Tag Archive | deficit reduction

The Debt Ceiling Last-Minute Two-Step

Byron York reports that there may be a two-stage solution to the debt ceiling, and one that doesn’t appear to involve any promises from Democrats to cut spending later if we raise taxes now (the Wimpy deal, though not with hamburgers):

House Republicans are finishing work on a new proposal to resolve the standoff over the debt ceiling.  The proposal, set to be finished and crafted into the form of a bill by Sunday, will be in two parts.  The first will combine a short-term increase in the debt ceiling with spending cuts.  The second will lay the groundwork for a longer-term increase in the debt ceiling coupled with far-reaching deficit reduction.

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Senate Gang Of Six May Have The Best Deal We Can Expect

Given that both the Senate and the White House are in the hands of Democrats, the plan developed by the Senate’s “Gang of Six” may just be the best we can get passed:

Sen. Tom Coburn (R-Okla.), who had pulled out of the Gang of Six in May, also rejoined the group and praised the plan as something that could win the 60 votes needed to pass the Senate.

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