Posted by | August 1, 2011 14:40 | Filed under: Top Stories

From Jay Newton-Small at Time:

  • The 2012 budget: At one point in the negotiations, the 2012 budget was to be slashed by $36 billion. The final number of cuts: just $7 billion. And the 2012 budget is a done deal.
  • The trigger: This is counterintuitive, but the trigger is actually pretty good for Democrats. …it actually wouldn’t trigger benefit cuts to any entitlements. The only cuts it would force would be a 2% or more haircut for Medicare providers.
  • The commission: Again, for all the liberal carping about a “Super Congress,” the commission of 12 members — three from each party in each chamber — set up to find the second phase of $1.5 trillion in cuts by Thanksgiving is actually rigged to force some revenue increases. Yes, the Bush tax cuts are off the table. But there are plenty of loopholes, subsidies and other corporate welfare programs that are on the table.
  • The immediate cuts: It may seem like a lot, but the $917 billion in the first phase of cuts were carefully negotiated by Vice President Joe Biden and his group. They include $350 billion in Pentagon cuts – a win for liberals. They don’t touch entitlement benefits, another win.
  • The debt ceiling: Raising the debt ceiling through 2013 will not be contingent on the second round of cuts. There will merely be a vote of disapproval. This avoids another messy fight in January and another round of painful forced cuts.
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Copyright 2011 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.