Congress Nears Deal on Debt Limit

Congress Nears Deal on Debt Limit

The White House and Republican leaders "are discussing a deal that would enact strict deficit targets and some spending cuts to win Republican votes for lifting the ceiling on how much the federal government can borrow," the Wall Street Journal reports.

"The deal would defer contentious decisions about Medicare, Medicaid and taxes until after the 2012 elections. If such an agreement were reached, it would allow both sides to assure financial markets and the public of their commitment to reducing the deficit and then use next year's campaign to lay out their competing visions for the future of major government programs."

Said Rep. Paul Ryan (R-WI): "We're not going to get a grand slam agreement. We're not going to get a big, comprehensive agreement, because of the political parameters. My hope at this moment is to get a single or a double."

http://politicalwire.com/archives/2011/05/05/congress_nears_deal_on_debt_limit.html

n/t

Seeing as attacking it is Obama's pet project.

With an election coming up I doubt either side will do anything drastic.

Given Ryan's dour mood, I sincerely doubt it and I haven't heard anything else that would lead me to believe that Social Security is on the chopping block (much less that gutting it is Obama's "pet project" :eyes:).

Let the Republicans play politics with the debt limit. Let the Americans see who the GOP truly is (if they haven't already). A debt ceiling vote is not an opportunity for the GOP to push through their radical agenda, and Democrats shouldn't just give in to GOP demands.

Both sides are hoping to score big in the next election and Cons know they have no chance if they gut entitlements and the dems are going to use the threat of what the Cons will do to win and gain the upper hand.

I just hope the Dems dont give away too much to make this deal.

This guarantees that the campaign and policies will be based on the GOP cage of limiting government's ability to do anything.

"We will have a balanced budget. Not this year, because, well, that would require painful cuts. Not next year, although we will cancel two of the 23 National Geographic subscriptions received by a VA hospital office in Wapakaneta, Ohio, for a planned savings of $23.19. But we'll have a 83% budget cut the year *after* our terms expire. At least that's the plan. For now. Unless we change our minds, or there's an election. Maybe. But don't hold us to it."

Igel's law: All substantive budget cuts must be made after the next election, when they're dutifully not made.

Same for tax increases, unless it's on a politically unpopular minority and it's necessary to tax the minority to win a majority.

Social security will live as long as tax breaks for the rich live, or congressional pay raises live, or people insist on it.
Town hall meetings sound more like 'Town Brawls meetings', Republicans are learning about the largest lobby, 'we the people'

Obama loves social security, as do all Democrats!