Undeterred by Speaker John Boehner?s decision to forge ahead with his own plan, Senate Majority Leader Harry Reid on Monday unveiled a proposal that aims to slash $2.7 trillion over the next decade and raise the nation?s debt ceiling by roughly the same amount through the 2012 election.
The Nevada Democrat?s proposal includes each party?s sacred cow: no revenue increases for Republicans, and no cuts to Social Security, Medicare or Medicaid for Democrats.
Continue ReadingBut the legislation calls for $1 trillion in savings from winding down the wars in Iraq and Afghanistan, a provision that Senate Minority Whip Jon Kyl (R-Ariz.) says will draw mass opposition from Republicans who say those efforts should not count toward spending cuts.
The White House endorsed Reid?s plan Thursday afternoon.
Reid?s move comes after bipartisan talks broke down over the weekend in a bid to cut the deficit as part of a deal to raise the national borrowing limit before the Aug. 2 deadline. Boehner is moving forward with his own plan to increase the debt ceiling in two stages between now and early 2012; Democrats call that a non-starter, saying a long-term extension is needed through the 2012 elections.
Reid presented his plan on Sunday night to President Barack Obama, who supports it as a way to increase the national debt limit though it excludes the revenue increases he wants. Obama aides have said the president would veto any short-term debt extension like the one offered by Boehner.
?Senator Reid?s plan is a reasonable approach that should receive the support of both parties, and we hope the House Republicans will agree to this plan so that America can avoid defaulting on our obligations for the first time in our history,? White House spokesman Jay Carney said in a statement. ?The ball is in their court.?
The plan includes $1.2 trillion in cuts to discretionary spending; $400 billion in interest savings; and $100 billion in mandatory savings that were negotiated in the bipartisan deficit talks led by Vice President Joe Biden. And it would create a bipartisan committee of lawmakers, comprised of up to 12 members, to identify a package of additional spending cuts that would receive an up-or-down vote in the Senate. That mirrors one element of the Boehner proposal.
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