From the Depressing to the Ridiculous

November 18th, 2011 at 5:26 pm

OK, the supercommittee needs to go home for the weekend.  According to my colleague Paul Van de Water:

Republicans on the supercommittee have made a new offer that would reduce deficits by $640 billion over the next decade, according to news reports (here and here).  The Republican offer consists of roughly $542 billion in spending cuts and $3 billion in revenues, meaning the ratio of spending cuts to revenue increases in the plan is 181 to 1…When one includes the $900 billion in discretionary spending cuts already enacted in the Budget Control Act, the plan’s total deficit reduction rises to about $1.445 trillion, and its ratio of spending cuts to revenue increases rises to 481 to 1.

The D’s have rejected the offer as…um…unbalanced.

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3 comments in reply to "From the Depressing to the Ridiculous"

  1. Evan says:

    Clearly, the debate question should have been “Would you accept a deal containing $181 of spending cuts in exchange for every $1 of tax increases?”

    I do see two positive signs in this offer, however. First, it shows there is a ratio of tax hikes to spending cuts at which some Republicans will accept tax hikes. Second, it shows there is a ratio at which Democrats won’t. These are good things.

  2. rjs says:

    you do understand that the supercommittee no longer has time to have a plan scored by the CBO & back to them by monday so they’d have the required 48 hours to review it, dont you…

    this supercommittee has been moot most of this week; & with $600 billion of sequestered cuts to defense, i expect the hawks will attempt to rewrite the budget control act starting next week..

  3. Carol says:

    Does anyone know/remember what is supposed to happen if the supes don’t come to an agreement? I seem to recall some pretty drastic SS/M/M cuts are in store.