Live Blog: Our Fearful Leader SpeaksPosted: July 25, 2011
Oh boy, another Obama speech! What will he say? Will he explain why he wants to cut every federal program that helps the poor, the elderly, children, and the middle class? Will he tell us why he wants to hand over our Social Security funds to Wall Street? Or will he do what everyone now knows he can do unilaterally–invoke the 14th Amendment or tell Congress he’ll veto everything except a clean vote on the debt ceiling?
I’m expected some passive aggressive whining, and of course multiple lies. But you never know. I could be wrong. Maybe tonight will be the night that President Obama at long last decides to do the right thing. I can dream, can’t I?
Bloomberg has a pretty good summary of the Boehner and Reid plans as of tonight.
Boehner’s plan would require $1.2 trillion in spending cuts in the first phase and up to $1.8 trillion in the second step. A committee would be created to identify cuts, and Congress would be required to vote by the end of this year on a constitutional amendment requiring a balanced budget.
Under Boehner’s proposal, Congress could face a replay of the debt-ceiling drama early next year if it didn’t reduce the debt by at least $1.6 trillion this year.
Won’t that be fun? Another round of kabuki in just a few months!
The $1.2 trillion in spending cuts over the next decade would be achieved through statutory caps on discretionary spending. If the caps were exceeded, there would be across-the- board cuts.
The measure would tie the second installment of borrowing authority to enactment of a deficit-cutting package that slashed up to $1.8 trillion from the debt. If the debt-reduction plan stalled in Congress, Obama would face another debt deadline in February or March.
Now that’s a really bad plan!
Reid’s plan cuts $2.7 trillion and raises the debt limit by 2.4 trillion, giving Congress and the President until after the 2012 election to get ready for the next battle royale. Cuts will come from defense and other discretionary spending and leave Social Security, Medicare, and Medicaid alone–for now. The plan also includes the “committee” to identify further cuts (i.e., Catfood Commission II on steroids).
Supposedly President Obama has endorsed the Reid plan, but if he is true to form, he’ll cave and give the Republicans everything they want except for the ridiculous balanced budget amendment and (one would hope) the idiotic spending caps.
We shall see. Please use the comments to document the atrocities if you can bear to watch and/or listen. I plan to listen to the speech on the radio for as long as I can bear.