Harry Reid to Introduce $2.7 Trillion All-Cuts Spending Plan – No Tax Hikes …Update: Obama Shoots Down Deal?

Senate Majority Leader Harry Reid is set to introduce a $2.7 trillion all-cuts spending plan today with no new tax hikes. The plan meets GOP requirements that the debt ceiling be increased with dollar for dollar spending cuts.
The Politico reported:

Democratic leaders said on Monday that they are looking toward Senate Majority Leader Harry Reid’s upcoming new proposal to raise the debt ceiling as offering “hope” for a deal – and warned time is fast running out.

“I think we’ve got 48 hours within which to do something very, very meaningful,” Assistant House Minority Leader James Clyburn (D-S.C.) said on MSNBC’s “Morning Joe.”

The plan that leads to progress, he said, could be Reid’s Sunday proposal, which would cut at least $2.7 trillion in spending and be matched by an equal increase to the debt ceiling.

Citing Reid’s plan, Sen. Chuck Schumer (D-N.Y.), the third-ranking Senate Democrat, said, “I think there’s some hope today” for progress.

“Sen. Reid is going to put forth an offer that meets the Democrats’ main criteria, going past 2012, and the two Republican criteria — enough cuts to equal the amount you raise the debt ceiling and no revenues,” Schumer said on MSNBC. “And I think that has some hope.”

Reid’s as-yet-to-be-unveiled plan, Schumer said, has the potential to be sufficiently conciliatory to House Speaker John Boehner’s (R-Ohio) caucus that an agreement can be reached. “Hopefully it’s the kind of thing that Speaker Boehner can rally his tea party troops toward,” he said.

It’s also the kind of proposal that can get enough Democratic support to pass both the House and the Senate, Schumer said.

Jennifer Rubin reported that President Obama just turned down the last minute deal.

A Republican aide e-mails me: “The Speaker, Sen. Reid and Sen. McConnell all agreed on the general framework of a two-part plan. A short-term increase (with cuts greater than the increase), combined with a committee to find long-term savings before the rest of the increase would be considered. Sen. Reid took the bipartisan plan to the White House and the President said no.”

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  • Militant Conservative

    Not enough in the military budget for All of this.

    Look closely it’s a ruse.

    Powder is dry

  • paul52

    I want to see Harry’s “cuts”. Being a libtard, he probaly wants to disband the military. Why was he so opposed to cut, cap, and balance? Arrogant little weasel.

  • Joe College

    Why do they need to raise the debt ceiling by the amount they are cutting?

  • Mark1957

    Harry wants $2.7 trillion now, and will promise to cut spending in the future, which we all know is a big fat lie.

  • Did Dingy Harry blink?

  • john03

    I smell a rat. A little “Harry” rat.

  • Bingo

    Harry wants $2.7 trillion now, and will promise to cut spending in the future, which we all know is a big fat lie.

    ^^^^^^^^^^^ THIS ^^^^^^^^^^^^^

  • Bitter Clinger

    Here’s why Dingy Harry blinked: Steve Wynn, a major democrat contributor in NV, got to him.

  • Mahdi Al-Dajjal

    Any deal which raises the debt ceiling TODAY in exchange for future spending cuts or commissions to look into ways of cutting spending MUST NOT get a vote in the House!

    Boehner should take Harry’s plan, go to the podium in the House of Representatives and state the following: “Harry Reid’s so-called plan is the worst piece of legislation EVER presented to the House for consideration and is a complete waste of the Chamber’s time, and thus won’t be given the time of day! When Harry Reid and Senate Republicans are SERIOUS about cutting spending, they need to tell us which items in the budget they intend to cut and by how much so we can all look at the REAL numbers.”.

    Then, Boehner dismisses the entire Chamber for the rest of the week.

  • Jerry C

    One step forward, one step back. Is there any intelligence on planet earth?

  • gorgo

    1. What/where are the cuts?
    2. When do they take place?

    I know we all know this but if answer to #2 is “not immediately” and if the House OKs it, Repubs are screwed and Obama gets his 2nd.

  • Finncrisp

    As always, let’s read the fine print. These guys lie like a rug. Suspect it is just smoke and mirrors to allow the press to release thier prepared attacks on the Speaker’s office. Cracks me up. Harry is such a poor communicator, but they still paint him as the voice of reason. Stranger than fiction, to be sure. Orchestrated, to be sure. Depends on what the word “Revenue” means, No?

  • NeoKong

    The debt increase will be real and immediate while the “cuts” are just promises and will no doubt be renegotiated later when no one is watching.

    Remember how we were going to secure the border first and then talk about immigration reform later….?
    We were promised a fence.
    Never happened

  • vagabond trader

    One of those “gotta pass it to know whats in it” ploys without a doubt.

