McConnell: Reid plan falls short
July 27th, 2011
10:01 AM ET
3 years ago

McConnell: Reid plan falls short

(CNN) - Senate Minority Leader Mitch McConnell, R-Kentucky, said Wednesday that the debt reduction bill advanced by the Senate Majority Leader Harry Reid, D-Nevada, falls $500 billion short of its promised savings.

The non-partisan Congressional Budget Office released an analysis Wednesday concluding that Reid's bill would save $2.2 trillion over the next decade while raising the debt ceiling by $2.7 trillion.


Filed under: Congress • Debt • Deficit • Harry Reid • Mitch McConnell
soundoff (19 Responses)
  1. The Day of Financial Reckoning is HERE - The Great Democrat Welfare Society Ends

    At least Boehner and Reid have plans that can actually be scored! The incompetent buffoon in the Whitehouse has only vitriolic campaign speeches and gloom and doom to scare the markets and old people. Mr. I-Vote-Present is now showing exactly why he's a complete ZERO of a leader. No plan, no leadership, constant personal attacks and demonization, endless class warfare. How anybody could vote for this clown to be President is a mystery. I just hope we can survive the next 1.5 years until we throw him out.

    July 27, 2011 10:07 am at 10:07 am |
  2. John

    You Republican need to spot saying what you don't like and Compromise for something that ever one can agree on. You need to Quit wasting all this time and get a deal done soon be for It to late. Or are you Republican and the Tea Party are just trying to destroy America and make It hard On the American People. You have to stop Listening to the Tea Party and Michele Backmann and do what right for America and the American people. Not what right for the KOCH'S BROTHER.

    July 27, 2011 10:08 am at 10:08 am |
  3. REG in AZ

    The real bottom line is the Tea Party has clearly shown they don’t care what the people want or what the people think, they very obstinately have demonstrated they only care what they think and what they want, and then John Boehner and the Republican Party are literally bending over backwards to accommodate them. It really seems obvious that they all have their motivation and a stubborn commitment just to serve the interests of only the very few, who strongly support them and who “pull their strings”, ... but that really isn’t the only troubling issue, what is the real bottom line is how can they have the total gaul to not care about the majority and yet insultingly just take for granted they can con and manipulate public opinion to support them? If we really can’t depend on them to be responsibly concerned for our concerns and interests, how could we ever trust them to be fair and equitable to govern, to ever be honestly concerned for other than their own interests (Bush-Cheney style), which they now continually demonstrate is their total focus? Anyone would have to just be completely naively ignorant or totally blindly biased not to see that and to then support them / to ever vote for them. Too bad all of this wasn’t apparent in 2010. Hopefully everyone will now clearly remember it through to November, 2012, regardless of whatever new subterfuge they come up with.

    July 27, 2011 10:10 am at 10:10 am |
  4. A SURPLUS = REVENUES - EXPENSES

    There is absolutely ZERO economic rationale that requires the increase in the debt ceiling to equal the amount of spending cuts. To link the two is intellectually dishonest – - something America should be used to seeing or hearing from the Republican politicians.

    I`ll bet some of that group of Tea Party Representatives DO NOT have the intellect to realize this. I`l bet given the chance to comment, they would insist there is some macro-economic/capital markets principle that requires this to be the case. There is none. As such, these Party of No Intransigents will fight to the death over something that is irrelavent.

    July 27, 2011 10:11 am at 10:11 am |
  5. Greg in Arkansas

    Should have 'ckecked' his math BEFORE he went on TV to push his plan.....typical politician....skip the facts and posture for votes.

    July 27, 2011 10:14 am at 10:14 am |
  6. Cosmo

    So let's get out our pencil and paper, Mitch and show me how the $851 billion over 10 years that the CBO says the GOP plan would have saved is better that the 2.2 trillion of Reid's plan. I know Mitch, you are not interested in facts only in ideology and trying to "defeat" the Presiden,t but in the process you have destroyed any credibility that the GOP may have had left. When historians look back on this chapter in American politics the villians and the people who did the dirty work for them will receive equal blame.

    July 27, 2011 10:25 am at 10:25 am |
  7. Rudy NYC

    I must give credit to Republicans for tying past spending, the debt ceiling, to future spending, budget deficits. As much as the debt is a result of deficits, the debt ceiling must be raised to pay for the stuff that Congress has already bought. The treasury needs an authorization to borrow the money the to pay for the stuff Republicans and Democrats alike have already put into the current budget.

