Political Punch
Power, pop, and probings from ABC News Senior White House Correspondent Jake Tapper
Political coverage and musings on pop culture from ABC News Senior White House Correspondent Jake Tapper and the ABC News White House team. 
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Read a power-point description of the framework released by Boehner's office.
- Jake Tapper (@jaketapper)
Every person in this world knows (except the GOP of course) that in order to make money you first have to spend money.
Democrats caved in to the GOP/Tea Party -- they should have held thier ground on tax increases (lets call it revenue).
So the people in this country who truly truly truly need relief --- elderly and poor --- the people who have broken thier backs working ---- get less and less and less --- while the rich sit it the Ivory Tower and laugh while they drink thier good wine and eat their rich food and count thier vast wealth -- wealth they have acquired due to the sweat and backs of the poor.
It is shameful.
NO politician can truly fix this problem.
What a great speech tonight by Obama! Way better than the biased and onesided aproach he took last Monday. It sounds like some good things may come from this debate after all. It is a little odd though, how his aproach has made a drastic 180 from blaming republicans to putting the blaming aside and working together on a true compromise. I like the new aproach but he is showing some significant inconsistencies.
Debt Ceiling Framework: Where They Landed
July 31, 2011 9:48 PM
Here is a look at what is in the framework of what is called the Budget Control Act of 2011:- More than $900 billion in deficit reduction over 10 years through discretionary spending caps . $350 billion of that comes from the Pentagon;
- Debt limit increased by at least $2.1 trillion -- through 2013...see below for more on how that happens;
- Bipartisan super-committee is tasked with finding $1.5 trillion in deficit reduction by November 23 presumably through tax and entitlement reform. There will be 12 members of the super-committee. House Speaker John Boehner, R-Ohio, House Minority Leader Nancy Pelosi, D-Calif., Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky., each get to pick three members;
- Congress must vote on recommendations made by the bipartisan Congressional deficit reduction committee by December 23;
- If Congress fails to pass the committee proposal, triggers are enacted that spur at least $1.2 trillion in cuts and those will be close to 50/50 split between domestic/defense spending. But the triggers exempt cuts to Social Security, Medicare beneficiaries and low income programs. The cuts will take effect on January 2, 2013.
- Immediately after passage of this bill, the president certifies the US government is within $100 billion of hitting the debt ceiling and is given authority to raise the debt ceiling by $400 billion.
- That also triggers a request to increase the debt ceiling by $500 billion -- with a process in which Congress can vote to disapprove. The expected outcome: the president vetoes the disapproval, Congress fails to override the veto, and the President is given the authority to raise the debt ceiling by $500 billion.
- The second tranche comes in December. If the super-committee fails to produce a path to reduce the deficit by $1.5 trillion, or Congress fails to pass it, the president makes a request for the authority to raise the debt ceiling by $1.2 trillion. Congress votes to disapprove, the president vetoes it, Congress fails to over-ride the veto, he gets the authority to raise the debt ceiling by $1.2 trillion.
- OR the super-committee succeeds in finding anywhere between $1.2 trillion and $1.5 trillion in deficit reduction and Congress passes it. The president automatically is given the authority to raise the debt ceiling by an equal amount, with no disapproval process.
Read a power-point description of the framework released by Boehner's office.
- Jake Tapper (@jaketapper)
User Comments
It contains the "Biggest Tax Increase" in U.S. History!!! Don't listen to the media. This bill "ends" the Bush Tax cuts and also has Obamacare Tax increase; both of those combined are the "BIGGEST TAX INCREASE IN US HISTORY". Why would any GOP support this bill? Is is stupid and does not help the U.S. Economy; doesn't help US families and businesses. This bill is a sell out by Spaker Boehner to re-elect Obama. To Republicans and Moderate Democrats up for re-electin in 2012- "DO NOT VOTE FOR THIS BILL". It contains the hihest Tax Increase to American households in US history.
Posted by: Peter King | Aug 1, 2011 12:31:49 PM
Reply to Joe:
No one is taking a check from someone already in the military. It's called cutting expenses...there will just be less spent on wasteful defense programs. Of course the Republicans just want the cuts on the backs of the poor and elderly...not their voting base.
No one is taking a check from someone already in the military. It's called cutting expenses...there will just be less spent on wasteful defense programs. Of course the Republicans just want the cuts on the backs of the poor and elderly...not their voting base.
