MSNBC is reporting that President Obama says that leaders of both parties have reached a deal on the debt-ceiling limit.
Oh, the show hasn't started yet.
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|Rock River in Lowell Park|
|Where Reagan saved 77 lives|
|Sunset east of Dixon--June 6, 2011|
•Debt ceiling increase of up to $2.8 trillionTechnorati tags: Democrats Obama Barack Obama Republican gop john boehner Congress news deficit government
•Spending cuts of roughly $1 trillion
•Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
•Committee must make recommendations before Thanksgiving recess
•If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare.
|Hennepin Feeder Canal, |
Illinois' 11th congressional district
Washington, D.C. – Today Congressman Adam Kinzinger (IL-11) issued the following statement after voting against H.R. 2693, Senate Majority Leader Harry Reid's debt limit increase plan that fails to offer spending cuts greater than the increase and authorizes the largest debt limit increase in history. The measure failed in the House by a vote of 173-246.Kinzinger is a captain in the Air Force Reserves from Manteno.
Senate Majority Leader Harry Reid's plan offers phantom savings, accounting gimmicks and hands a blank check to the President, signed by the taxpayers. It fails to cut more in spending than it increases in the debt ceiling and the deep slashes to our defense, threaten the security of our country.
General Martin E. Dempsey, President Obama's nominee to be chairman of the Joint Chiefs of Staff, also cautioned that these cuts to the military budget would be "extraordinarily difficult and very high risk."
Over the last two weeks, the House passed two plans that would end the debt limit crisis, cut trillions of dollars in spending, remove barriers to job growth and refuel our economy.
Yesterday the House passed the Budget Control Act, legislation that was created during bipartisan discussions between House and Senate leaders. Unfortunately, Senator Reid abruptly abandoned this legislation to work on a partisan plan, knowing full well that it would never pass the House.
The House Republicans' Budget Control Act upholds the promises made – it cuts more spending than the increase in the debt limit and it does not raise any taxes. This plan cuts and caps spending by $917 billion over 10 years and would prevent a national default which threatens our economic growth as well as the national security of our country.
Additionally, the House-passed legislation forces Washington to maintain a strong focus on cutting spending and requires a plan by December that cuts at least $1.8 trillion more. Upon passage, this plan would mark the deepest spending cuts since World War II.