scab, and with the itch, whereof thou canst not be healed.

[eShirl]

9. Now that's a botch-slap of biblical proportions.

[aquart]

13. Yes, Lord. But WHEN?

[fasttense]

2. And a 2% tax increase for the working class. n/t

[Selatius]

3. I'm seriously interested in seeing if Obama is serious about his threat to veto.

If the Republicans are smart, they will hold another social program hostage in return for Obama approving another extension of the Bush tax cuts for the ultra-wealthy.

[newfie11]

6. Mr. Obama is threatening to veto any extension of the Bush-era tax cuts for those making $250,000 a

I hope this is spelled out better in the compete document, but why on earth would he extend the bush tax cuts for any reason!

[xchrom]

8. because he's held 'hostage' -- like the first time?

:eyes: not that i believe that.

[LetTimmySmoke]

11. Oh has he?

As if his statements meant anything.

[deacon]

7. A deal thats a big bag of shit. n/t

[socialshockwave]

10. Are they really taxing the poor? Seriously? n/t

[ThirdEye]

12. This is full of what republicans want...

Assuming for a second that this information is accurate, this is what republicans want for their election ads:

0) "We forced them to make cuts and not increase taxes... and won!"
1) "I voted disaprovingly of TWO dept ceilng increases!" (seriously... why the hell do they even need an opportunity to cast that vote?)
2) "The democrats wouldn't listen, so the triggers went off... and because of Obama we're now less safe because defense spending has been SLASHED!"
3) "We tried to get you a balance budget amendement, but the democrats wouldn't let it pass..."
4) "First he wants to raise the debt ceiling and now he wants to increase your taxes?! Evil Obama!" (re: Bush tax cut debate that will happen ALL OVER AGAIN)

[Autumn]

14. And revenues??????? Somewhere

over the rainbow perhaps.