From Boehner's presentation, here are a few of the particulars: "cuts government spending more than it increases the debt limit"
"Would cut & cap discretionary spending immediately, saving $917B over 10 years"
"no tax hikes"
"Requires baseline to be current law, effectively making it impossible for Joint Committee to increase taxes."
"Failure to remain below
caps triggers automatic across-the-board cuts ('sequestration')."
Second, $1.5 trillion tranche if Super Congress cuts adopted, or both houses pass a Balanced Budget Amendment.
If Super Congress fails to achieve at least $1.2 trillion in cuts, "across-the-board spending cuts would apply to FY's 2013-2021, and apply to both mandatory and discretionary programs."
"Total reductions would be equally split between defence and non-defense programs."
Medicare not exempted from across-the-board cuts. Medicaid, Social Security, veterans, civil & military pay exempted.
More: http://www.dailykos.com/story/2011/07/31/1001360/-Debt-ceiling-details:-cuts,-committees-and-more-coddling-for-the-rich?via=blog_1
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