If the GOP goes along with this, they shouldn't even field a candidate in November 2012. The debt ceiling will be extended through all of 2012, which means they are agreeing that the absurd $14.3 trillion debt will be an even more absurd $17 trillion. SEVENTEEN TRILLION DOLLARS! So for Democrats, what's not to like?
From ABC News, some details:
Here, according to Democratic and Republican sources, are the key elements:
- A debt ceiling increase of up to $2.1 to $2.4 trillion (depending on the size of the spending cuts agreed to in the final deal).
Just to repeat myself, by the time Obama is re-elected if this goes through, the debt will be at $17 trillion. Solving the debt crisis by adding more debt is
STUPID!
- They have now agreed to spending cuts of roughly $1.2 trillion over 10 years.
These are not real cuts. I bet, but cuts to the anticipated growth of the federal government. It's like my opining that I plan on getting a 10% raise next year, knowing that I will only get 3%, and then turning around and calling it a 7% cut. THERE ARE NO CUTS!
- The formation of a special Congressional committee to recommend further deficit reduction of up to $1.6 trillion (whatever it takes to add up to the total of the debt ceiling increase). This deficit reduction could take the form of spending cuts, tax increases or both.
- The special committee must make recommendations by late November (before Congress' Thanksgiving recess).
- If Congress does not approve those cuts by December 23, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare. This "trigger" is designed to force action on the deficit reduction committee's recommendations by making the alternative painful to both Democrats and Republicans.
- A vote, in both the House and Senate, on a balanced budget amendment.
Democrats won't like the fact that Medicare could be exposed to automatic cuts, but the size of the Medicare cuts is limited and they are designed to be taken from Medicare providers, not beneficiaries.
As if crushing the providers will have no effect on beneficiaries r something. Funny how Democrats want to cut funding for the only legitimate function of government - protection - to fund illegitimate ones, no? If the GOP goes along with the above nonesense, they deserve to not only lose in 2012, but the party as a whole. It will be time for a new party.