Obama announces debt deal--GOP/Tea Party members WIN big!

[oreo]

Obama announced Sunday night that leaders of both parties in both chambers have reached an agreement on a debt-reduction deal that will "lift the cloud of uncertainty that hangs over our economy."

According to the president, the deal means an immediate cut of $1 trillion over a 10-year period, followed by the creation of a committee to come up with additional cuts worth $1.5 trillion to be voted on by the end of the year.

Each chamber will nominate lawmakers to the committee to report back in the fall. Tax hikes are not part of the package and a pledge for a Balanced Budget Amendment vote is.
Obama said everything will be on the table and both parties will find some of the cuts objectionable.

The Senate adjourned Sunday night without a vote on a debt reduction deal, but Senate Democratic Leader Harry Reid said that the parties are going to have to give ground and compromise so the country doesn't default.

"I am relieved to say that leaders from both parties have come together for the sake of our economy to reach a historic, bipartisan compromise that ends this dangerous standoff. The compromise we have agreed to is remarkable not only because of what it does, but because of what it prevents: a first-ever default on the full faith and credit of the United States," Reid said.

Reid and Senate Republican Leader Mitch McConnell will both present the agreement to their caucuses on Monday morning. Several objections are expected, including from Republican defense hawks who don't want the military gutted and from the Congressional Black Caucus, which called the deal a "sugar-coated Satan sandwich."

House Speaker John Boehner told his Republican caucus on a Sunday night conference call that the deal isn't done yet.

"The press has been filled with reports all day about an agreement. There's no agreement until we've talked to you," he said.

But Boehner of Ohio said the deal does not violate GOP principles. "We got 98 percent of what we wanted," he said adding gthat the framework cuts more spending than it raises the debt limit. It also caps future spending to limits in the growth of government.

"It would also guarantee the American people the vote they have been denied in both chambers on a balanced budget amendment, while creating, I think, some new incentives for past opponents of a BBA to support it," Boehner said.

According to a Power Point presentation provided by Reid's office, if the committee's recommendations are not approved by the end of the year, a "trigger" in the proposal would automatically enact across-the-board cuts -- with roughly half of the cuts coming from defense.

The 12-member committee, composed of six Republicans and six Democrats, three from each party and each chamber, will report the legislation by Nov. 23. The vote, to take place by Dec. 23, would be an up-or-down vote with no amendments allowed.

The trigger would be enacted for across-the-board cuts if the joint committee doesn't reach at least $1.2 trillion in deficit reduction. If that happens, Obama would be allowed to request a $1.2 trillion debt increase and Congress would have to disapprove it. Across the board cuts would also apply to Medicare, but other programs like Social Security, Medicaid, veterans benefits and military pay would be off-limits.

Obama Announces Debt-Reduction Deal Approved by Senate, House Leaders - FoxNews.com

Knowing that the GOP and tea party only controls 1 house out of the 3 legislative branches--it's really sureal. Balanced budget vote in the amendment.

 

[Toro]

Debt Ceiling Deal May Be In Serious Trouble In The House | Capital Gains and Games

 

[BDBoop]

Yup. They won. America lost. Congrats to big business, special props to your man Cantor.

 

[Truthseeker420]

Any credible source?

 

[oreo]

Yup. They won. America lost. Congrats to big business, special props to your man Cantor.

Nope if this bill actually makes it through congress and on Obama's desk--IT'S THE AMERICAN PEOPLE that have won.

Obama Announces Debt-Reduction Deal Approved by Senate, House Leaders - FoxNews.com

 

[BDBoop]

Any credible source?

Full text of President's speech.

Full text of the president's remarks - - POLITICO.com

 

[Truthseeker420]

Any credible source?

Full text of President's speech.

Full text of the president's remarks - - POLITICO.com

Thank you

 

[8537]

Debt Ceiling Deal May Be In Serious Trouble In The House | Capital Gains and Games

Wow. They get 23 beers out of the case and decide to scream until they get the 24th - or the case disappears.

Unreal.

