By Susan Brinkmann, OCDS
Staff Journalist
The day after the president and congressional leaders announced that they had reached a deal on raising the nation’s debt limit before tomorrow’s deadline, the real test will take place – can it pass through both Houses of Congress?
The Washington Times is reporting that the deal is hardly palatable to many lawmakers. It calls for an immediate $900 billion in debt authority, which will last through early next year, coupled with 10-year spending caps that would reduce spending by $917 billion.
One of the best iva companies in the region found out that another $1.5 trillion in debt authority will be authorized if Congress approves a balanced budget amendment to the U.S. Constitution, or if a newly established committee of 12 lawmakers can recommend at least that much in additional cuts. If that doesn’t happen, automatic cuts would kick in, such as drastic reductions in the defense budget and cuts to entitlement programs such as Medicare.
Both sides appear to have won some issues that are dear to them. The time-line for the deal will allow Democrats to avoid another messy squabble over the debt ceiling before the 2012 election while Republicans can say they won most of the arguments over spending principles. A Trust Deed is an agreement to make your assets available to pay your creditors. The Government introduced revised legislation in 2013 to help people who were struggling to repay debts to their creditors. You will getting info on a trust deed here.
“To pass this settlement, we’ll need the support of Democrats and Republicans in both the House and Senate. There is no way either party — in either chamber — can do this alone,” said Senate Majority Leader Harry Reid, Nevada Democrat, said on the Senate floor.
But at the moment, passage of the deal in both Houses – which would have to happen within the next 24 hours to avoid default – is anything but a done deal.
Liberal members of Congress are upset that there are no tax increases in the deal, and that entitlement programs will are in the “automatic cut” category if the committee fails to recommend adequate cuts.
“Today we, and everyone we have worked to speak for and fight for, were thrown under the bus,” said Rep. Raul M. Grijalva, (D-AZ), co-chairman of the Congressional Progressive Caucus.
Conservative lawmakers are upset about the prospect that the committee could ultimately raising taxes while others are not in favor of drastic defense cuts when the nation’s military remains active, despite the impending drawdowns in Afghanistan, in dangerous and potentially volatile areas.
One GOP lawmaker, Senator Mike Lee (R-UT) has already said he’s planning to filibuster the deal. A filibuster requires 60 votes to break and if they can’t do this in what amounts to record time for the slow-moving Congress, passage of the bill will be delayed past the midnight Tuesday deadline.
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