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Monday, August 01, 2011
US Debt Ceiling and Deficit Reduction Strategy
Global Strategic Enterprises, Inc for Peace and Prosperity- www.globalbelai4u.blogspot.com
Congressional leaders spent Monday trying to sell their respective caucuses
in the House and the Senate on the benefits of the debt-ceiling and deficit-reduction
-- If Congress approves it, the compromise would raise the government's borrowing limit in stages by at least $2.1 trillion and up to $2.4 trillion, while providing a dollar-for-dollar exchange in spending cuts. The package would resolve the issue until 2013, after the presidential election.
-- The framework of the deal cuts spending more than it increases borrowing authority and does
not raise taxes.
It also protects several programs from cuts, including Social Security, Medicaid,
veterans benefits and pensions, civil and military pay, and programs for women, infants and children.
Medicare would be cut no more than 2%, with the cuts falling on payments to doctors, hospitals and other providers of medical services.
-- Passage of the proposal would give President Obama authority to immediately increase the debt by $400 billion. It also establishes procedures to raise the debt ceiling by an additional
$500 billion as soon as September for a total of $900 billion.
-- The initial increases are offset by $917 billion in spending cuts through caps on discretionary spending through 2021.
-- The subsequent increase would be $1.2 trillion to $1.5 trillion, depending on the success of
a 12-member bipartisan congressional committee in identifying future deficit reductions that