Boehner and Reid essentially came to an agreement last Friday, July 29. Their respective July 29 (Reid) and July 27 (Boehner) positions called for $917 to $927 in spending cuts, only $10 billion apart. Both proposals contained no reference to tax loophole closings. The tax hikes idea was given up by Obama and the Democrats early last week, bringing the Democrats to essentially the Republican position on spending vs. tax hikes. The only substantive difference as of July 29 between the two was that Reid also proposed $1.044 trillion in additional cuts in Defense spending, as well as a measure that prohibited a re-opening of the debt ceiling issue before the 2012 November elections.
Today’s Boehner-Reid final agreement effectively drops explicit cuts in Defense, another Republican position all along. Reid’s defense cuts are now replaced with ‘triggers’ in defense spending reduction. The ‘triggers’ concept has been a maneuver used by Congress on occasion in the past. It is designed to let one party save face, allowing it to appear that their provision is retained in the bill, when in reality it will never be implemented. In fact, ‘triggers’ have never been implemented in any instance since 1980 in which they were included in a spending bill.
Essentially brings the Dems to the Repubs' position. Well whaddaya know, the two-headed hydra agree again.
Well at least all the posturing is over.
http://talkingunion.wordpress.com/2011/08/01/the-1-trillion-debt-ceiling-deal-of-july-31/
