To amplify yesterday's post

We're screwed.

From Real Clear Politics:
Reid: Joint Committee Must Include Taxes Or Trigger Will Kick In
"We've had too much talk the last few days of Republicans as early as this morning, Republican leaders in the Senate saying there will be no revenue. That's not going to happen. Otherwise, the trigger is going to kick in. The only way we can arrive at a fair arrangement for the American people with this joint committee is to have equal sharing. It's going to be painful. Each party if they do the right thing, it's going to be painful for them because to be fair, we have to move forward. There has to be equal spending cuts, there has to be some revenue that matches that," Sen. Harry Reid (D-NV) said on the floor of the Senate right before voting started on the debt deal.
From CNS News:
$2.4 Trillion Would Be Largest Debt-Limit Increase in U.S. History
The bill to increase the federal debt limit that has been put before Congress today would increase that limit by up to $2.4 trillion, which would be the largest increase in the debt limit in U.S. history by a margin of half a trillion dollars, according to records published by the Government Accountability Office and the Congressional Research Service.

In fact, according to records published by the Congressional Research Service, if the current bill is passed and the debt limit is increased by $2.4 trillion, the two largest debt-limit increases in U.S. history would come in back-to-back years, both during the presidency of Barack Obama.
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About this Entry

This page contains a single entry by DaveH published on August 2, 2011 11:00 AM.

Goings on in Washington was the previous entry in this blog.

Just wonderful - Dept of Education gets involved in Climate Science is the next entry in this blog.

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