In Need of Deficit Plan, Congress Opts for Several
By CATHERINE RAMPELL
NYT
WASHINGTON — Congress says it has a plan for addressing the government’s deficit problems. But it does not. Instead, it merely has a plan for a plan for a plan, effectively commanding Congress to continue fighting over budget priorities through the 2012 elections.
The law has two separate — and equally fragile — phases for deficit savings.
The first is a set of spending caps that start in the 2012 fiscal year, which begins Oct. 1 of this year, and extend for 10 years. The second involves a to-be-determined budget plan for additional, deeper cuts over that same time period. These cuts will be recommended by a bipartisan committee and voted on by Jan 15.
If no such plan passes, an autopilot budget trigger will kick in instead, requiring substantial cuts equally divided between domestic and national security spending.
(More here.)
NYT
WASHINGTON — Congress says it has a plan for addressing the government’s deficit problems. But it does not. Instead, it merely has a plan for a plan for a plan, effectively commanding Congress to continue fighting over budget priorities through the 2012 elections.
The law has two separate — and equally fragile — phases for deficit savings.
The first is a set of spending caps that start in the 2012 fiscal year, which begins Oct. 1 of this year, and extend for 10 years. The second involves a to-be-determined budget plan for additional, deeper cuts over that same time period. These cuts will be recommended by a bipartisan committee and voted on by Jan 15.
If no such plan passes, an autopilot budget trigger will kick in instead, requiring substantial cuts equally divided between domestic and national security spending.
(More here.)
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