Reid debt ceiling plan comes up short
July 27th, 2011
10:46 AM ET
3 years ago

Reid debt ceiling plan comes up short

NEW YORK (CNNMoney) – First the House debt ceiling bill came up short. Now it's the Senate bill.

The Congressional Budget Office on Wednesday said the proposal by Senate Majority Leader Harry Reid, which would raise the debt cap by $2.7 trillion, would reduce deficits by $2.2 trillion.

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Filed under: CNNMoney.com • Congressional Budget Office • Debt • Deficit • Harry Reid • Senate
soundoff (13 Responses)
  1. The Day of Financial Reckoning is HERE - The Great Democrat Welfare Society Ends

    At least Harry is trying to pretend to cut spending. Obama is too busy pretending to be a leader. The House Republicans have done all the heavy lifting by proposing REAL solutions that the Democrats refuse without even voting on in the Senate.

    July 27, 2011 10:53 am at 10:53 am |
  2. 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 10:57 am at 10:57 am |
  3. Lynda/Minnesota

    Oh, my. The House bill comes up short. The Senate bill comes up short. Might just as well raise the dept ceiling no strings attached and be done with it. All the back and forth bickering doesn't seem to be accomplishing much one way or the other.

    July 27, 2011 10:58 am at 10:58 am |
  4. Bill from GA

    Get this mess behind us and get to work on JOBS!! That's what you repugs ran on.

    Plus, you slackers in Congress need to get a budget for the coming year.

    Worthless bunch!!!

    July 27, 2011 11:01 am at 11:01 am |
  5. A SURPLUS = REVENUES - EXPENSES

    Short of what? I`ll tell you.

    Short of a GOP manufactured FAKE dependency that the amount of increase in the debt ceiling [projected to last ONLY 1.5 YEARS] be equal to the amount of ESTIMATED deficit reduction over the NEXT 10 YEARS.

    These two things have ZERO to do with one another. Smart Americans, don`t buy the hype. Demand factually and intellectually honest explainations from Republicans.

    No more gimmicky, bumpersticker economic theories, please. We still haven`t recovered from the failed 10 year experiment that is know as – – "Tax Cuts for Job Creators". like this debt celing/deficit reduction discussion, that was another false linkage from the economically illiterate GOP.

    July 27, 2011 11:12 am at 11:12 am |
  6. Four and The Door

    So Obama fully endorsed Reid's debt ceiling plan meaning that Obama also bought into the assumption that without it both wars would be running full throttle for the next decade. This is blatant fraud. If Obama was the CEO of a publicly traded company and he was involved in any way with this kind of misleading information, the Securities Exchange Commission would bring him up on charges. Apparently Washington federal government is okay with shareholder fraud.

    July 27, 2011 11:13 am at 11:13 am |
  7. Mo

    Just revise the Boehner bill and get it passed in the House. The Senate would need to make a decision from there but time is short. There is no way they get 60 votes on the Reid bill so it most likely won't even get beyond that loud mouths own chambers.

    July 27, 2011 11:14 am at 11:14 am |
  8. Russell Brown

    The universal law states that nothing happens by chance
    or out side the universal law every action has a reaction or
    consequence ,
    we reap what we have sown.

    July 27, 2011 11:15 am at 11:15 am |
  9. Russell Brown

    The law of Responsibilty
    when ever there is something wrong
    there is something wrong in us
    we mirror what surrounds us and
    what surrounds us mirrors us
    we must take responsibilty
    for what is in our life.

    July 27, 2011 11:24 am at 11:24 am |
  10. Four and The Door

    Bill from GA
    Get this mess behind us and get to work on JOBS!! That's what you repugs ran on.
    ________________________________________________________________________
    It's not very complicated, Bill from GA. The Republican fight to keep the federal government spending and taxes in control IS all about jobs. It's about giving the American economy a fighting chance at recovery. Jobs. Putting people back to work.

    July 27, 2011 11:29 am at 11:29 am |
  11. Rick McDaniel

    You expected anything better?

    July 27, 2011 12:01 pm at 12:01 pm |
  12. Bill from GA

    Hey, 4-door.

    Most economists know you don't cut spending during a recession. How many jobs are lost due to reduced spending? How many FAA jobs are gone, due to NO GOVERNMENT funds"

    The American economy had a fighting chance at recovery; business said NO, We'll keep our money.

    July 27, 2011 12:08 pm at 12:08 pm |
  13. Rudy NYC

    The Republican fight to keep the federal government spending and taxes in control IS all about jobs.
    -------------
    Now its' not. More jobs are being cut right now because of the cuts. Creating a currency vacuum will kill jobs. The only way out of a recession is to spend your way out. Either the people do it, or the government does it. Unemployment has already 0.4% since Republicans took over the House and Governer's mansions across the country. Your assertions that cuts create jobs is so wrong. We've already laid of 4000 FAA workers as a result of the radicalization of the Republican Party. By next year this time that figure will by 4,000,000. Mission accomplished, yet?

    July 27, 2011 12:10 pm at 12:10 pm |