Debt ceiling lifted until 2013. SS, Medicare, Vets benefits, and Pell grants protected.

Mandatory vote to take place later this year on a package that will almost certainly include tax hikes and/or closing loopholes. Tea Party enraged with the Republicans. Boehner's career as speaker potentially over. Budget cuts to be delayed a few years to prevent them from harming the recovering economy.

Something tells me that Boner is sinking deep into the bottle tonight. He just got schooled.

And where did you read that there will be no cuts to the programs you itemize?

I heard Obama say tonight that everything is on the table. That means everything on your list.
He wants entitlements reformed and sooner rather than later.

How would you ever imagine a tax increase getting through this House with this crowd?

across the board cut, including Medicare

All the GOPers need do is hold onto their "party of NO" and the cuts they want will follow. Simple.

Kiss it all goodbye, friends. Nice run while it lasted but it's gone, baby, gone.

that affect the poor, or veterans benefits/military pay. But they do gut defense, and I mean gut, defense (600 billion on top of the 350 billion in the first tranche).

They care about cuts to entitlements and taxes, and they will get them without breaking a sweat. Simple.

So it is quite simple (just the other way around).

While it is correct that Teabaggers don't care about Defense, the House Republicans absolutely cares about defense. Motions by the teabaggers in the House to cut defense are routinely voted down by 5-1 margins among Republicans.

over mainstream Republicans in both the House and Senate. Defense cuts are miniscule compared to the size of the overal Defense budget, and the RW will gladly make a small sacrifice to cut taxes and entitlements. Count on it.

and get my new High Paying NAFTA job.
:patriot:


I've seen this show before,
and it doesn't end well for the Working Class, the Retired, and the Poor.

Cherish your memories, SUCKERS!
because we're TAKING everything else!
Hahahahahahaha!

package?

I also have serious doubts that this will even get through Congress.

And as far as awful choices goes--this is not the worst.

However, I'm leery of a future vote that "almost certainly include tax hikes and/or closing loopholes".

These bastards will do everything possible to avoid that kind of vote. So, that's no big win for us.

I guess my biggest concern is that we don't screw over seniors in this deal. If that was avoided, it is
a win--which is a very sad thing to say, since we've got a Dem President and we're fighting off cutting
these programs.

If you have more info on this, could you please post. First I've heard that the deal would look like this.

It's a Medicare / SS privatization scheme.

SS, Medicare, and veterans' benefits are protected only if we get debt cuts via the trigger mechanism rather than through the committee's recommendations. Conversely, tax increases will only happen if the committee agrees to them and its recommendations get through Congress, which would mean that the trigger mechanism does not go into effect.

Reasonable people can disagree on which one we'll get, or whether we'll get either: I still think the most likely outcome is that the committee's recommendations involve no or minimal tax increases and they successfully get through Congress. But we won't get both.

Fact Sheet: Bipartisan Debt Deal: A Win for the Economy and Budget Discipline
Bipartisan Debt Deal: A Win for the Economy and Budget Discipline

* Removes the cloud of uncertainty over our economy at this critical time, by ensuring that no one will be able to use the threat of the nation’s first default now, or in only a few months, for political gain;
* Locks in a down payment on significant deficit reduction, with savings from both domestic and Pentagon spending, and is designed to protect crucial investments like aid for college students;
* Establishes a bipartisan process to seek a balanced approach to larger deficit reduction through entitlement and tax reform;
* Deploys an enforcement mechanism that gives all sides an incentive to reach bipartisan compromise on historic deficit reduction, while protecting Social Security, Medicare beneficiaries and low-income programs;
* Stays true to the President’s commitment to shared sacrifice by preventing the middle class, seniors and those who are most vulnerable from shouldering the burden of deficit reduction. The President did not agree to any entitlement reforms outside of the context of a bipartisan committee process where tax reform will be on the table and the President will insist on shared sacrifice from the most well-off and those with the most indefensible tax breaks.

Mechanics of the Debt Deal

* Immediately enacted 10-year discretionary spending caps generating nearly $1 trillion in deficit reduction; balanced between defense and non-defense spending.
* President authorized to increase the debt limit by at least $2.1 trillion, eliminating the need for further increases until 2013.
* Bipartisan committee process tasked with identifying an additional $1.5 trillion in deficit reduction, including from entitlement and tax reform. Committee is required to report legislation by November 23, 2011, which receives fast-track protections. Congress is required to vote on Committee recommendations by December 23, 2011.
* Enforcement mechanism established to force all parties – Republican and Democrat – to agree to balanced deficit reduction. If Committee fails, enforcement mechanism will trigger spending reductions beginning in 2013 – split 50/50 between domestic and defense spending. Enforcement protects Social Security, Medicare beneficiaries, and low-income programs from any cuts.