    July 27, 2011 10:33 am at 10:33 am |
  8. Rudy NYC

    There is absolutely ZERO economic rationale that requires the increase in the debt ceiling to equal the amount of spending cuts.
    --------------
    I agree. They are equating 10 years of spending cuts to 1 year of borrowing money to pay existing bills.

    July 27, 2011 10:35 am at 10:35 am |
  9. The Real Tom Paine

    This is a battle of reality vs theology, and the GOP theology does not meet the smell test. They have conclusively proven they don't want a deal. McConnell was willing to hand over responsibility for the debt ceiling to the the President because he lacks the guts to make the tough calls. Why does he lack the guts? Because the GOP Curia is prepared to destroy the country rather than give any credit to the President, and they will go after him if he does not do what they tell him to. Unfortunately for them, they have to come up with a plan that meets Obama's approval, not Grover Norquist's: that's how the system works. McConnell and Boehner have both shown how week they are as leaders, and its painful to watch them get their tails pulled by people they did not even know 12 months ago. Pathetic leadership by the GOP.

    July 27, 2011 10:35 am at 10:35 am |
  10. The Day of Financial Reckoning is HERE - The Great Democrat Welfare Society Ends

    As much as the debt is a result of deficits, the debt ceiling must be raised to pay for the stuff that Congress has already bought. The treasury needs an authorization to borrow the money the to pay for the stuff Republicans and Democrats alike have already put into the current budget.
    ==================================================================================================
    Then the people that passed the legislation should have paid for it or set up a self sustaining funding plan to pay for it.. If they were counting on future Congresses to endorse and pay for their insane spending by simply rubber stamping endless borrowing, they counted wrong. There are no guarantees made by this government for anything, ESPECIALLY if doing so would bankrupt the country.

    July 27, 2011 10:44 am at 10:44 am |
  11. sonny chapman

    The Reid Plan is EXACTLY what Boehner said he wanted 3 months ago. What can the Repubs. say yes to.. P.S.–The Repubs. are getting killed politically on this with the Independents.

    July 27, 2011 10:48 am at 10:48 am |
  12. Bill from GA

    Let's go for President Obama's Big Deal. When we are spending $1.5 trillion a year or so more than we are taking in, we should be able to rein in about $420 billion, average, over ten years. Through revenue increase and spending cuts. Look at every subsidy. Examine Medicare for ALL waste. Freeze government salaries until the jobs are hard to fill. (That's how Capitalism works) Go For It!

    July 27, 2011 10:53 am at 10:53 am |
  13. Larry L

    Do we need more proof that the Republicans are incapable of compromise? The President continues to offer soilutions and the lap-dogs for the rich continue to play games with our life savings. If they cause a default we must absolutely initiate recall procedures for every Tea Party lackey. You should never vote for an individual who hates our government and works to destroy it's future.

    July 27, 2011 10:56 am at 10:56 am |
  14. Russell Brown

    now too our Republicans and Demorats who are in the faith of Jesus
    now may the lord direct your hearts into the love of G-D and into the
    patience of christ
    now may the lord of peace himself give you peace always in every
    way the lord be with you all amen.

    July 27, 2011 11:01 am at 11:01 am |
  15. gt

    to many smoke and mirrors ... get it right and be bold harry...

    July 27, 2011 11:02 am at 11:02 am |
  16. grrace

    Apparently, Mitch McConnell likes to 'Dine and Ditch,' ur, 'Cut and Run.' Sorry pal, you're not fooling ANYONE.

    July 27, 2011 11:03 am at 11:03 am |
  17. Four and The Door

    The Reid Plan is an insult to the American taxpayer. It is deceitful and obvious fraud. Obama endorsed it and so he is no less guilty. Obama's endorsement of a fraudulent bill should be grounds for impeachment. America deserves better than what we are being given by this Administration.

    July 27, 2011 11:21 am at 11:21 am |
  18. Sgt Schultz

    Are these folks EVER going to admit they doubled defense spending in the past 10 years? How convenient they talk tough about reducing spending...yet ignore the most expensive slice of spending altogether besides the Entitlements. It's like a parallel universe in that they keep pretending that Bush didn't DOUBLE spending on that, Pharam-Lobby corporate welfare,
    and the War on Drugs spending has also gone through the roof with how much tax $ we burn for virtually nothing. Barack to the future please.

    July 27, 2011 11:31 am at 11:31 am |
  19. EdR

    Why are we nickle and dimeing this thing down to an even match in cuts and spending. Obama put a $4 trillion deficit reduction plan on the table.. and republicans walked away?

    July 27, 2011 11:34 am at 11:34 am |