Deal update: $2.4T in cuts and ceiling hikes — both in two parts

[saveliberty]

Ed Morrissey, Hot Air:

Deal update: $2.4T in cuts and ceiling hikes — both in two parts
posted at 8:42 am on July 31, 2011 by Ed Morrissey
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ABC reports this morning that Congressional leaders have already begun briefing their caucuses on the eleventh-hour deal that emerged from the White House last night. Jonathan Karl notes that the deal is contingent on getting enough support from each House caucus to form a majority, and in the Senate to avoid a filibuster. We’ll come back to that in a moment, but Karl also updates the story on the deal. The topline numbers are apparently $2.4 trillion in matching spending cuts and debt-ceiling raises instead of $2.8 trillion, but now both are split into two parts:

The current framework would give the president the authority to raise the debt ceiling in two parts: roughly half of it now and the balance at the end of the year.

Each increase would be subject to a Congressional resolution of disapproval.

If Congress voted to disapprove that increase, however, the President could veto their disapproval.

[clearvision]

Hmmm, quick read does not mention taxes or amendment to balance budget. Not sure how that will get thru either party. I suspect there. Are tax increases hidden or at least not mentioned.

[clearvision]

I Love to hear Obama say the two parties are not that far apart. I guess tax increases and balanced budget amendment are trivial.

[Argyle58]

Looks like the Republicans are going to go along with ceding their Constitutional authority to the "o".

[Madison]

Does anyone know what time the vote is? Or, is there a vote scheduled?

[Valin]

Jake Tapper: Negotiating All But Done for $2.7 Trillion Deficit Reduction Deal ... Now Comes the Selling

 

July 31, 2011 2:19 PM

 

Sources from both parties tell ABC News that the major potential roadblock in deficit negotiations-- the triggers -- are now essentially agreed upon. The plan is for the House to vote on this tomorrow, assuming all goes according to plan.

 

The agreement looks like this: if the super-committee tasked with entitlement and tax reform fails to come up with $1.5 trillion in deficit reduction that passes Congress, the “neutron bomb” goes off, -- as one Democrat put it -- spending cuts that will hit the Pentagon budget most deeply, as well as Medicare providers (not beneficiaries) and other programs.

 

If the super-committee comes up with some deficit reduction but not $1.5 trillion, the triggers would make up the difference.

 

So it’s a minimum $2.7 trillion deficit reduction deal.

 

(Snip)

 

Subject to change

[saveliberty]

Reid Plan Fails in Senate, Talks Continue

[saveliberty]

Stanley Kurtz advises not to make disproportionate defense cuts.

[Valin]

Stanley Kurtz advises not to make disproportionate defense cuts.

 

 

If you want peace...prepare for war.