(The Hill) Sen. Reid signs off on bipartisan debt-ceiling compromise

Posted by Kendall Harmon

Sources familiar with the outlines of the deal say it would raise the debt limit by about $2.7 trillion and reduce the deficit by the same amount in two steps. It would cut about $1 trillion in spending up front and set up a select bicameral committee to put together a future deficit-reduction package worth $1.7 trillion to $1.8 trillion.

Failure of Congress to pass the future deficit-reduction package would automatically trigger cuts to defense spending and Medicare. An aide familiar with the deal said the Medicare cut would not affect beneficiaries. Instead, healthcare providers and insurance companies would see lower payments.

Read it all.

Filed under: * Economics, Politics • Economy • The U.S. Government • Budget • The National Deficit • Politics in General • House of Representatives • Office of the President • President Barack Obama • Senate

5 Comments
Posted July 31, 2011 at 6:00 pm [Printer Friendly] [Print w/ comments]



1. Dan Crawford wrote:

Ah yes, the Medicare cut will not affect beneficiaries. Wait till they see the price increase on their Medicare Advantage programs. I despise politicians, especially when they assume the unwashed masses believe every lie they tell.

July 31, 9:31 pm | [comment link]
2. Teatime2 wrote:

No doubt a lot of these cuts will remain hidden. And since we have very little independent, investigative journalism left in this country, there will be some very unhappy surprises in the coming months.

July 31, 10:07 pm | [comment link]
3. libraryjim wrote:

Nancy Pelosi says she wants to read the bill before agreeing to it. Since when did that become a requirement for her? Remember her infamous comment on the Health Care bill: “We have to pass it so we can find out what’s in it”. And what was in it included a $500 billion cut in Medicaid!

July 31, 10:42 pm | [comment link]
4. David Keller wrote:

#1 and #2—In this whole “debate” no one has mentioned that Obamacare will gut Medicare as note by #3.  That’s what the Democrats have in store, so you are correct in not trusting them.  We must first repeal Obamacre and then have fundamental change in the whole Medicare/Medicaid system.

August 1, 8:44 am | [comment link]
5. Sarah wrote:

RE: “. . . the Medicare cut would not affect beneficiaries. Instead, healthcare providers and insurance companies would see lower payments.”

You have to laugh at the clueless naivete of that.

August 1, 10:51 am | [comment link]
Registered members must log in to comment.



Next entry (above): From the Morning Bible Readings

Previous entry (below): Journal-Sentinel—Where the American dream dies

Return to blog homepage

Return to Mobile view (headlines)