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Thread: Top lawmakers target ‘grand bargain’ for debt plan

  1. #1
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    Top lawmakers target ‘grand bargain’ for debt plan

    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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    Re: Top lawmakers target ‘grand bargain’ for debt plan

    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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    Re: Top lawmakers target ‘grand bargain’ for debt plan

    Quote Originally Posted by 1Perry View Post
    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.
    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 ..

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    Re: Top lawmakers target ‘grand bargain’ for debt plan

    And there is no gaurantee that they would even do that.

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