If so, this is the only good news in this deal for Democrats:
http://tpmdc.talkingpointsmemo.com/2011/07/dems-gop-float-eye-popping-debt-limit-compromise.phpDems, GOP Float Eye-Popping Debt Limit CompromiseBrian Beutler | July 31, 2011, 9:20AM
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One source briefed on the negotiations confirms that the ABC story is correct "on the key points." A similar piece in National Journal suggests the Special Committee would not be allowed to reduce the deficit by raising new net tax revenue. The source disputes that notion, as does the ABC report.
On CNN Sunday Morning, McConnell sought to reassure conservatives that the deal includes no tax increases -- though did not specifically address the scope of the Special Committee. "There are no tax increases
in this bill," he said. "There will be no tax increases in this proposal." Emphasis added.
Also on CNN, Sen. Chuck Schumer (D-NY) said the final trigger must include incentives that don't simply allow Republicans to draw a line in the sand over revenues. "What is the sword over the Republican?" Schumer asked.
Well it has to be equal -- the one thing we are certain of, it has to be of equal sharpness and strength. The preference would be some kind of revenues, on wealthy people, on tax loopholes that would be in that. But another alternative, possible, being discussed, no agreement has been reached, would be defense cuts of equal sharpness and magnitude to domestic cuts.