Amanda Carey
The Daily Caller
7/27/2011
The non-partisan Congressional Budget Office (CBO) Wednesday evening released its score of House Speaker John Boehner’s revamped debt limit plan.
The prognosis: the new version is a vast improvement.
According to the CBO, Boehner’s cuts will now exceed the amount by which his plan would initially raise the debt ceiling. The analysis concludes that the proposal will cut and cap spending by $917 billion over ten years — slightly more than the $900 billion first debt increase. (GOP leaders to conservatives: ‘How could you?’)
It will also cut $22 billion in spending over the next year, and reduce discretionary expenditures each year thereafter. Boehner’s new plan also requires Congress to propose at least another $1.8 trillion in spending cuts.
Wednesday saw the GOP whip count raise considerably in Boehner’s favor. Senate Majority Leader Reid, however, said that no Senate Democrat will vote for the plan.
Also at The Daily Caller, National Institute of Health sends more than $90 million in taxpayer-funded grants to China
Weasel Zippers has an article from CNNMoney, House Debt Ceiling Bill Better on Take 2. Also from PowerLine via Weasel Zippers, Graph: “The Spiraling Debt the Democrats Have Racked up Since They Took Control of Congress in 2007” You really need to see this!
At Say Anything, The One Chart That Explains the Entire Financial Crisis:
This evidence is now pouring in (it was always there, but needed to be collected and coherently laid out) that the financial crisis of 2008 was nearly exclusively created by government’s misguided interventions and manipulations of the housing market. Gretchen Morgenson’s new book Reckless Endangerment lays out the whole corrupt, government-directed interventionist debacle. This book was needed but not necessary, it doesn’t tell us something we didn’t already know. Economists and financial markets experts knew exactly how, why and when the government’s insane pursuit of “affordable housing” built up risks in the system that eventually exploded into the financial crisis.
Rob Port has just posted this article, All 53 Senate Democrats Sign Letter to Boehner Saying His Plan Won’t Pass. Remember this when you vote–it’s been more than 800 days since this group of geniuses passed a budget. Port writes:
…It would seem to me that Democrats have done themselves more harm than good with this move. Presuming Boehner goes ahead with a vote on his plan, and presuming it passes, the House will have sent the Democrat majority in the Senate multiple options for raising the debt ceiling with the Democrats rejecting them all. Simultaneously, they’ve put nothing on the table.
So what other honest take away is there from this than to see Republicans attempting to pass some sort of agreement through Congress to raise the debt ceiling before the deadline President Obama has created, and Democrats blocking every attempt…
And this, my friends, is why Republicans did not even bother to vote in the Presidential election of 2008: John McCain Slams Stupid Tea Party “Hobbits” From Middle Earth (Video)
Sen. John McCain blasted stupid tea party hobbits today in a scathing speech on the senate floor. The former GOP presidential nominee added, “This is the same kind of crack political thinking that turned Sharron Angle and Christine O’Donnell into GOP nominees.”…
…“What is really amazing is that some (Senate) members are believing that we can pass a balanced budget amendment to the Constitution in this body with its present representation – and that is foolish,” McCain said…
Update: Evidently Senators McCain and Reid are of one mind: Harry Reid’s Odd Definition of “American” (Hint: Tea Partiers are not Americans)
Also, Lawmakers Probing if Obama Administration Meddled With S&P Rating
GOP Rep. Paul Ryan Makes the Case for the “Boehner Debt Limit Plan” – Video
Update 2: Lovely– Martin Bashir to John Boehner: “Go the F*ck to Sleep”
H/T Big Journalism
Update 3: McCain lashes out at Tea Party, Stu loses his mind at GlennBeck.com
