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Subscribe to RSSA Republican source close to the negotiations tells NBC News that both sides are "very close" to agreement on a two-step debt-ceiling deal.
It is essentially the original Boehner plan -- without the balanced-budget amendment and with modified triggers, what amounts to an escape hatch if a joint committee can't get the cuts needed. The plan would get enough in cuts, roughly $1 trillion, to last about six or seven months.
At the same time, a joint congressional committee would be established that would be tasked with getting enough in cuts to raise the debt ceiling again and get past the 2012 election - in the range of $1.4 trillion to $1.8 trillion.
The source said the White House's concern was that if a joint committee couldn't find something, the White House wanted a way to access the second tranche. The original Boehner plan did not include a way without the joint committee finding something.
Here are the options if a committee can't find something:
1. A balanced-budget amendment sent to states, which is "not going to happen," the source said. (NBC's Mike Viqueira reports there would be a separate vote on a balanced-budget amendment);
2. Across the board cuts that include Medicare and Defense, but NOT Social Security. The goal is that just the threat of this should provide "total motivation" for a committee to find a solution.
The whole thing then triggers the McConnell disapproval process, in which a two-thirds majority would be needed to disapprove of the president's spending proposals.
The original Boehner plan didn't have the votes to pass the House in the first try this past week. But this should pass, because it should get the support of many Democrats. Democrats aggressively whipped against the original Boehner proposal.
A House GOP Leadership aide says, "Discussions are moving in the right direction, but serious issues remain. And no agreement will be final until Members have a chance to weigh in."
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The Current MSNBC news anchor should call this what it is; a historic Capitulation! President OBAMA could have done much more for much less by using the 14th Amendment. Sometimes being a leader means courageous sacrifice. What are the consequences he invisions that would be wose than what he is willing to inflict on America by not using it? Does anyone in the media have the courage to ask the question?
No. The media seems to follow the talking points they are given and if Pelosi and Reid are going to go along, you bet the media will too.
Well, if it looks like Boehner's plan, then how can Obama take any credit for this - that idiot hasn't done anything! Why are liberals aiming their sights at Boehner?
Libs, this what happens to a country when people start to depend on their government for all the answers: the people fight amongst themselves, and politicians DO NOTHING except get wealthier. When are you liberals going to start hating your own representatives?
What has a wealthy person or a corporation ever do to you libs to make you hate them?
"The original Boehner plan didn't have the votes to pass the House in the first try this past week. But this should pass, because it should get the support of many Democrats. Democrats aggressively whipped against the original Boehner proposal." If this is so, why in the world, did they not just cave then and save us all this drama and fear mongering? This looks so planned by the two parties that it seems staged to give us the illusion there is some difference. No matter which side of this you fall, you should feel betrayed.
I got news for any democrat who supports this plan, your not, and neither is this President.
If they require a 2/3 vote in the future, that will slow government down even further. Why would we want to pay any person to represent us if they don't accomplish anything? 2/3 vote? Get real. They are only seeking ways to line their own pockets before they leave congress. CorporateCONS or CorporateCRATS. I don't care what they are called. They know that this lines their pockets and pulls government wheels down to a slow trickle.
While no party won out on this debacle, the one accomplishment was the saving from default. What is really amazing is that before the day ends tomorrow, the Republicans will be taking credit for saving the country's credit standing and that will be the biggest folly of the decade. The one thing we will see happen soon will be the continual destruction of the Republican Party at the hands of, no other, than the Tea Party. As we see this implosion, one must wonder if it could have been averted. I don't think so, but believe that it was surely hurried around by the Tea Party. We will see the fall out for a while in the near future, but the election next year will be a huge landslide and gift for the Democrats. No if the Democrats don't waste it this time, the nation can be remolded into the 21st century in such a way that builds up, not tear down, replaces doubt with optimism, creates a healthy economy based upon compromise and self restraint in spending, and sets aside the Social Security Trust Fund into a separate and sustaining entity never to be used again as a bank, barter, threats, and purposes other than that for which it was originally designed. Monies for the fund should be replaced by the government and the end to the IOUs. Let's reclaim the fund through our rights as the true and real owners of that fund.
I don't see why democrats are so scared of a balanced budget amendment. I was at least hoping that the final agreement would require that a BBA be sent to the states in order to get the second tranche. This would probably have helped postpone a downgrade as a real indication of seriousness controlling debt and given it at least and up or down chance in the states. Now we will never know.
