Posted by | July 30, 2011 13:14 | Filed under: Top Stories

It’s the arcane rules of the Senate. The Reid bill has provisions both parties should like.

According to a memo from his office, Reid’s latest proposal would increase the deficit reduction over 10 years from $2.2 to $2.4 trillion, with a “dollar to dollar” increase in debt ceiling based on a proposal originally authored by McConnell. It would fast-track resolutions of disapproval to allow the president to raise the debt ceiling with the political liability falling on Democrats.

Reid’s proposal establishes spending caps for the next 10 years that, if exceeded, would trigger across-the-board spending cuts. Much of Reid’s savings, $1.2 trillion, are achieved by winding down the wars in Iraq and Afghanistan which Republicans decry as budget gimmicks.

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Copyright 2011 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.