  • #1AMERICAN

    all cuts…no increase…NO WAY GOP don’t fall for this crap

  • Auntie Em

    hmmmm….not comfortable with anything Harry Reid would propose. He lies and cheats and can’t be trusted. Plus, he met with obama and pelosi….no telling what it truly is….but be assured it in not in Americans’ best interest.

  • Tom

    The cuts are about how much the wars in Iraq and Afgahnastan are and those wars will be ending in the next ten years. No real cuts in spending or entitlement reform.

  • dunce

    Obama has said that he has plan, reid says he has a plan, and both talk about the numbers in their plans, but they will not let anyone see the plans on paper. This is political cloud computing, the plans in the sky. This does not have the assonance of pie in the sky, but the substance is the same. Maxwell Smart had a recurring line in a situation comedy “would you believe”, but this is not a joking matter and no one believes them and no one is laughing.

  • Guy in Ohio

    For God’s sake … how many times are they going to kick this can down the road? The message from the American public to the GOP has been clear …. NO increase in the debt ceiling, no tax increases, and BALANCE THE DAMN BUDGET!! If Reid and Obama want this plan, it has to be bad. Giving them a debt ceiling increase that extends PAST the 2012 election … are you kidding me? Any fool can see what the result of that would be. It simply gives them 2.4 trillion dollars of OUR money, which will be used to prop up the failing economy and fund campaign bribes and handouts over the next year. What kind of an idiot would agree to THAT?

    The American people understand what is at stake, and what Obama is trying to do. Cut the bastards off, let the chips fall where they may. If the world markets begin to stumble, and the Dems STILL won’t give in and sign Cut, Cap and Balance, then it will be on them …

  • saveus

    never trust Reid

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  • L.E. Liesner

    I haven’t seen this plan of Reid’s, but knowing how Reid does business I’m sure it is not going to solve anything. Most everything he does is nothing more then smoke and mirrors. But if this is such a good deal, why doesn’t the Senate pass it and send it to the House. If they pass it send it to the President and let him either sign it or veto it. That would let the American people decide just who are the obstructionist. Whoever came up with this idea that every plan has to be approved by the President before it is voted on in the Legislature is crazy.

  • big L

    Why didn’t the market react whenthe USA was spending $1.5 trillion or more each year for the last three Years. “The Market” those schmrt guys know the US can’t sustain it even if t hey are Keynesian or Socs. The “market” reacts to a bad rain. Why not react critical, deliberate sinking of an economy?
    Crickets…Now there is going to be a reaction and the mkt will sink when the REpubs/Tea Party
    push back.
    Same -o with the rating agencies: S and P and Moody says nothing about the spending and no warning even on spendingand a looming down grade in response todelierate collapse of an economy. I am sure they have internal info, nuts and bolts stuff, Yet no comment.
    But when Obam gets introuble and the GOP and We the Peopl push back, here comes Moody to support Obama.
    Coincidence? WE don’t think so* And no debt increase and STOP talking Trillions!
    (HT LarryElder)

  • WW

    Of course BHO said ‘NO’. He needs default to make his plan work and take down the privatre sector so he can have full control of ALL job creators. He thinks it’s all his money and he gets to decide how much we keep, not how much we pay in taxes!

  • Missy8s

    If you read and understand the constitution it clearly states that no congress can force any future congress to pass any type of legislation.

    Reid is a liar!

  • bg

    ++

    La, da, da da, da-da da;

    Whoa–the games people play now.
    Every night and every day now.
    Never meanin’ what they say now.
    Never sayin’ what they mean.

    While they wile away the hours
    in their ivory towers,
    ’till they’re covered-up with flowers
    in the back of a black limousine.

    ==

  • Mutnodjmet

    Obama did say “no” to a truly bipartisan debt ceiling plan, which is proof Obama has never been negotiating in good faith. Once this is understood, the remainder of this Kabuki Theater production is easy to follow.

  • Mark1957

    Most countries have stopped lending the U.S. money, which means it will have to be printed by the FED. Any increase in the debt ceiling will not only INCREASE our debt, it will also DECREASE the value of our currency.

  • bg

    ++

    OT..

    don’t know why, but i expected to see this
    posted in here when i came in this morning..

    Mexican police arrest more than 1,000 in human trafficking raids

    more here..

    ==

  • Kate

    Vote on it, pass it and then see if Obama has the guts to say no. If he does, then let him come to the American people and explain how he puts his election interests over what is best for the country. That’s one press conference I would listen to….maybe.

  • StrangernFiction

    This may just be Barky posturing to make it look like he is giving into the conservatives (the poor me approach), when the truth is something else entirely.

  • Multitude

    Agree with Kate/#30: Pass it. Let him veto. Override it and get that special prosecutor going on the gunrunning scandal.

  • chuck in st paul

    Foldo-rama coming to a Congress near you in just two days!! GOP in starring role. Lead player Beaner says we’re just going to love it.

    “I’ll gladly pay you Wednesday for a hamburger today.” – Wimpy aka Dingy Harry

    FLASH! this just in…. Pelosi says she’s got some magic beans and they’re just setting final negotiations on price. Deal to be made any moment now.

