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    Obama Sunday Night Statement // Update – Boehner PowerPoint Added

    Obama Sunday Night Statement // Update – Boehner PowerPoint Added

    Obama just gave a press statement.

    Says the leaders of both parties in both chambers have reached an agreement “that will reduce the deficit and avoid default.”

    Deal is $1 trillion in spending cuts, but not “so abruptly that a drag on our economy.”

    Second part of agreement will have further reductions based on bipartison committee to “further reduce the deficit” and “everything on the table.”  If no agreement made, cuts automatically take place.

    Also gave the usual class warfare argument about how he still believes the wealthiest should contribute more.  Also mentioned that not popular with Democrats but need to consider modest adjustments to entitlements.

    And in the most important part of the statement, Obama thanked the public for their tweets.

    Boehner’s office also released a PowerPoint presentation on the details of the deal (according to Fox News), I’ll post it if I can find it.  Here’s the full PowerPoint.

    Here’s the slide on a Balanced Budget Amendment:

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    Comments



     
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    Sanddog | August 1, 2011 at 1:15 am

    From what I’ve read this evening, “defense cuts” would include things like homeland security and foreign aid. Personally, I’d rather see the EPA, dept of education, etc.. get severely cut before they start stripping money away from actual constitutionally authorized functions of government.


     
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    Viator | August 1, 2011 at 4:17 am

    The long sad history of triggers and commissions

    “Anything Congress does, Congress can undo,” said Bob Bixby, executive director of the Concord Coalition, an Arlington, Virginia-based group that advocates for balanced budgets. “They can’t really bind themselves. You really have to have a political will to make these things work or they won’t.”

    And in 1985, the Balanced Budget and Emergency Deficit Control, or the Gramm-Rudman-Hollings Act, included a trigger to enforce deficit targets. If the year’s target wasn’t met, spending cuts were triggered. In the five years of the act, the triggers kicked in twice, one of which was reduced by Congress and the other overridden by a subsequent budget agreement.

    Congress has also rejected scheduled automatic reductions in doctors’ Medicare pay rates established in the Balanced Budget Act of 1997, prompting the annual passage of additional spending that is so routine it has a nickname: the “Doc Fix.”

    “At least three commissions in the past year have failed to offer a plan that gained traction, including Obama’s National Commission on Fiscal Responsibility and Reform, a group of six senators often called the “Gang of Six,’’ and a bipartisan panel of lawmakers led by Vice President Joe Biden.

    A reference to a “bipartisan deficit commission” has become so toxic in Washington that Senate Minority Leader Mitch McConnell, a Kentucky Republican, admonished reporters who used the term, insisting they call the proposed new panel a “committee.” That hasn’t diminished the skepticism.

    “What can this committee offer that can be so dramatically different than what we’ve heard before?” Ader asked. “It’ll be tiresome and frustrating,” he said. “I don’t see how it’s possible it’ll have any teeth to it.”

    Bloomberg


     
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    Viator | August 1, 2011 at 5:50 am

    RIP

    Durbin: Debt Deal Will Be The Death Of Keynesian Economics

    Puffington Post

    The chicken shits have done it again, protecting their re-election chances, nothing more, nothing less. The time has come to get rid of any one in congress and in the White House who votes for or signs this bill into law and replace them with “public servants” who do not want to make “public service” a career.


     
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    Viator | August 1, 2011 at 7:30 am

    TEXT OF BUDGET CONTROL ACT AMENDMENT

    this Act is as follows:

    Sec. 1. Short title; table of contents.
    Sec. 2. Severability.
    TITLE I—TEN-YEAR DISCRETIONARY CAPS WITH SEQUESTER
    Sec. 101. Enforcing discretionary spending limits.
    Sec. 102. Definitions.
    Sec. 103. Reports and orders.
    Sec. 104. Expiration.
    Sec. 105. Amendments to the Congressional Budget and Impoundment Control
    Act of 1974.
    Sec. 106. Senate budget enforcement.
    TITLE II—VOTE ON THE BALANCED BUDGET AMENDMENT
    Sec. 201. Vote on the balanced budget amendment.
    Sec. 202. Consideration by the other House.
    TITLE III—DEBT CEILING DISAPPROVAL PROCESS
    Sec. 301. Debt ceiling disapproval process.
    Sec. 302. Enforcement of budget goal.
    TITLE IV—JOINT SELECT COMMITTEE ON DEFICIT REDUCTION
    Sec. 401. Establishment of Joint Select Committee.
    Sec. 402. Expedited consideration of joint committee recommendations.
    Sec. 403. Funding.
    Sec. 404. Rulemaking.
    TITLE V—PELL GRANT AND STUDENT LOAN PROGRAM CHANGES
    Sec. 501. Federal Pell grants.
    Sec. 502. Termination of authority to make interest subsidized loans to graduate
    and professional students.
    Sec. 503. Termination of direct loan repayment incentives.
    Sec. 504. Inapplicability of title IV negotiated rulemaking and master calendar
    exception.

    August 1, 2011 (1:15 a.m.)

    house.gov

    Only 74 pages which, I guess, is better than 2,000.


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