The complete text can viewed here.
The House will be debating this shortly.
The bullet points from the 74 page bill are below.
The deal puts in spending caps like the bill the Republicans passed last week. The caps are worth about $917 billion in cuts over 10 years. Those caps rise from $1.043 trillion in fiscal 2012 to $1.234 trillion in fiscal 2021 they are split between defense and non defense pending.
Leaders in each party and each chamber would appoint three members to a 12-person "Super Committee" that would be tasked with finding $1.2 trillion or more in cuts. The committee would report by Nov. 23, and the bill provides for expedited floor procedures for voting. If they fail to report a bill by November 23 they would lose the special privileges.
If Congress doesn’t act on the "Super Committee" recommendation or if the new law doesn’t meet the reduction goals the difference between $1.2 trillion and whatever is enacted would go into effect. They claim the reductions would be divided equally between defense and non-defense.
The most important issue with the deal is that the debt ceiling will be raised between $2.1 trillion and $2.4 trillion. Obama will get $400 Billion dollars immediately and then he must jump through hoops to get an additional chunk of $500 Billion dollars. Another $1.2 trillion hike can occur when the president requests it but that figure would rise to $1.5 trillion if a balanced budget amendment to the Constitution has been sent to the states for ratification.
I personally do not support anything that allows for the Debt Ceiling to rise again but all early indications are that this bill will likely get approved despite heavy opposition. Ron Paul and a few others have already pledged to vote no. Please continue to contact your Representatives in Congress if you want this measure to fail.
Cheers,
Mike
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Here's a plan that would work, unlike the garbage coming out of Washington. See "Saving the Economy, in 10 Easy Steps." www.baldyandtheblonde.com
ReplyDeleteAs a tea party libertarian, I support Rand Paul's proposal when I heard him in Vegas at FreedomFest. Set a five-year target for a balanceed budget, and increase the debt ceiling in incrementally smaller annual chunks. Naturally there's always the concern that it won't be adhered to, but that's a problem no matter how we skin the cat.
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