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Top lawmakers target ‘grand bargain’ for debt plan

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Top lawmakers target ‘grand bargain’ for debt plan - The Washington Post

As part of the deal being discussed to raise the debt ceiling, leaders on Capitol Hill are forming an especially powerful congressional committee that would be charged with drawing up a new “grand bargain,” possibly by the end of the year.

Key elements for a big deal remain in place. Obama has been clear that he wants one and has started making the case to skeptical factions of his own party that getting the nation’s fiscal house in order is in their best interest. House Speaker John A. Boehner (R-Ohio) also remains committed to an ambitious plan, having told his troops that he didn’t become speaker to do small things. And, perhaps most critically, the markets are demanding it. The credit rating agency Standard & Poor’s says Washington must agree to reduce the debt by $4 trillion over 10 years to avert a downgrade.
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The credit rating agency Standard & Poor’s says Washington must agree to reduce the debt by $4 trillion over 10 years to avert a downgrade.

Big deal.
 
1Perry said:
The credit rating agency Standard & Poor’s says Washington must agree to reduce the debt by $4 trillion over 10 years to avert a downgrade.

Big deal.
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That's what I say ... lets break it down .. our present deficit is 1.5 trillion /year ..... we are going to reduce spending by 400 billion per year ... net deficit.. 1.1 trillion dollars per year ... net result ... in 10 years ... 11 trillion dollars added to our debt ..
 
And there is no gaurantee that they would even do that.
 
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