House Bill H.R. 2560 Tells You Who Republicans Are Fighting For

[Truthseeker420]

It would require a Constitutional Amendment before raising the debt limt that to close tax loopholes for corporations and subsidies for corporation(welfare) would require a super3/4 majority but to cut medicare, social security,education and other social programs you only need a simple majority.

Everyone should watch this, the Republicans behaved like school children.

House Debt Ceiling Debte - C-SPAN Video Library

 

[Mad Scientist]

It would require a Constitutional Amendment before raising the debt limt that to close tax loopholes for corporations and subsidies for corporation(welfare) would require a super3/4 majority but to cut medicare, social security,education and other social programs you only need a simple majority.

Everyone should watch this, the Republicans behaved like school children.

House Debt Ceiling Debte - C-SPAN Video Library

Yeah, I don't really read it like that. Here's the Bill (Hr 2560, 112th Congress):
Read The Bill: H.R. 2560 - GovTrack.us
Here's the summation of it:
Bill Summary & Status - 112th Congress (2011 - 2012) - H.R.2560 - CRS Summary - THOMAS (Library of Congress)

Title I Cut: Makes it out of order in both chambers to consider any legislation that includes any provision that would cause total direct spending to exceed the spending limit specified in this Act. Exempts from such spending limits: (1) Social Security, function 650; (2) Medicare, function 570; (3) Veterans Benefits and Services, function 700; and (4) Net Interest, function 900.

Title II Cap: Amends the CBA to make it out of order in both chambers to consider any legislation that would cause the most recently reported current GDP outlay limits set forth in this Act to be exceeded.

Title III Balance: Prohibits the Secretary of the Treasury from exercising additional borrowing authority until the date that the Archivist of the United States transmits to the states for their ratification H.J. Res. 1 to the States and requires that tax increases be approved by a two-thirds vote in both chambers.

Plus:

Increases the public debt from $14.294 trillion to $16.7 trillion on the date such legislation is transmitted to the states.

Where did you see "tax loop holes" and "corporate welfare" mentioned?

(You know what I like about this Bill? It aint 2000+ pages long!)

 

[Truthseeker420]

It would require a Constitutional Amendment before raising the debt limt that to close tax loopholes for corporations and subsidies for corporation(welfare) would require a super3/4 majority but to cut medicare, social security,education and other social programs you only need a simple majority.

Everyone should watch this, the Republicans behaved like school children.

House Debt Ceiling Debte - C-SPAN Video Library

Yeah, I don't really read it like that. Here's the Bill (Hr 2560, 112th Congress):
Read The Bill: H.R. 2560 - GovTrack.us
Here's the summation of it:
Bill Summary & Status - 112th Congress (2011 - 2012) - H.R.2560 - CRS Summary - THOMAS (Library of Congress)

Title I Cut: Makes it out of order in both chambers to consider any legislation that includes any provision that would cause total direct spending to exceed the spending limit specified in this Act. Exempts from such spending limits: (1) Social Security, function 650; (2) Medicare, function 570; (3) Veterans Benefits and Services, function 700; and (4) Net Interest, function 900.

Title II Cap: Amends the CBA to make it out of order in both chambers to consider any legislation that would cause the most recently reported current GDP outlay limits set forth in this Act to be exceeded.

Title III Balance: Prohibits the Secretary of the Treasury from exercising additional borrowing authority until the date that the Archivist of the United States transmits to the states for their ratification H.J. Res. 1 to the States and requires that tax increases be approved by a two-thirds vote in both chambers.

Plus:

Increases the public debt from $14.294 trillion to $16.7 trillion on the date such legislation is transmitted to the states.

Where did you see "tax loop holes" and "corporate welfare" mentioned?

(You know what I like about this Bill? It aint 2000+ pages long!)

One of the aurguments was that it was written on Saturday and passed without any committee reviews.

 

[Truthseeker420]

http://rules.house.gov/Media/file/PDF_112_1/legislativetext/HR2560 ct.pdf

and requires tax increases be approved by a two-thirds vote in both Houses of Congress

 

[Truthseeker420]

H.R. 2560, the “Cut, Cap, and Balance Act of 2011” aims to cut federal spending to pre-2008 levels, cap spending permanently to an eventual 19.9 percent of gross domestic product, and to require an constitutionally guaranteed annual balanced budget. It also requires a two-thirds majority to raise taxes.

The bill would in annual steps reduce the level of federal spending from 23 percent of GDP in fiscal year 2012 to 19.9 percent of GDP in fiscal 2021 and beyond. It will also cut $111 billion from the fiscal 2012 budget. Of that $111 billion, $76 billion would be cut from non-security-related discretionary spending (programs whose funding levels can be set through congressional appropriations), bringing that category of spending below 2008 levels, and $35 billion will be cut from mandatory spending (programs whose funding is legally determined by the number of people eligible to receive a benefit or service) other than programs for veterans, Medicare, and Social Security. The defense budget would not be reduced below President Obama’s fiscal 2012 funding request

...247 organizations who sent a letter to every member of Congress and who believe that “a balanced budget constitutional amendment would damage the economy, not strengthen it.” The bill also would “require supermajority votes in the House and Senate to increase the debt limit, waive the balanced budget requirement – or to raise any taxes, including closing the most egregious tax loopholes.”

Finally, the White House believes “H.R. 2560 sets out a false and unacceptable choice between the Federal Government defaulting on its obligations now or, alternatively, passing a Balanced Budget Amendment that, in the years ahead, will likely leave the Nation unable to meet its core commitment of ensuring dignity in retirement."

The House passed the bill by a vote of 234-190 along mostly party lines. Five Democrats joined 229 Republicans in voting in favor of the bill, while nine Republicans joined 181 Democrats in voting against it. The bill is expected to be rejected by the Democratically-controlled Senate, and President Obama has threatened to veto the legislation if it makes it to his desk.

(H.R. 2560) Cut, Cap and Balance Act of 2011 | TheMiddleClass.org