Reid postpones vote to “give everyone as much room as possible” for deal; Update: $2.8T in cuts and debt-ceiling boost, no tax hike?

[saveliberty]

Ed Morrissey, Hot Air:

Reid postpones vote to “give everyone as much room as possible” for deal; Update: $2.8T in cuts and debt-ceiling boost, no tax hike?
posted at 11:45 pm on July 30, 2011 by Ed Morrissey
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The late breaking news from the nation’s capital tonight is that the late-breaking news from the capital early tomorrow morning has been postponed:

Senate Majority Leader Harry Reid (D-Nev.) announced shortly after 10 p.m. Sunday that he would postpone a vote on his bill to raise the debt limit to give negotiators at the White House more time to work.

He said the Senate would vote on his plan at 1:00 p.m. Sunday, instead of 1:00 a.m., as was originally scheduled. …

“I believe we should give everyone as much room as possible to do their work,” he said. “I spoke to the White House, quite a few times this evening, and they’ve asked me to give everyone as much time as possible to reach an agreement if one can be reached.”

The Senate adjourned at 10:13 p.m. Saturday and will reconvene at noon Sunday.

[saveliberty]

Update II: Via Jeff Dunetz, National Journal’s Major Garrett also gets a similar story from his sources, but the news is a little better:

 

2.8 trillion in deficit reduction with $1 trillion locked in through discretionary spending caps over 10 years and the remainder determined by a so-called super committee.

The Super Committee must report precise deficit-reduction proposals by Thanksgiving.

The Super Committee would have to propose $1.8 trillion spending cuts to achieve that amount of deficit reduction over 10 years.

If the Super Committee fails, Congress must send a balanced-budget amendment to the states for ratification. If that doesn’t happen, across-the-board spending cuts would go into effect and could touch Medicare and defense spending.

No net new tax revenue would be part of the special committee’s deliberations.

[Valin]

Update II: Via Jeff Dunetz, National Journal’s Major Garrett also gets a similar story from his sources, but the news is a little better:

 

2.8 trillion in deficit reduction with $1 trillion locked in through discretionary spending caps over 10 years and the remainder determined by a so-called super committee.

The Super Committee must report precise deficit-reduction proposals by Thanksgiving.

The Super Committee would have to propose $1.8 trillion spending cuts to achieve that amount of deficit reduction over 10 years.

If the Super Committee fails, Congress must send a balanced-budget amendment to the states for ratification. If that doesn’t happen, across-the-board spending cuts would go into effect and could touch Medicare and defense spending.

No net new tax revenue would be part of the special committee’s deliberations.

 

 

Also from the Weekly Standard Blog...

Debt Deal Reached?

 

 

No net new tax revenue would be part of the special committee’s deliberations.

So does this mean women & children will starve, old people thrown into the street, and all our food will be poisoned?

[saveliberty]

Valin, Karl of Patterico points out that the WH is rejecting the story of a deal and wonders if the GOP is leaking it to pressure the WH to accept it.

[Valin]

Valin, Karl of Patterico points out that the WH is rejecting the story of a deal and wonders if the GOP is leaking it to pressure the WH to accept it.

Well I've just gone too The Note and I don't see that up date.

[saveliberty]

There is supposed to be a vote this afternoon. Let's see whether something happens.