 

[Remodeling Maidiac]

Debt Ceiling Deal May Be In Serious Trouble In The House | Capital Gains and Games

Wow. They get 23 beers out of the case and decide to scream until they get the 24th - or the case disappears.

Unreal.

LOL

I like beer too.

 

[BDBoop]

Debt Ceiling Deal May Be In Serious Trouble In The House | Capital Gains and Games

Wow. They get 23 beers out of the case and decide to scream until they get the 24th - or the case disappears.

Unreal.

Fuckerbitches.

That's okay to say here, right?

 

[8537]

Debt Ceiling Deal May Be In Serious Trouble In The House | Capital Gains and Games

Wow. They get 23 beers out of the case and decide to scream until they get the 24th - or the case disappears.

Unreal.

LOL

I like beer too.

Maybe we need a beer summit...as long as the Republicans are willing share

 

[BDBoop]

Wow. They get 23 beers out of the case and decide to scream until they get the 24th - or the case disappears.

Unreal.

LOL

I like beer too.

Maybe we need a beer summit...as long as the Republicans are willing share

Oh, I know how that works. They'll send the Dems out to get beer, promising to pay half the tab upon their return.

Then they'll drink all the beer.

Then they'll renege.

 

[Truthseeker420]

Obama could cut a trillion dollars by bringing the troops home.

 

[8537]

LOL

I like beer too.

Maybe we need a beer summit...as long as the Republicans are willing share

Oh, I know how that works. They'll send the Dems out to get beer, promising to pay half the tab upon their return.

Then they'll drink all the beer.

Then they'll renege.

Who knew my college roommate was a future Tea Partier

 

[oreo]

Debt Ceiling Deal May Be In Serious Trouble In The House | Capital Gains and Games

Wow. They get 23 beers out of the case and decide to scream until they get the 24th - or the case disappears.

Unreal.

LOL

I like beer too.

One tea party member of congress described this as very close to the cut--cap--and balance bill that passed the house 1-1/2 weeks ago--that Obama stated he would veto--and that Harry Reid stated was dead on arrival. We'll see?

 

[Remodeling Maidiac]

LOL

I like beer too.

Maybe we need a beer summit...as long as the Republicans are willing share

Oh, I know how that works. They'll send the Dems out to get beer, promising to pay half the tab upon their return.

Then they'll drink all the beer.

Then they'll renege.

How do you know? In the habit of being ditched by friends with an unpaid tab?

 

[Remodeling Maidiac]

Wow. They get 23 beers out of the case and decide to scream until they get the 24th - or the case disappears.

Unreal.

LOL

I like beer too.

One tea party member of congress described this as very close to the cut--cap--and balance that passed the house 1-1/2 weeks ago. We'll see?

Yea, I heard that too. Shit, let's givem a beer anyhow.

 

[Baruch Menachem]

The reason this thing should not have gone this far is that the Chinese are watching, Putin is watching, the Iranians are watching, Dear Leader Kim is watching this farce. The guy responsible for our national security was made to fold like a cheap umbrella despite having all the cards.

This is very bad news

 

[Trajan]

Debt Ceiling Deal May Be In Serious Trouble In The House | Capital Gains and Games

since no one sane has posted on this thread but you, I'll direct this at you; this fight has been going on since the first agrarian reforms created the show down between optimate and populare who battled for supremacy in Rome and Italy 2000 years ago........and it will go on.
The is no 'victory', the pendulum swings and the only truth to survive each and every dance is; the middle loses almost every time and its most always for the same reason, overreach by both parties.

 

[Liability]

The deal MIGHT still include a "vote" on the BBA to be sent to the States. But, I understand that there's no requirement that it "pass" both Houses as a condition of the deal.

It sounds now like it's an immediate 1 Trillion dollars spread over 10 years and some gobble-dee-crap about another 1.8 trillion or so (to make the cuts match the debt limit increase) with the details to be worked out by the super committee ....

A lot of bullshit games playing and horse trading. And a debt limit INCREASE offset by spending cuts is still a debt limit increase.

Further, I do not believe that THIS or any Congress can validly pass DEAD HAND legislation that would bind future Congresses. So this deal -- imho, initially -- is largely bullshit.