Boehner's six-month stopgap vs. Reid's long-term extension

Thu Jul 28, 2011 at 08:00 AM PDT
Boehner's six-month stopgap vs. Reid's long-term extension

by Jed Lewison Follow

SNIP



As you can see, the big difference between the two plans is that Reid's plan would extend the debt ceiling by $2.7 trillion next month, taking us through 2013, while Boehner's bill would raise the debt limit by just $900 billion, lasting only until the end of the year.

They both set up deficit reduction committees, but while there's nothing to force the Reid committee to deliver a plan, the Boehner bill requires Congress to approve at least $1.6 trillion in spending cuts—which Boehner has vowed will come from entitlements.

If you believe that the deficit reduction committee established by Reid would end up doing the exact same thing as the one established by Boehner, then the net result of the two plans would be the same, but Boehner's plan gives the committee tons of leverage because if Congress doesn't approve its plan, we'd once again face the threat of default...

In my view, the bottom-line is that the Boehner bill would effectively force massive cuts to Social Security, Medicare, and Medicaid. Reid's wouldn't.

http://dailykos.com/

I don't see it.

I don't believe they can let that go, but it can be in other bills. Attached to something else less important than the debt ceiling, which should have been a clean bill to begin with. The revenue can be gotten in a tax reform bill.

:shrug:

I know that some people might be skeptical of their expiration but, theoretically, they will cease to exist starting in 2013, enhancing revenue.

IMO it is a fiscally responsible thing to do and not right wing at all. Since Republicans increased the Debt more in their decade of decadence than all other Administrations COMBINED it is going to be a difficult chore to try and get our financial house back in order, but we know from history, Republicans are incapable of doing so.. It is what Democrats do....You know "The Right Thing" :shrug:

The charts that have been posted on DU and other sites show that these proposals will cause a huge drags on the economy without any revenue mechanism.

The fact that we have acquiesced to all GOP demands and they're still saying no is just an epic failure of leadership across the party.

Republicans claim the mantle of Business, but what business do you know that does not want to increase revenues? Republicans just talk out their ass and americans believe them...:shrug: makes one ashamed to be an American..

business line of crap they tow around.

political act wasting time. Bloomberg is reporting that there are signals from WH that POTUS is now open to a short term raise in limit (can't confirm).

Nothing on GUARANTEEING that Bush/Obama 2001, 2003, 2010 Tax Cuts expire on December 31, 2011.

Nothing on ending the SS-robbing payroll tax holiday (or what it will add to the deficit and unfunding of SS)

Nothing on revenues from ending subsidies/entitlements/welfare to wealthy individuals and corporations.

Nothing on massive unemployment needs - jobs. What's going to happen come December 31, 2011 when the extended benefits run out and the millions of needed jobs still haven't materialized?

This "deficit reduction committee, aka Super Congress" sounds a group of Senators and Congresspeople who will be given the authority to cut every social, environmental, and and every other non-defense agencies budgets without any other member of congress needing to approve, and the President will sign off on these cuts. It'll be a group not running for re-election or in safe districts so nobody else will be held responsible.