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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: Kenneth E. Phillipps who wrote (108817)7/27/2011 2:41:54 PM
From: tonto3 Recommendations  Read Replies (1) of 224748
 
The details which you left out are important.

Part of the disparity is owed to the fact that the House bill takes a two-step approach to raising the debt ceiling and therefore postpones actions on major entitlement savings until November and December. For this reason, Boehner’s forces would argue the race has just begun, and the scores now are an incomplete picture.

But the bigger issue is sure to be the Senate’s willingness to take advantage of CBO baseline rules and claim large savings from winding down U.S. military operations in Afghanistan and Iraq.

In essence the Senate plan allows a full $127 billion for war-related costs in 2012 and then caps future spending at $450 billion. Republicans argue that these limits have no relevance to the debate at hand, but under CBO rules they yield at least $1.044 trillion in additional savings not in the Boehner package.

When interest savings are factored in, the net impact could be close to $1.250 trillion and largely explains the disparity between the two plans, which are relatively close in how each treats more routine appropriations for government operations.

Not all is entirely good news for Senate Majority Leader Harry Reid, who crafted the Senate package. As introduced, the bill claimed $2.7 trillion in savings, more than enough to offset what was proposed to be a $2.4 trillion debt ceiling increase to carry the Treasury into 2013 and past the 2012 elections.

Read more: politico.com
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