August 6, 2011

Deficit Reduction Committee's Impossible Mission!


In a little over a 100 day time period the Deficit Reduction Committee must vote on a plan to reduce the deficit by $1.5 trillion. If we want this done in a rational manner, more time is needed..
  1. August 16, 2011: Deadline for Members of the Deficit Reduction Committee (DRC) to be appointed. 
  2. September 16, 2011Date by which the DRC must hold its first meeting. 
  3. September 22, 2011Deadline for Congress to consider a resolution of disapproval for first part of debt limit increase.
  4. October 14, 2011Deadline for House and Senate committees to submit recommendations to the DRC.
  5. November 23, 2011Deadline for the DRC to vote on a plan with the goal of $1.5 trillion in deficit reduction. 
  6. December 2, 2011Deadline for the DRC to submit report and legislative language to the President and Congress. 
  7. December 23, 2011Deadline for the House/Senate to vote on the DRC’s bill. 
  8. December 31, 2011Date in which both houses of Congress must vote on a Balanced Budget Amendment
  9. January 15, 2012Date that the “trigger” leading to $1.2 trillion of future spending cuts goes into effect, if the DRC’s legislation has not been enacted.  
  10. February/March 2012Sometime in this period is the deadline for Congress to consider a resolution of disapproval for the second increase ($1.2-$1.5 trillion) in debt limit. 
  11. Fall/Winter 2012The additional $2.1-$2.4 trillion of borrowing authority from this law runs out. 
  12. January 2, 2013OMB orders cuts for defense and non-defense categories of spending necessary to meet spending reductions required by the “trigger.”
As a result of bribes, excuse me I meant campaign contributions by lobbyists, the only financial winners as a result of this committee will be its' members.


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1 comment:

  1. Abolish Obamacare would be a GREAT start!!!

    ReplyDelete