Posted by: drake | Aug 1, 2011 12:26:05 PM
Reply to Dianne93101
Blame, blame, blame the Democrats. Your stupid President-Bush gave the banks the first bailout. Where were all you whinners then? The Republicans don't want to cut the wasteful Defense spending because that's one of their base voting blocks. So who is playing politics as usual under the guise of being thrifty...the Republicans!
Blame, blame, blame the Democrats. Your stupid President-Bush gave the banks the first bailout. Where were all you whinners then? The Republicans don't want to cut the wasteful Defense spending because that's one of their base voting blocks. So who is playing politics as usual under the guise of being thrifty...the Republicans!
Posted by: drake | Aug 1, 2011 12:22:23 PM
Here's what should be written into the bill:
~ Democrats can no longer spend recklessly then turn around and blame Republicans for our economic troubles as well as shortage of funding for their pork projects ~
Democrats have not contributed any solutions other than cutting defense funding which is a smoke and mirror offer to appease their base when they know it will do little unless the wars actually end--which doesn't seem to be happening very quickly.
~ Democrats can no longer spend recklessly then turn around and blame Republicans for our economic troubles as well as shortage of funding for their pork projects ~
Democrats have not contributed any solutions other than cutting defense funding which is a smoke and mirror offer to appease their base when they know it will do little unless the wars actually end--which doesn't seem to be happening very quickly.
Posted by: Dianne93101 | Aug 1, 2011 12:03:09 PM
I just came up with an idea --
Every member of congress should contribute $250k of thier own money to resolve the debt crisis. Those contribtions ALONE would put a dent in the debt.
Oh but wait -- they will not do that. That would make too much sense.
They would rather take the money from the most needy.
Every member of congress should contribute $250k of thier own money to resolve the debt crisis. Those contribtions ALONE would put a dent in the debt.
Oh but wait -- they will not do that. That would make too much sense.
They would rather take the money from the most needy.
Posted by: **** IDEA **** | Aug 1, 2011 11:03:52 AM
Every person in this world knows (except the GOP of course) that in order to make money you first have to spend money.
Democrats caved in to the GOP/Tea Party -- they should have held thier ground on tax increases (lets call it revenue).
So the people in this country who truly truly truly need relief --- elderly and poor --- the people who have broken thier backs working ---- get less and less and less --- while the rich sit it the Ivory Tower and laugh while they drink thier good wine and eat their rich food and count thier vast wealth -- wealth they have acquired due to the sweat and backs of the poor.
It is shameful.
NO politician can truly fix this problem.
Posted by: Joe | Aug 1, 2011 10:18:45 AM
shameful deal! the republicans won this round I guess. may they all be voted out of office!
Posted by: josie | Aug 1, 2011 8:48:05 AM
Bill posted this: "That's the thing - The Budget Control Act of 2011 - there is no BUDGET! They can spend this money however they like. This is worse than TARP and the Stimulus combined." /////////
Actually Obama and the Dems have formalized that 850 billion into a yearly part of the budget. It now becomes a part of whats called baseline budgeting. That happens only in Washington where if you spend say 1 billion on a project LAST year then you will need another 1 billion THIS year and your program gets a 7% raise to cover higher costs. That is why if all Conservatives managed to do is spend the EXACT same this year and every year going forward (NOT cutting one penny) the Congressional Budget office would score that as a 9 Trillion dollar cut. Remember that next time the Dems come out and say that 3-4 Trillion in cuts is Draconian. We can not afford Obama Style Government. This Democratic-Socialist European Style of Government is what is bankrupting Europe. It always winds up strangling the economy with lots of new regulations, taxes and union work rules. The net result is a slow slide into irrelevance and bankruptcy.
Actually Obama and the Dems have formalized that 850 billion into a yearly part of the budget. It now becomes a part of whats called baseline budgeting. That happens only in Washington where if you spend say 1 billion on a project LAST year then you will need another 1 billion THIS year and your program gets a 7% raise to cover higher costs. That is why if all Conservatives managed to do is spend the EXACT same this year and every year going forward (NOT cutting one penny) the Congressional Budget office would score that as a 9 Trillion dollar cut. Remember that next time the Dems come out and say that 3-4 Trillion in cuts is Draconian. We can not afford Obama Style Government. This Democratic-Socialist European Style of Government is what is bankrupting Europe. It always winds up strangling the economy with lots of new regulations, taxes and union work rules. The net result is a slow slide into irrelevance and bankruptcy.
Posted by: RichardBall1 | Aug 1, 2011 8:26:54 AM
I can't believe how dumb O-bots are. He deliberately did this. I called it in April!