  • bg

    ++

    Allen West

    Congressman Allen West (FL-22) released this statement today after
    the United States Senate used a parliamentary maneuver to table a
    motion to consider the Cut, Cap and Balance bill, with a vote of 51-46.

    “Florida Senator Marco Rubio needs to be recognized for his support for
    the Cut, Cap and Balance legislation,” West said. “However, it seems
    Florida Senator Bill Nelson and the Senate Democrats, led by Majority
    Leader Harry Reid, want to continue down a path without a plan.

    After 813 days, the Senate has produced nothing even close to a
    budget to help move this country forward. When will the American
    people finally say enough is enough and demand the US Senate get
    something done?”

    Congressman West references a CNN poll released Thursday showing
    two-thirds of Americans support the system established by Cut, Cap
    and Balance.

    “Clearly Senator Nelson and the Democrat Senators believe they know
    better than two-thirds of the American people with their vote,” West
    said. “I believe they are very wrong. However, I will say they were right
    about one vote- when they rejected President Barack Obama’s Budget,
    0-97.”

    ==

  • Valerie

    Anybody else notice that Obama negotiates like a Russian? He dangles a concession, agrees to it, and then comes back to the table withdrawing it, hoping that he desire for a deal has built up anough to make the other side fold.

    It’s called “brinkmanship.”

    David Ignatious has identified the wrong party as engaging in brinkmanship. He ought to know better.

    http://www.courier-journal.com/apps/pbcs.dll/article?AID=/20110724/OPINION04/307240029/David-Ignatius-center-grows-angry

    Is there a reporter, anywhere, capable of calling him on this weird statement?

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  • Pat the First

    You might find this interesting . . . in fact, this really destroys the “Bush’s fault” line and should take the heat off the GOP if people will listen . . .

    Regardless and for what it is worth, here is how the $12.03 trillion* turnaround happened according to the CBO (the numbers are approximate):

    • 30.6% of the turnaround took place in the Bush Republican Years (2001 through 2006) with an annual average of $612 billion.
    • 15.2% took place in the Bush Democrat-controlled years (2007 and 2008) with an annual average of $914 billion.
    54.1% took place since Obama became President (in early 2009) with an annual average of $2.167 trillion. .

    . . .

    Whichever way you twist and turn the numbers, the facts remain clear: A) The bulk of the $12.0 trillion turnaround from projected surplus to actual deficits through the last eleven years took place after the Democrats came to power in 2007 and more so when Obama became President. B) Only a small percent of it is due to tax cuts, including tax cuts for the poor, middle class and ‘95% working Americans,’ tax changes that the Democrats would certainly not advocate should be rolled back. Or maybe they would…

    http://www.americanthinker.com/blog/2011/07/cbo_how_we_swung_from_56_trillion_projected_surpluses_to_62_trillion_actual_deficits.html

  • kansas

    Harry can support anything that makes him look good cause Obama wants a default. When there’s no crisis to exploit, create one.

  • justavoter

    Obama just nixed his own parties deal, the bloom is off the rose.

    He may want to contact Durbin and gently break the news to him that he owns all breakage that comes from this again.

  • Sandy

    How can Obama spend trillions more when this plan keeps his purse empty? At any point in time he could have compromised but instead he is intent on destroying this country or his Presidency. Thanks Harry, Steve Wynn, John Boehner and all the Republicans for finally speaking truth to power.

  • Mike

    Knowing the Reid family history, it’s certain there’s an arrangement buried in the legislation wherein he and his criminal sons obtain the deeds to five casinos.

    Cripes, what’s it going to take to get rid of these thieves?

  • cal rifkin

    Back ’em down, Boehner, and make ’em cluck like the chickens they are!!

  • bg

    ++

    Valerie #35

    yes, we’ve noticed, unfortunately, those in the midst of the play are
    either obliviously to it, or have better acting abilities than Barry O..

    [btw: i’m talking about the congress critters on both sides of the isle]

    ==

  • bg

    ++

    justavoter #38

    not the first time..

    ==

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  • Big Dawg

    Pass it in both chambers and send it to the jack legged Clown and dare this moron to
    veto it, show us what you got Obama, you don’t have enough cojones or testicle
    fortitude to go before the American people and say you turned it down because it had
    no tax increases in it…….

    Show us the courage you so proudly and boldly spew out to your liberal media lapdogs
    and let us be the judge…… Show us that 80 % of Americans who want a tax increase
    boy Barry and we will show you a fool…….

  • Boehner told House Republicans Sunday that he wanted to push forward with something similar to the cut cap and balance proposal that passed the House on a party-line vote last week before failing in the Senate. Its wont be cut cap and balance as we passed it but a plan that reflects its principles Boehner said. Boehner said Sunday on Fox News Sunday that it was not possible for Congress to finish a complicated deal by Aug.

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