Posted by | July 31, 2011 18:24 | Filed under: Top Stories

But who gets to be on the “super committee”?

  • $900 billion in the first stage of deficit reduction.
  • $1.5 trillion in second stage of deficit reduction to be defined by a bipartisan special committee of lawmakers appointed by leaders of the House and Senate.
  • If the special committee fails to deliver a deficit-cutting package that would trigger $1.2 trillion in cuts, half would be Defense cuts and the other half would be non-Defense cuts, exempting low-income programs Social Security and Medicaid, and only impacting providers in Medicare.
  • The debt ceiling increase would be done in three phases: $400 billion initially; another $500 billion later thise year would be subject to a vote of disapproval; a third increase of $1.5 to get the rest through 2012 and would also be subject to vote of disapproval.
  • There is also a provision to have Congress vote on balanced budget amendment.
  • The special committee would not necessarily tackle tax reform. But Mr. Obama is threatening to veto any extension of the Bush-era tax cuts for those making $250,000 a year or more unless Congress acts on an overhaul of the tax code.
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Copyright 2011 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.