FiveThirtyEight—on the Debt Debate, It’s All Over but the Face-Saving?

Posted by Kendall Harmon

Both bills cut discretionary spending by about the same amount, roughly $1.2 trillion depending on which benchmark is used. Both set up a bipartisan fiscal commission with special powers. Neither raises taxes, or significantly changes entitlement programs.

Mr. Reid’s bill contains a little bit more deficit reduction by cutting agricultural subsidies, selling radio spectrum licenses and improving I.R.S. enforcement. Its savings are also somewhat more front-loaded, with deficit reduction of $30 billion in 2012 as compared with $1 billion for Mr. Boehner’s, although the speaker’s bill is being rewritten.

Most of the difference in their price tags, however, has to do with the fact that Mr. Reid’s bill would count $1 trillion from the winding down of the wars in Afghanistan and Iraq as deficit savings, while Mr. Boehner’s would not — a matter of accounting rather than a substantive difference.

Read it all.

Filed under: * Economics, PoliticsEconomyThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--The U.S. GovernmentBudgetMedicareSocial SecurityThe National DeficitPolitics in GeneralHouse of RepresentativesOffice of the PresidentPresident Barack ObamaSenate

2 Comments
Posted July 27, 2011 at 6:07 pm

To comment on this article: Go to Article View

The URL for this article is http://www.kendallharmon.net/t19/index.php/t19/article/37830/



1. Br. Michael wrote:

No cause for rejoicing.  The spending will continue, the borrowing will continue, the debt will continue to rise and the can is once more kicked down the road.

Oh and we will have another committee that will report and be ignored.

July 27, 8:57 pm | [comment link]
2. Jill Woodliff wrote:

Prayers may be found here, here, and here.

July 28, 6:57 am | [comment link]


© 2014 Kendall S. Harmon. All rights reserved.

For original material from Titusonenine (such as articles and commentary by Dr. Harmon) permission to copy and distribute free of charge is granted, provided this notice, the logo, and the web site address are visible on all copies. For permission for use in for-profit publications, please email KSHarmon[at]mindspring[dot]com


<< Back to main page

<< Return to Mobile view (headlines)