We now have a CBO report on Harry Reid’s plan, and what once again sticks out is the extreme similarities with John Boehner’s. Remember that the Boehner plan had discretionary spending caps, a “Super Congress” committee to recommend deficit reduction, spending on program integrity for several programs, increases in Pell grants offset by student loan changes, and other budget process changes
|By: David Dayen Wednesday July 27, 2011 7:41 am|
|By: David Dayen Monday July 25, 2011 1:13 pm|
As I noted in my last post, there aren’t a whole lot of differences between Harry Reid and John Boehner’s deficit reduction plans. As far as I can tell, there are two main differences…
|By: David Dayen Tuesday July 19, 2011 12:30 pm|
By capping spending and forcing cuts the Gang of Six proposal is short on details but it is long on the chances it will cause a economic depression. It will impose a 2/3 super majority to raise spending, which means that not only would the Recovery Act not have passed, but neither would have the New Deal.
|By: David Dayen Sunday July 17, 2011 12:30 pm|
|By: David Dayen Monday May 9, 2011 11:45 am|
On a conference call, Chuck Schumer urged House Speaker John Boehner to renounce the threat to allow a default of the United States’ financial obligations by blocking an increase in the debt ceiling. This threat, even if it’s contrasted with an implicit guarantee to raise the debt limit eventually, could be enough to send the nation’s financial markets into a tailspin.
|By: David Dayen Sunday May 8, 2011 4:00 pm|
As we get more clarity on the menu of options in the upcoming budget debate, we’re seeing a narrowing of differences between the two parties. The Republicans may not want to admit it, but they’ve given up on changing the structure of Medicare. You can be sure of this by looking at the proposal of the Republican Study Committee, the far-right rump in the House (and it’s much more than a rump, including 3/4 of the entire House GOP caucus), which created a list of demands for increasing the debt limit. Even THEIR plan doesn’t mess with Medicare.
|By: David Dayen Thursday May 5, 2011 9:35 am|
If Cantor thinks that Democrats and their allies will suddenly forgive and forget about Republicans and their vote to, yes, end Medicare, he’d better not watch TV in October 2012.
|By: David Dayen Monday May 2, 2011 4:00 pm|
Today the Congress returned to session for a month in which the Treasury Department is expected to reach the debt limit. They may be able to take extraordinary measures to keep under the limit for a while, but it’s likely that under normal conditions, the limit will be reached this month. Joe Biden will open a discussion between the parties on how to get a vote passed to increase the limit this week.
|By: David Dayen Thursday April 28, 2011 12:47 pm|
The endgame of the deficit fight is going to be so brutal and so predictable I can barely bring myself to watch it. Republicans will say “we won’t raise the debt limit” even though they’ve privately assured Wall Street and the President they will. Democrats will say “this is irresponsible” even though they’ll attach something just as irresponsible to what ultimately passes. And the compromise reform will end up as something the White House wanted anyway.
|By: David Dayen Thursday April 21, 2011 8:40 am|
What we know is this is all nonsense. Republicans promised an increase in the debt limit in a meeting with the President. Everything else makes for a nice play, but like in ancient Greece, all the spectators know how it will end.