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3 7-31-11 Debt Framework Boehner

3 7-31-11 Debt Framework Boehner

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Published by: tpmdocs on Aug 01, 2011
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07/10/2013

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SPEAKER JOHN BOEHNER
TWO-STEP APPROACH TOHOLD PRESIDENT OBAMA ACCOUNTABLE
Emerging framework has three main features:(1)
 
cuts government spending more than it increases the debt limit;(2)
 
implements spending caps to restrain future spending;(3)
 
advances the cause of a Balanced Budget AmendmentFramework accomplishes this without tax hikes, which woulddestroy jobs, while preventing a job-killing national default.
 
SPEAKER JOHN BOEHNER
NO TAX HIKES
Same as House-passed bill, the frameworkincludes no tax hikes.
Requires baseline to be current law, effectivelymaking it impossible for Joint Committee toincrease taxes.
 
SPEAKER JOHN BOEHNER
CUTS THAT EXCEED THE DEBT HIKE
Same as House-passed bill, framework includes spending cuts thatexceed the amount of the increased debt authority granted to POTUS.
Would cut & cap discretionary spending immediately, saving $917B over10 years (certified by CBO) & raise the debt ceiling by less – $900B – toapproximately February.
 
Before debt ceiling can be raised, Congress and the president must enactspending cuts of a larger amount first.

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