Two-Step Approach to Hold President Obama Accountable
Republicans insisted that if the president wants his debt ceiling increase, the American people will require serious spending cuts and reforms. This two-step approach meets House Republicans’ criteria by (1) making spending cuts that are larger than any debt ceiling increase; (2) implementing spending caps to restrain future spending; and (3) advancing the cause of the Balanced Budget Amendment – without tax hikes on families and job creators. Although this is not the House-passed “Cut, Cap, and Balance,” it is a package that reflects the principles of Cut, Cap, and Balance. Here is more information on the plan:
• Entitlement Reforms & Savings. The framework creates a Joint Committee of Congress that is required to report legislation that would produce a proposal to reduce the deficit by at least $1.8 trillion over 10 years. Each chamber would consider the proposal of the joint committee on an up-or-down basis without any amendments. If the proposal is enacted, then the president would be authorized to request a debt limit increase of $1.6 trillion.
• Caps to control future spending. The framework imposes spending caps that would establish clear limits on future spending and serve as a barrier against government expansion while the economy grows. Failure to remain below these caps will trigger automatic across-the-board cuts (otherwise known as sequestration).
http://www.washingtonpost.com/blogs/ezra-klein/post/boehners-plan/2011/07/11/gIQABzV3YI_blog.html?tid=sm_twitter_washingtonpost