Wednesday, July 20, 2011

Sounds Like A Deal

There’s renewed but cautious hope that there is a budget/debt-ceiling deal in the works.

President Obama and lawmakers in both parties latched on to a new strategy for reducing the federal debt Tuesday, saying an emerging plan to save $3.7 trillion over the next decade could help break a political impasse over the debt limit and avert a U.S. default.

The proposal, crafted by a bipartisan group of senators known as the “Gang of Six,” calls for $500 billion in immediate savings and requires lawmakers in the coming months to cut agency spending, overhaul Social Security and Medicare, and rewrite the tax code to generate more than $1 trillion in fresh revenue.

And now that the House has gone through their silly little kinderspiel with “cut, cap and balance”, they can actually get to work on something that might prevent a financial meltdown rather than a meaningless vote that they took just to cover their asses on the campaign trail.