Debt Ceiling Agreement
A few quick thoughts:
As far as I can tell, there is not one but two debt ceiling increases – 900 Million and 1.2 Trillion and/or 1.5 Trillion.
A bi-cameral joint committee of twelve ( equal number democrats and republicans) will work out the proposed cuts and present them to each chamber for an up or down vote. What could go wrong with this scenario? One can only hope Senator’s Rubio Rand Paul and Pat Toomey will be Republican senators chosen.
Across the board spending cuts do not go into effect until FY 2013 (pg 7). It will be the responsibility of a new president to enact this spending cuts due to the previous administration unwillingness to make the tough choices in order to fix our financial house.
Here is the link to Boehner’s Debt Framework pdf. FYI: I recommend ingesting the adult beverage of your choice before opening the link to the pdf.
Seriously, Is this really the best deal to be made?
Verum Serum answers the question of tax hikes in this deal. Take time to read this post as John carefully explains the the meaning of baseline budgeting and how it relates to this budget ‘deal’.
In the cold light of mid afternoon, I have to agree with Troglopundit on this deal:
Me, I’m not even going to bother figuring out what was in the “deal.” These things always seem to turn out a lot worse than we thought a month after they happen.