Tuesday, July 19, 2011

The latest on the debt crisis

The debt crisis continues in the Capitol today, with a few different news items to report:

  • Tea Party members bring forward a bill today that would make significant cuts to entitlement programs and pass a balanced budget Constitutional amendment - and, in doing so, raise the debt ceiling $2.4 trillion.  The bill is dead on arrival in the Senate and the White House has promised a veto.
  • The former "Gang of Six" (bipartisan group of six Senators) will privately unveil their deficit reduction plan to 40-50 Senators.  The plan reforms the revenue code, makes spending cuts that would close the deficit by $3.6-3.7 billion.
  • Former President Bill Clinton has begun to advocate for President Obama to unilaterally increase the deficit ceiling, arguing that such a ceiling is unconstitutional.
  • Majority Leader Reid (D-NV) has said that the Senate will remain in session until an agreement is reached.
The drama continues.

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