Wednesday, July 27, 2011

Debt Ceiling Plan - #3112 -Breaking: Boehner to Postpone Wednesday Vote on Debt Bill - Hot Air (2) Congressional Budget Office Says Boehner's Bill Would Save Less Than $1Trillion over 10 Years and Just $1Billion This Year, UPDATE: Boehner Rewriting Bill - Hot Air

The default asteroid’s so close now that you can actually see its shadow. The House Rules Committee will not report out a rule Tuesday evening on House Speaker John Boehner’s deficit-reduction package to lift the debt ceiling, postponing a scheduled Wednesday vote on the plan, according to three GOP sources. An announcement is expected later tonight. A Twitter pal wondered whether this means they’ll have to break their pledge about waiting three days before taking up legislation. Alas, that one’s already been broken. Supposedly they’re delaying the vote because they’re scrambling to find new savings and rewrite the bill after the CBO score came in too low, but there may be a bigger problem: Speaker John Boehner and House GOP leaders engaged in a furious last-minute lobbying effort inside and outside the Capitol on Tuesday evening to pass their debt ceiling package, but the outcome of that vote remains far from certain, according to Republican lawmakers and aides… Read more.......

Congressional Budget Office Says Boehner's Bill Would Save Less Than $1Trillion over 10 Years and Just $1Billion This Year, UPDATE: - Boehner Rewriting Bill - In return for a $1 trillion debt-ceiling increase, and after a promise of $1.2 trillion in cuts, we get … $850 billion in actual savings over 10 years and just $1 billion(!) this year, which plays directly into conservative fears of backloaded deficit reduction that future Congresses will end up canceling. In fairness, as Politico notes, the savings would be $122 billion higher if not for the fact that CBO readjusted its baseline after Obama’s and Boehner’s deal on the 2011 budget, but of course the savings in that deal also fell famously short of conservative expectations. How do you sell 218 Republicans on this deal when they’re still haunted by that one?  Cantor insists that they can still get the votes, partly because more Republicans have become convinced that hitting the ceiling really would jolt the already fragile recovery. Whether that’s still true after this, I don’t know. Frankly, this is probably the best pitch the leadership could offer at this point.  Update: Boehner’s office says they’ll rewrite the bill to make sure that the amount of savings matches the amount of the debt-ceiling increase.  

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