Posted by: LongT | Aug 1, 2011 8:15:12 AM
HERE are the REALLY important FACTS. Today we owe well over 14.3 Trillion. We have been floating money as a way to not go over the "official" limit. At current debt rates it is probably somewhere around 15 Trillion. This is a raise of another 2.7 Trillion. Then we have the nightmare that is ObamaCare. The Congressional Budget office says to fully implement ALL of the various requirements will cost 2.4 Trillion. And that is right around the corner. So folks Obama will spend add 1.65 Trillion dollars per year in new debt on his Big Government Socialist experiment that is failing. we are now Standing here owing the world over 20 Trillion dollars. When Bush left office it was "only" 10.6 Trillion dollars. And that was less than 3 years ago. Read Obama's OWN budgets. They call for adding ANOTHER 10 Trillion at a MINIMUM over the next 10 years. That will leave America bankrupt. We need to restore financial literacy to the Congress and the White House. There is no more important issue. DEMAND smaller government or we are going to QUICKLY wind up in worse shape than Greece, Italy, Spain, Portugal, etc etc. In other words most of Europe which has followed this same Socialist Democratic style of Government. It results in stagnant slow growth economies with high taxes and a declining life style. Remember our Children are depending on the correct choice.
Posted by: RichardBall1 | Aug 1, 2011 8:03:00 AM
Is it ok if we film Dumb and Dumber 2?
Posted by: Bill | Aug 1, 2011 4:02:43 AM
That's the thing - The Budget Control Act of 2011 - there is no BUDGET! They can spend this money however they like. This is worse than TARP and the Stimulus combined.
Posted by: bill | Aug 1, 2011 2:41:38 AM
We are going to see this happen over and over again. Holding Americans hostage while the political maneuverings go on. Brinksmanship on the backs of Americans. The Democrats did not get very much out of this deal but Republicans used the threat to the people to diminish President Obama. I have to commend Democrats for bringing an end to the kidnapping of the Middle Class and Social Security recipients in this case. It is a distasteful compromise and I hope it will never happen again, but as I said, I think it will - again and again.
Posted by: rakko | Aug 1, 2011 2:38:37 AM
Key points.... "no new taxes"... "guaranteed across-the-board-cuts if no agreement" ------ looks like GOP common sense to me!!! -- Good job!!
Posted by: TheLoyalOpposition | Aug 1, 2011 2:09:51 AM
What a great speech tonight by Obama! Way better than the biased and onesided aproach he took last Monday. It sounds like some good things may come from this debate after all. It is a little odd though, how his aproach has made a drastic 180 from blaming republicans to putting the blaming aside and working together on a true compromise. I like the new aproach but he is showing some significant inconsistencies.
Posted by: yfhjf | Aug 1, 2011 1:32:51 AM
LMAO!..... THIS ARTICLE: "...a process in which Congress can vote to disapprove. The expected outcome: the president vetoes the disapproval, Congress fails to override the veto, and the President is given the authority to raise the debt ceiling..."
=====================================
So let me get this straight now...all those Toddler Party Reps that were voted in last November, "PLEDGING" that they were not going to raise the debt ceiling, are now basically handing over what is the congress's responsibility to the President!
LMAO!...I guess John Boehner told the president, "Mr. President, I've got a bunch of shallow-brained T-Party folks out there who INSIST that we don't raise the debt limit. So I can get it done for you, but we'll have to do it in this tricky way...don't worry though, those Toddlers will have no clue how we do this. A little trickery to get you your debt ceiling increase, but their shallow brains won't even understand it.
LMAO!...Michele Bachman...eat your heart out!
=====================================
So let me get this straight now...all those Toddler Party Reps that were voted in last November, "PLEDGING" that they were not going to raise the debt ceiling, are now basically handing over what is the congress's responsibility to the President!
LMAO!...I guess John Boehner told the president, "Mr. President, I've got a bunch of shallow-brained T-Party folks out there who INSIST that we don't raise the debt limit. So I can get it done for you, but we'll have to do it in this tricky way...don't worry though, those Toddlers will have no clue how we do this. A little trickery to get you your debt ceiling increase, but their shallow brains won't even understand it.
LMAO!...Michele Bachman...eat your heart out!
Posted by: georgie_bushie | Aug 1, 2011 12:51:33 AM
Don't sweat any of the details of this agreement. Look where we are. It's August of 2011. In just 12 short months both houses of congress will close and they will not reopen until January of 2013.
