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Boehner, Reid to unveil new debt plans as deadline nears

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Boehner, Reid to unveil new debt plans as deadline nears

Post by gigichicago on Mon Jul 25, 2011 1:11 pm

These idiots couldn't agree to what color paint to buy if they had to give the Capitol a new look! Let's see what will happen. The suspense thickens day after day after day. They will raise the debt limit and than move on to more drama like arguing about the new name for a post office. That will take six more months to waste money and time.







Washington (CNN) -- Democratic and Republican congressional leaders are set to unveil new deficit reduction plans Monday as top officials scramble to bridge a cavernous partisan divide and raise the federal government's debt ceiling before an unprecedented -- and potentially devastating -- national default.



Senate Majority Leader Harry Reid, D-Nevada, is expected to outline a blueprint calling for roughly $2.7 trillion in spending cuts over the next decade while raising the debt limit by $2.4 trillion -- an amount sufficient to fund the government through the 2012 election. Reid's plan would not require any new tax hikes or reforms to politically popular entitlement programs.



House Speaker John Boehner, R-Ohio, is expected to outline a two-stage plan. The first stage calls for approximately $1.2 trillion in spending cuts while raising the debt ceiling through the end of 2011, two Republican leadership aides told CNN. The second stage would raise the debt limit through 2012, but tie the increase to major tax reforms and entitlement changes outlined by a bipartisan commission composed of Senate and House members.



Boehner's plan also includes a vote on a balanced budget amendment to the Constitution by the end of this year, according to the speaker's office.



Democrats are vehemently opposed to the idea of holding more than one vote to the raise the debt limit through the 2012 election, arguing that such a requirement is politically unrealistic and could prove to be economically destabilizing. Republicans want to lock in long-term tax and spending changes, and argue that President Barack Obama is trying to avoid politically tough decisions in a presidential election year.



If Congress fails to raise the $14.3 trillion debt limit by August 2, Americans could face rising interest rates and a declining dollar, among other problems. As the cost of borrowing rises, individual mortgages, car loans, and student loans could become significantly more expensive.



http://www.cnn.com/2011/POLITICS/07/25/debt.talks/index.html



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Re: Boehner, Reid to unveil new debt plans as deadline nears

Post by CLO on Mon Jul 25, 2011 2:33 pm

Reid's plan would not require any new tax hikes or reforms to politically popular entitlement programs.
?
For God's sake! I don't see ANY difference between the Dems and the Repugs! Just raise the damn debt ceiling, why waste SO much time and expense formulating a bill that basically does nothing but raise the debt ceiling, but locks in how the budget is dealt with down the road? Sickening..
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Re: Boehner, Reid to unveil new debt plans as deadline nears

Post by Riled American on Mon Jul 25, 2011 6:25 pm

I'm poed with all of them. Defend whatever party you want. They both have their flaws. Is one better that the other? Who give a...insert your own word. Both parties and oops, I can't forget the Tparty, I'm sure I' ll be chastised for forgetting them.lol!



Oh well, they all need to do the right thing which is... suppose to uphold the Constitiuton of the United States of America, and work for their constituents. Anybody seeing it? Asking where are the jobs isn't cutting it!!! What a joke. If you hate this country and the constitution, plane, trains, cars(if you can afford the gas) and ships leave eveyday for China or anywhere else you'd like to go. Feel free.
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