Summary
Congressional Democrats and Republicans waged a war of words on Monday over their debt-ceiling plans, but their agendas amount to pretty much the same thing. Washington just can't kick its spending habit.
Both the blueprints cooked up by House Speaker John A. Boehner, Ohio Republican, and Senate Majority Leader Harry Reid, Nevada Democrat, claim 10-year domestic spending reductions equivalent to a bit over $1 trillion with the creation of new committees to find more spending reforms. Neither leader will provide hard numbers for budget reductions in 2012, the only enforceable year. That means borrowing is immediate and spending cuts delayed. Neither plan raises taxes. The primary distinction between them is that Mr. Boehner seeks a smaller debt-ceiling increase, forcing President Obama to come back hat-in-hand in 2012 for more borrowing authority.See the full content of this document
Extract
Congress Agrees: Hill
Mr. Reid's hocus-pocus is phonier than usual. His plan banks on $1 trillion in savings from t...
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