07-21-2011, 04:50 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Washington (CNN) -- The U.S. House on Tuesday night passed the "cut, cap and balance" deficit reduction plan ...

Meanwhile, the Republican-led House of Representatives voted 234-190 to pass the "cut, cap and balance" plan that would impose strict caps on all future federal spending while making it significantly tougher to raise taxes -- the solution favored by hard-line conservatives. ...

"While President Obama simply talks tough about cutting spending, House Republicans are taking action," House Speaker John Boehner, R-Ohio, said in a statement after the vote.

Boehner called the House measure <span style='font-size: 11pt'>"exactly the kind of 'balanced' approach the White House has asked for -- it provides President Obama with the debt limit increase he's requested while making real spending cuts now and restraining future government spending and debt that are hurting job growth."</span>

<span style='font-size: 14pt'>Obama has said he would veto such a measure, and Senate Democrats are expected to kill it.</span> ...

If Congress fails to raise the current $14.3 trillion debt ceiling by August 2, Americans could face rising interest rates, a declining dollar and increasingly jittery financial markets, among other things. ...

<span style='font-size: 17pt'>"We've gone from a Gang of Six to a Mob of 50,"</span> an upbeat Sen. Joe Manchin, D-West Virginia ...

The GOP plan would allow an increase in the debt ceiling only after Congress passes a balanced budget amendment to the Constitution and imposes both major spending cuts and caps on future spending as a percentage of the country's gross domestic product.

Tax increases could be approved only by a two-thirds vote of both chambers of Congress.

The measure would require $111 billion in cuts in fiscal year 2012, while exempting Pentagon spending and popular entitlement programs such as Medicare and Social Security. <span style='font-size: 11pt'>Federal spending would be capped at less than 20% of gross domestic product by 2021, as opposed to the current 24%.</span>

White House Press Secretary Jay Carney called the proposal "classic Washington posturing and kabuki theater," but Boehner insisted Tuesday that "the president said he wanted a balanced plan (and) that's what this is -- a balanced plan."
"It's pretty clear" to Republicans that this plan is "the most responsible thing that we can do to address our problems," Boehner said. It will ensure the debt crisis "never, ever happens again."

McConnell also praised the "cut, cap and balance" plan, calling it "the kind of tough legislation Washington needs and that Americans want." ...</div></div>

<span style='font-size: 26pt'>LET THE EXCUSES BEGIN! (http://www.cnn.com/2011/POLITICS/07/19/debt.talks/index.html?hpt=hp_t1)</span>

07-21-2011, 05:29 AM
The cap should be set at 1/8 of the GDP. It should be accomplished in less than 4 years.

07-21-2011, 05:33 AM
In theory I won't argue that, but it won't happen.