1. REMOVING UNCERTAINTY TO SUPPORT THE AMERICAN ECONOMY

* Deal Removes Cloud of Uncertainty Until 2013, Eliminating Key Headwind on the Economy: Independent analysts, economists, and ratings agencies have all made clear that a short-term debt limit increase would create unacceptable economic uncertainty by risking default again within only a matter of months and as S&P stated, increase the chance of a downgrade. By ensuring a debt limit increase of at least $2.1 trillion, this deal removes the specter of default, providing important certainty to our economy at a fragile moment.
* Mechanism to Ensure Further Deficit Reduction is Designed to Phase-In Beginning in 2013 to Avoid Harming the Recovery: The deal includes a mechanism to ensure additional deficit reduction, consistent with the economic recovery. The enforcement mechanism would not be made effective until 2013, avoiding any immediate contraction that could harm the recovery. And savings from the down payment will be enacted over 10 years, consistent with supporting the economic recovery.

2. A DOWNPAYMENT ON DEFICIT REDUCTION BY LOCKING IN HISTORIC SPENDING DISCIPLINE – BALANCED BETWEEN DOMESTIC AND PENTAGON SPENDING

* More than $900 Billion in Savings over 10 Years By Capping Discretionary Spending: The deal includes caps on discretionary spending that will produce more than $900 billion in savings over the next 10 years compared to the CBO March baseline, even as it protects core investments from deep and economically damaging cuts.
* Includes Savings of $350 Billion from the Base Defense Budget – the First Defense Cut Since the 1990s: The deal puts us on track to cut $350 billion from the defense budget over 10 years. These reductions will be implemented based on the outcome of a review of our missions, roles, and capabilities that will reflect the President’s commitment to protecting our national security.
* Reduces Domestic Discretionary Spending to the Lowest Level Since Eisenhower: These discretionary caps will put us on track to reduce non-defense discretionary spending to its lowest level since Dwight Eisenhower was President.
* Includes Funding to Protect the President’s Historic Investment in Pell Grants: Since taking office, the President has increased the maximum Pell award by $819 to a maximum award $5,550, helping over 9 million students pay for college tuition bills. The deal provides specific protection in the discretionary budget to ensure that the there will be sufficient funding for the President’s historic investment in Pell Grants without undermining other critical investments.

3. ESTABLISHING A BIPARTISAN PROCESS TO ACHIEVE $1.5 TRILLION IN ADDITIONAL BALANCED DEFICIT REDUCTION BY THE END OF 2011

* The Deal Locks in a Process to Enact $1.5 Trillion in Additional Deficit Reduction Through a Bipartisan, Bicameral Congressional Committee: The deal creates a bipartisan, bicameral Congressional Committee that is charged with enacting $1.5 trillion in additional deficit reduction by the end of the year. This Committee will work without the looming specter of default, ensuring time to carefully consider essential reforms without the disruption and brinksmanship of the past few months.
* This Committee is Empowered Beyond Previous Bipartisan Attempts at Deficit Reduction: Any recommendation of the Committee would be given fast-track privilege in the House and Senate, assuring it of an up or down vote and preventing some from using procedural gimmicks to block action.
* To Meet This Target, the Committee Will Consider Responsible Entitlement and Tax Reform. This means putting all the priorities of both parties on the table – including both entitlement reform and revenue-raising tax reform.

4. A STRONG ENFORCEMENT MECHANISM TO MAKE ALL SIDES COME TOGETHER

* The Deal Includes An Automatic Sequester to Ensure That At Least $1.2 Trillion in Deficit Reduction Is Achieved By 2013 Beyond the Discretionary Caps: The deal includes an automatic sequester on certain spending programs to ensure that—between the Committee and the trigger—we at least put in place an additional $1.2 trillion in deficit reduction by 2013.
* Consistent With Past Practice, Sequester Would Be Divided Equally Between Defense and Non-Defense Programs and Exempt Social Security, Medicaid, and Low-Income Programs: Consistent with the bipartisan precedents established in the 1980s and 1990s, the sequester would be divided equally between defense and non-defense program, and it would exempt Social Security, Medicaid, unemployment insurance, programs for low-income families, and civilian and military retirement. Likewise, any cuts to Medicare would be capped and limited to the provider side.
* Sequester Would Provide a Strong Incentive for Both Sides to Come to the Table: If the fiscal committee took no action, the deal would automatically add nearly $500 billion in defense cuts on top of cuts already made, and, at the same time, it would cut critical programs like infrastructure or education. That outcome would be unacceptable to many Republicans and Democrats alike – creating pressure for a bipartisan agreement without requiring the threat of a default with unthinkable consequences for our economy.

