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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (437345)7/26/2011 3:35:43 PM
From: goldworldnet1 Recommendation  Read Replies (1) of 793809
 
The House Republican plan, as outlined, would raise the debt ceiling in two steps. The first would allow for a debt increase of about $1 trillion (enough to last until about February or March of 2012) and impose statutory caps on discretionary spending over the next ten years that would yield about $1.2 trillion in savings. Failure to abide by these caps would trigger automatic, across-the-board reductions.

The second step would establish a special joint committee of Congress that would be instructed to produce an additional $1.6 trillion to $1.8 trillion in deficit reduction, presumably through entitlement reform, which would then be sent to Congress for an up-or-down, simple-majority vote. If Congress successfully passes the committee’s proposal, President Obama could then request an additional $1.6 trillion increase to the debt ceiling, subject to a symbolic “resolution of disapproval” in Congress, a process that would mirror the framework put forward by Senate minority leader Mitch McConnell (R., Ky.).

The plan would also require both chambers to consider and vote on a balanced-budget amendment (BBA) to the Constitution sometime between October 1 and the end of the year.

nationalreview.com

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