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    Will we have 72 hours to read a final debt ceiling bill?

    Will we have 72 hours to read a final debt ceiling bill?

    Things seem, maybe, possibly heading towards some sort of debt ceiling deal negotiated by Mitch McConnell directly with the White House.  Harry Reid just took to the floor of the Senate to announce that the vote on cloture on his bill will be postponed from 1 a.m. until noon 1 p.m. Sunday.

    Reid said that this delay was at the request of the White House, to give negotiations more time.

    On the assumption that some agreement is reached — and it was inevitable that would be the case regardless of scenario — the details will be all important particularly since the deal is likely to have mechanisms for further budget cuts.  In order to make sure we are not “snookered,” as some predict we will be, we need time to review the bill before there are votes in the House and Senate.

    Republicans long have pledged to give voters 72 hours to read final legislation.  Assuming that agreement were reached by Tuesday, why not pass a one week debt ceiling increase while the public gets a chance to review the language of the bill?

    We shouldn’t have to pass another bill in order to find out what’s in it.  So will we have 72 hours to read the final bill?

    Update 11:30 p.m.: ABC News is reporting and the White House is denying a tentative deal:

    ABC News has learned that Republicans and the White House have struck a tenative deal to raise the debt ceiling before the Aug. 2 deadline. It’s not done yet, but here is the framework of the tentative deal they have worked out, according to a source familiar with the negotiations:

    •Debt ceiling increase of up to $2.8 trillion
    •Spending cuts of roughly $1 trillion
    •Vote on the Balanced Budget Amendment
    •Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
    •Committee must make recommendations before Thanksgiving recess
    •If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare.

    A senior White House aide pushed back against the idea that a deal was struck.

    “Talks continue, but there is no deal to report,” the aide said.

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    Comments


    […] here’s the round up of the bellyaching and ballyhooing and so forth: The Daily Beast, Le·gal In·sur·rec· tion, The New Republic, Shakesville, theblogprof, No More Mister Nice Blog, AmSpecBlog, Pirate’s […]


     
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    Ipso Facto | July 31, 2011 at 12:15 pm

    A 72 hour review is of no concern to me. There are, however, two issues that stand out to me at this point.

    First, when was the last time anyone remembers the entire nation being engaged in the issue of raising the debt limit? Clearly, the people have never been engaged in this issue before as they are today. While the people are getting the shaft this time, I’ll bet the next time this issue comes up it will be an entirely different story. The people are now engaged in the political process like never before – thank you internet. While this does not bode well for the career politicians, I believe we have turned a corner and we will never look back. The people are now awake and we can see the travesty of the theatre of the absurd that has been taking place lately. Look for the Tea Party to explode after this and for the old guard of the Republican party to be sent packing.

    Second, Obama has now been completely exposed as nothing more than a manipulative and shallow ideologue and he will never recover from his performance of late. Anyone who has been in business has encountered people like Obama who are nothing but conniving and finagling manipulators who never deal with people in a straight forward manner. We have all encountered this type. Nothing is presented as what it really is and everything after the fact is an entirely different matter. Obama has demonstrated not only his ineptitude, but he has shown everyone that he is simply a hollow fancy talker when it comes to dealing with people – no integrity, he’s all deceit. I believe independent voters will now see him for what he really is – no damn good


     
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    Searcher | July 31, 2011 at 1:30 pm

    The sole outcome of this agonizing affair will be an increase in the national debt of $2.8 trillion. (I wonder what that might be in real money.)


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