Debt deal: Brace for spending cuts
July 4th, 2011
08:49 AM ET
2 years ago

Debt deal: Brace for spending cuts

New York (CNNMoney) - Huge spending cuts, and maybe some targeted tax hikes.

That's how the deal to raise the debt ceiling is shaping up. Details are thin, as negotiations have been carried out behind closed doors and involve only a few of Washington's heaviest hitters.

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Filed under: Congress • Debt • Deficit
soundoff (3 Responses)
  1. John

    The Republican party only problem Is they are not listening to the American people that say they should rise taxes on the Rich. The Problem Is that they are only listening to the TEA PARTY and they are not The American people. You Republican better start getting wise and start listening to the American that can get you Reelected. Now I will tell you Want the American people really want , and that Is to Compromise. Do you hear this , we want you to Compromise.

    July 4, 2011 09:16 am at 9:16 am |
  2. pjoe

    If this is a $1 Trillion dollar cut over 10 years ... it is not a serious plan, simply peanuts. Republicans should be upset.

    July 4, 2011 09:17 am at 9:17 am |
  3. Larry L

    If we don't get tax increases for the very wealthy, but we cut benefits from Medicare and Social Security, we should take to the streets to demand removal of the political leadership – especially Republicans. Class warfare is normally started buy the rich, but is normally ended in the streets by the poor. We would do well to look at the rest of the world and learn. It's true the ultra rich pay a high percentage of the taxes, but they control an obscene level of the wealth! A tax increase to a billionaire means he gives up nothing! Entitlements cuts mean people give up food and medical care.

    July 4, 2011 09:49 am at 9:49 am |