To the Boston crowd,
Key details of the debt ceiling deal emerging tonight.
1) Balanced budget amendment is no longer required. Major compromise, many GOP will hate this, but will probably be replaced by House Dems in the final vote. See my post here:
2) On the numbers, it’s roughly the same as what the GOP wanted. Immediate debt ceiling increase and immediate cuts. Then, another $1.5 trillion increase (probably next year) as long as that much in cuts are found. However, weird detail — if $1.2 to $1.5 trillion is cut, a dollar-for-dollar increase in the debt ceiling is allowed.
And if anything less than $1.2 trillion is cut, we still get a debt ceiling increase of $1.2 trillion. Subject to congressional disapproval, but I bet it could still happen. GOP should hate this as well, seems like the second major point of compromise.
But again, the numbers are basically the GOP’s…
Floor Action Blog, The Hill
© Copyright 2011 Tanna K
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