In fact, I think the democrats would have been smart to agree to it. It takes 3/4 of the state legislatures and state governments rely on lots of federal funds. So, I think it has a hard time getting past 3/4 of state legislatures particularly the blue states. In the meantime, the Republicans would have to spend a lot of time and money pushing it in the states... less money to spend going after Obama et al in 2012 and democratic candidates would be able to say that they voted for it without ever having to suffer the consequences.
I agree with the article in that house democrats will provide the votes to put it over the top and the tea party candidates can still vote against this because it has no BBA provision.
PatrickOK ~ I'm an independent, not a bleeding heart liberal. To answer the question you pose in discussion thread #80: Many, many American workers lost their jobs over the past several years -- under the administrations of both Bush and Obama (so neither is without blame). A large number of those jobs were cut by corporations that shipped them (the jobs) overseas to maximize profits. There's nothing wrong with greater profits, since a corporation exists to make and maximize profits. However, that doesn't console the workers who lost their jobs in the process. When someone is laid off, he/she generally doesn't have fond memories of the entity that cut their jobs. That should answer your question.
For the record, neither I nor anyone close to me has been laid off, so this post is not motivated by personal disgust or vendetta, and it definitely isn't politically driven. It's to answer your question.
West coast's San Jose, Ca Mercury News front page Headlines,
Sun Jul 31: DISGUSTING DISPLAY IN D.C.
Sat Jul 30: HOUSE BILL DOA IN SENATE.
Yecch.......!!!! Cut Boehner's pay by 99%...... !!
That's it!!! Obama is pathetic.
Vote him and every other member of Congress out of office next year, they all deserve to go!
everyone keeps missing the point that we are in a depression caused by the belief that giving tax breaks will allow the "job creators" to create jobs....so where are the jobs???? they took their money offshore collecting interest and we struggle to pay for our groceries. the repubs and tea baggers came in promising jobs jobs jobs and gave us anti abortion legislation and the vow to make the dem pres a one termer, even if it means running the country to ruin. No mistake the dems are also corporate controlled, the truth is we are in the matrix, the corporate matrix, made possible by the ussc saying corps are people, and can contribute whatever they want. Rich uber alles....
As I thought....We'll piece together a deal that satisfies no one and delays the real problems until after next years elections because no one has the integrity to actually cut spending in a meaningful way. Waste abounds and greed prevails but these two thieves get a pass while our politicians pretend they're doing their jobs and looking out for our best interest. We all realize or we should that Social Security in it's current form is not maintainable. We all agree that the divide between rich and poor is growing but we continue to keep a tax system that is all but unfathomable and hardly equitable. We continue to accept a medical system that is corrupt and insurance companies who will find any excuse to dump you once you become really sick. We allow big oil to receive subsidies and farmers get paid to not grow crops. These are the issues we should be working on but I guess we'll put them on the back burner until we actually elect some people with some ethics and sense.
has anybody got their ssd check in their account yet?
so are the disabled going to get their checck on the 3rd or what?
The Republicans ( Better known as the Millionaires Club) seem to have taken over the Whitehouse. No Tax Raise for the filthy Rich folks, they will just let the common peons pay the price. After all, Billionaires and Millionaires need to continue the lifestyle they have become accustom to. As for the rest of us, we better stock up on Beans.
Agree- THE REPULITURDS really do think they own the country.
This is Great Another Deal That Burn's Middle Class American's, again for the mess the Republican's Got us into . But the only person's i blame are the middle class people that put them in office. We Have got to be the most stupidus people on the face of this planet. And for president obama to cave like that to stand there and not to take question is disgusting, What a wimp he is. I say keep Voteing them in middle class jerk's and you will get everything you deserve, and sooner then later you will have no social seciuty and no medicare.That's it cut spending, But don't raise taxes on the rich,I would make them pay 90% for the one's making over 10 million, no one should be making that kind of money it give's them to much power over use. its time for people to understand it's,up to us to take to fight to them . God Help Us ALL
I am hoping the Senate has the guts to knock the agreement down. The stock market isn't buying it either. At the time of this writing it's down 73 points. SENATORS-VOTE THE DAMN THING DOWN.......
And it's a great plan too. The rich get richer and the poor get to live on the streets. Something for everyone.