This is surrender document all prettied up to keep from heaping on the bewildered democrats. This whole thing is a sham designed to force the Republicans in the House to raise taxes and a specif kind of tax. They wanted to add a new tax bracket starting at 250K or thereabouts.
They wanted to Republicans to have to break their no-tax pledge thinking that this would marginalize the new Representatives, and humiliate the Tea Party.
It didn't happen and in fact they are worse off now than they would have been it they'd have signed the deal Obama backed out of. Because, now they've got the BBA to deal with which they wouldn't have if they'd been straight shooters from the start.
For Barak Obama and the democrats it is their "Edsel Moment." If I had a plastic model of one I'd mail it to Obama and he could put it on the Oval Office mantle where Winston Churchill's bust used to be.
This is surrender document all prettied up to keep from heaping on the bewildered democrats. This whole thing is a sham designed to force the Republicans in the House to raise taxes and a specif kind of tax. They wanted to add a new tax bracket starting at 250K or thereabouts.
They wanted to Republicans to have to break their no-tax pledge thinking that this would marginalize the new Representatives, and humiliate the Tea Party.
It didn't happen and in fact they are worse off now than they would have been it they'd have signed the deal Obama backed out of. Because, now they've got the BBA to deal with which they wouldn't have if they'd been straight shooters from the start.
For Barak Obama and the democrats it is their "Edsel Moment." If I had a plastic model of one I'd mail it to Obama and he could put it on the Oval Office mantle where Winston Churchill's bust used to be.
Posted by: 57nomad | Aug 1, 2011 12:18:07 AM
Please be advised that there will be time for bickering and banter. I dont want to say when but it will be very soon. We are going to bring out plates of snacks and beautiful women to get people through the night. Enjoy and try not to eat the veggies. Those are saved for Obama.
Posted by: Bill | Jul 31, 2011 11:36:32 PM
This is a disgrace. There is nothing in this agreement that could not have been reached weeks ago except for the political egos involved. The dysfunctional rigid politics in Congress are destroying our country and they all need to be voted out of office!
Posted by: Disapointed46 | Jul 31, 2011 11:34:21 PM
What utter BS? This is not brain surgery. As a nation we spend more than we take in but politicians of both parties haven't the guts to cut anything so we get panels and more debt. Shame on all of us for falling for this and shame on ABC for being little more than stenographers for the status quo. Nice job, Tapper....not!
Posted by: G. Mortensen | Jul 31, 2011 11:22:01 PM
$350 billion will taken from our armed forces..These are the men and women that fight to keep this country safe and what are you doing taking away from them.Just brilliant.!!
Posted by: Joe | Jul 31, 2011 10:53:02 PM
Posted by: granny65 | Jul 31, 2011 10:28:41 PM
Don't worry granny . ..
From the news piece above:
"But the triggers exempt cuts to Social Security, Medicare beneficiaries and low income programs."
In other words, Social Security, Medicare and low income programs CAN NOT be included in automatic cuts.
Don't worry granny . ..
From the news piece above:
"But the triggers exempt cuts to Social Security, Medicare beneficiaries and low income programs."
In other words, Social Security, Medicare and low income programs CAN NOT be included in automatic cuts.
Posted by: Starliss | Jul 31, 2011 10:41:33 PM
CAN'T BELIEVE THIS PRESIDENT CAVED IN . I WILL NEVER VOTE AGAIN. JUST SOLD THE ELDERLY AND THE MIDDLE CLASS RIGHT DOWN THE RIVER SO THE RICH CAN KEEP THEIR LOOP HOLES
Posted by: granny65 | Jul 31, 2011 10:28:41 PM
Yes, Colonel, now that you all are done holding the economy hostage, you can go back to being birthers and other such useful fauna.
Posted by: jock59801 | Jul 31, 2011 10:26:58 PM
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- ...and I am Sid Harth@mysistereileen.com
I am sure you are having a PowerPunch, Oops, PowerLunch, oops, Punch and Judy Show.
How are we doing today? Not good? I can understand. There are too many other, more straight and narrow journalists eating your lunch, Oops, a three Martini lunch.
Wake up, dear Jake. You are not only late to the happening, you are blase. That is to say, you ain't got it.
A run of the mill, also ran piece makes you a man in a Gray Flannel Suit. A man who missed the bus, Oops, Buzz.
I have been on the job for almost twenty-four hours. Everybody who is somebody, has made their report about the new and improved "the Budget Control Act of 2011."
I don't want to make you a village idiot by quoting the nicer versions.
Better shape up or ship out.
Better yet, start digging ditches. It pays.
...and I am Sid Harth@mysistereileen.com