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Both plans are undesirable, but to get the facts straight:
Reid's plan purports to cut 2.2 trillion but puts us 2.7 trillion further in debt, so it's really a $500 billion dollar spending plan that would cover Obama through 2012.
Boehner's (revised) plan cuts 917 billion to put us 900 billion further in debt. It provides next to nothing in real cuts, but only takes us into next Spring, when he'll ask for an additional 1.8 trillion in cuts to raise the ceiling.
1 trillion (45%) of Reid's "cuts" are attributed to "winding down the wars in Iraq and Afghanistan." That's going to happen anyway, so if you factor that out, as the CBO did - Reid's plan reduces outlays by $750 billion, whereas the CBO predicted an 851 billion dollar reduction for Boehner's plan.CNN: Reid debt ceiling plan comes up short - Jul. 27, 2011
As I said in the OP, spending on the wars in Iraq and Afghanistan are part of the overall deficit. America wants these wars to draw down. We may be pulling troops out, but we still have a significant military presence in both theaters. As such, I'd think you'd want spending to be capped in this area if for no other reason than to show that the President is serious about bringing these wars to an end. I see this as being part of spending cuts in the Defense Department budget which both sides have said they support. Moreover, both sides recognize the financial burden these wars have had on our nation's economy. As such, both sides want these wars to end. I really don't see a problem with Reid's plan incorporating capping spending here.
As to the debt limit extension timeline, I think the country would be much better off if the debt limit were extended beyond the next 6-months because we've had these short-term fixes before. We'll only be right back here again come January 2012. And judging on how contensious things are right now, I seriously doubt temperments or ideologies will change much between now and then. Besides, the markets needs some form of long-term stability as you can tell from all the complaints coming from both Wall Street, investors both foreign and domestic and business leaders.
I agree with donsutherland1; merge the best of both bills and you have a winner. Both bills are very similar. Neither raises taxes, one assures a cap is placed on military spending where Iraq and Afghanistan are concerned ensuring a commitment to drawing down both wars, and both go out to 2021. In fact, if you removed the call for a Constitutional amendment from Boehner's bill and the extended and expanded authority to auction licenes for the EM spectrum from Reid's bill, both bills would be virtually identical.