July 25, 2011
Boehner’s plan, basically is 1.1, 1.2 trillion dollars in cuts. No defense cuts. No new revenue, no tax increases. In exchange for raising the debt ceiling a trillion dollars. Each member of congress – well, two members of each leadership, will get to name three members to a congressional blue-ribbon panel to actually make the cuts. So it’d be a 12-member commission, six appointed by Democrats, six appointed by Republicans. They would report back, and, debt ceiling runs out in April, here we are all over again. Obama, if this thing survives, this is what will be set up for him to sign. No guarantee on that yet but that’s the only thing that’s on the table right now.