5. A BALANCED DEAL CONSISTENT WITH THE PRESIDENT’S COMMITMENT TO SHARED SACRIFICE

* The Deal Sets the Stage for Balanced Deficit Reduction, Consistent with the President’s Values: The deal is designed to achieve balanced deficit reduction, consistent with the values the President articulated in his April Fiscal Framework. The discretionary savings are spread between both domestic and defense spending. And the President will demand that the Committee pursue a balanced deficit reduction package, where any entitlement reforms are coupled with revenue-raising tax reform that asks for the most fortunate Americans to sacrifice.
* The Enforcement Mechanism Complements the Forcing Event Already In Law – the Expiration of the Bush Tax Cuts – To Create Pressure for a Balanced Deal: The Bush tax cuts expire as of 1/1/2013, the same date that the spending sequester would go into effect. These two events together will force balanced deficit reduction. Absent a balanced deal, it would enable the President to use his veto pen to ensure nearly $1 trillion in additional deficit reduction by not extending the high-income tax cuts.
* In Securing this Bipartisan Deal, the President Rejected Proposals that Would Have Placed the Sole Burden of Deficit Reduction on Low-Income or Middle-Class Families: The President stood firmly against proposals that would have placed the sole burden of deficit reduction on lower-income and middle-class families. This includes not only proposals in the House Republican Budget that would have undermined the core commitments of Medicare to our seniors and forced tens of millions of low-income Americans to go without health insurance, but also enforcement mechanisms that would have forced automatic cuts to low-income programs. The enforcement mechanism in the deal exempts Social Security, Medicaid, Medicare benefits, unemployment insurance, programs for low-income families, and civilian and military retirement.

So just another night for him then. :)

good one! agent orange is such a lush.

The package to be recommended in November can and will include cuts (or in Obama's own words tonight "medicare adjustments").

you're either a conservative or deeply naive

This is starting to bother me.

:cry:

The only pledge they made was not to raise taxes, so their asses are covered in this debacle of a bill.

"The devil is in the details."

they wanted their lunatic balanced budget agreement and deeper cuts.

That's what he said.
Then he said that we are going to run up $7 to $10 Trillion more dollars in the next 10 years under Obama's economic plans and that we can't afford to raise the debe ceiling in order to have a $16 Trillion dollar debt ceiling, which is what the President is asking for.

That's what Mack said this morning, right on tv.

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& other "mandatory" spending leaves just about $700B in defense spending & $700B on discretionary spending. And some of that discretionary spending is social service spending.

You're telling me they're going to cut $100B a year, for 10 years, out of that $1400B -- yet not touch pell grants, vets benefits, or (as the WH website says) benefits for the poor.

That's a 7% cut every year for 10 years.

I don't believe it.

Obama's prescription drug plan that limits costs through Medicare will go a very long way to achieving this, and it will benefit everyone.

"prescription drug plan" i would like is one that negotiates big discounts.

i believe that is currently against the law, thanks to the 2003 congress.

the only thing i can find about an obama prescription drug plan is something about reducing over-prescription of opiates/pain-killers.

edit: I'll note he did *not* get it, I'm saying it will likely be tabled during the Commission and it will be difficult to see how that the Commission will be able to not do it, their hands are going to be very tied.

either.

what i hear is you saying that medicare WILL be cut.

64B/yr in cuts to discretionary programs
33B/yr in cuts to "security" spending
40B/yr cuts to medicare + 20B/yr cuts to medicare drug programs = 60B/yr cuts to medicare
10B/yr cuts to medicaid
30B/yr cuts to mandatory programs (ag subsidies, pension insurance & anti-fraud measures mentioned)
"tax reform" - no figures
"strengthen social security" - no figures

I see $70B a year cut from health care.

2010 medicare budget was about $500B.
2010 medicaid budget was about $275B.

That's 9% cuts every year for 10-12 years.

and social security is still on the table & the proposed "tax reforms" are nebulous.

if spending went down then the % cuts would be bigger than 9%.

collective tantrum that will on here today. I mean why stop people from trying to sink a ship when we can sink a ship just fine on DU?

The Teahadists just held the entire global economy hostage to prevent tax raises on the wealthy, and you SERIOUSLY think they'll capitulate and go 'oh hey, we were just kidding!' because they'll have to cut defense by an amount ALREADY SET IN MOTION if the autocuts come into play? Damn, that must be some REALLY good Kool-aid.

Not to mention that this mirroring of the president's 'Framework Proposal to Fuck America' of April, 2011 made a lot of assumptions in things that could be taxed without ANY FUCKING CLUE -how- to actually accomplish it. There won't be time for more commissions to consider it though, because there's already a deadline in this 'deal' (concession). He gave in to fucking terrorists again, and one of the central pieces of his Framework Proposal to Fuck America? Lowering corporate tax rates.

Schooled, indeed. /snort

Boner got boned

yup