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Ear to the Ground

Debt Deal to Cut at Least $1 Trillion (Video)

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Posted on Jul 31, 2011
White House / Pete Souza

From left, John Boehner, Nancy Pelosi, Barack Obama and Harry Reid throwing down in the Cabinet Room of the White House in April.

Update: We originally reported $1 trillion in cuts, but it could be more like $2.4 trillion or more when all is said and done. Additional cuts will be required in order to allow an additional raise in the debt ceiling. The deal is not set in stone, nor has it been voted on.

Earlier:

Republican and Democratic leaders hammered out a deal Sunday to raise the debt ceiling but, as details emerge, it seems that the compromise will be so unpopular in Congress that members from both parties will have to come together to pass it.

Indeed, Senate Majority Leader Harry Reid, quoted by Reuters, said, “To pass this settlement, we’ll need the support of Democrats and Republicans in both the House and Senate. There is no way either party, in either chamber, can do this alone.”

Reid added that the compromise would be presented to the full Congress on Monday.

The Washington Post reports that “In a series of leadership huddles, conference calls and caucus meetings, top lawmakers and aides maintained cautious optimism of winning passage by Tuesday but had identified two potential obstacles: liberals in the Senate and defense hawks in the House.”

Both “obstacle” groups might oppose the measure because a trigger could force cuts to the safety net and to defense spending. Liberals also would oppose on principle any deal that required spending cuts without an increase in revenues (raising taxes and/or closing tax loopholes).

This just in: President Obama announced the deal, which proposes to cut $1 trillion over 10 years.

Judging by the video below, it looks like lawmakers and the president punted on tax hikes and cuts to Social Security and Medicare. A committee will study those decisions and certain changes may be mandatory if Congress does not act.  —PZS

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By Marian Griffith, August 1, 2011 at 2:34 am Link to this comment
(Unregistered commenter)

I guess you could call it a good compromise…
A solution that nobody likes but everybody is afraid to fight more over…

But no. It is not a good deal for the economy. It may be sold as a good -political- deal though where both sides will try to claim they got what they wanted without giving in to the opposition.

I must say though that the democrats have lived up to their reputation once again.
Until they find a way to deal with the party of no and intransigent refusal to negotiate the USA is a one party state. Even when temporarily losing their majority the republicans continue to act as if they rule the country and are getting away with it. Even getting enthusiastically supported by their opposition.

Yes, President Obama is not showing much spine, but in all honesty, what could he have done? The democrats are not showing evidence of having much spine either.

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By Druthers, August 1, 2011 at 1:29 am Link to this comment

correction : diving into the center

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By Druthers, August 1, 2011 at 1:28 am Link to this comment

The dollar is collapsing, a new Bretton Woods is more than urgent and we are offered a “commission.” 
Just than word, “commmission” and we know the death bell tolls.  That is where the death wounds will be inflicted while the devaluation of the dollar continues.
Obama wants the centrists but he may well be diving into the enter of a black hole!

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By indc, August 1, 2011 at 12:59 am Link to this comment
(Unregistered commenter)

No doubt whatsoever that Obama is far worse than Bush.  He is the Benedict Arnold of middle and lower income people.  He is either spineless lackey or he is too much of a coward, phony, and liar to step up and come out of the closet as a neo-con.  He took over in very bad times and has made matter much worse, and now worse again with triggers for even more catastrophe in the future.  In effect, he has abdicated the office of president and turned over policy to the republican leadership, who said he would cave and he did.  He is weakness and phoniness are a danger to the vast majority of people in this country, he just made the economy better for the very wealthy using even more sacrifices by the bottom 98%, particularly those in the least desirable circumstances.  Only a real coward would kick people who are already struggling and call that adult behavior.  It is the behavior of a coward and sociopath.

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By Alan, July 31, 2011 at 11:35 pm Link to this comment
(Unregistered commenter)

Please write a similar note to the President:

Mr. President,

At every important juncture
of your presidency you
have run interference for the Republicans.
The results are calamitous.
You have acted against the interests of
every Democrat who voted for you.
Please review President’s Johnson’s speech
of Spring 1968
and recast it for your
own use.  You should announce
that you will not seek,
nor will you accept
the nomination of your party for another
term as our president.

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By Alan, July 31, 2011 at 11:00 pm Link to this comment
(Unregistered commenter)

To all those who aver that Obama’s “hands were tied”, I respond:
Need his lips have been sealed as well?  Vocally, he conceded every
reaganaut republican imposture.  At the crucial hour, as before, he put up no fight at all.  Obama is unworthy of his office and should be
opposed by all progressives in the 2012 primaries.  Will the
alternative Democratic candidate please stand up ?!?!!!!!

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By christian96, July 31, 2011 at 8:48 pm Link to this comment

After hours and hours and hours and hours and hours
of television coverage they finally reached a deal.
Does that suprise anyone?  No increase in taxes for
the super wealthy.  Does that suprise anyone?  Pres.
Obama better not interupt “The Price Is Right” tomorrow to announce the deal.  I’ll really be pissed
off.  At least he can wait until noon.  Now we can
listen to hours and hours and hours and hours and
hours of discussions on what was included and what
was left out of the deal, along with what effect the
deal will have on the approaching election next
November.  HELP US GOD!

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By Michael Cavlan RN, July 31, 2011 at 8:35 pm Link to this comment

I am real interested on how moveon.org, Progressives For Obama and the other apologists for this rotten system are going to spin this one.

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By marianne, July 31, 2011 at 8:35 pm Link to this comment
(Unregistered commenter)

Teddy Roosevelt’s Third Party is now accepting financial contributions. The whole point was/is to dismantle the social safety of this country, conducted by both parties and their respective lobby friends. The Manchurian Candidate Obama is the biggest shame of them all.

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By Steve E, July 31, 2011 at 7:57 pm Link to this comment

It’s the fine print that’ll get ya. So there’s a big postpone on cutting Medicare and
SS until November? Sounds slippery to me.

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By Dr Bones, July 31, 2011 at 7:24 pm Link to this comment
(Unregistered commenter)

So the middle class and poor take another hit, while billionaires, millionaires and Corporations make out like bandits.

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Daye's avatar

By Daye, July 31, 2011 at 7:01 pm Link to this comment

The quantum idiots in the White House &
Congress have created Schrodinger’s cat, which is
dead even when alive.

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