The Senate voted 74-26 for the debt package, which raises the government's borrowing limit by $2.4 trillion and cuts $917 billion in federal spending. The Wall St Journal writes that a fiery debate is likely over the next step, the bipartisan panel, and how much of its $1.5 trillion in deficit reductions will come from tax increases and how much from cuts in safety-net programs.
“…The panel's six Democrats and six Republicans are to make recommendations by Nov. 23, with Congress voting on the package by Dec. 23. Congress won't be able to amend the proposal, and Senate approval will take 51 votes instead of the usual 60 needed to avoid a filibuster. If the panel deadlocks, or Congress doesn't accept its recommendations, an array of cuts totaling $1.2 trillion would kick in.
The White House and Republicans were already battling Tuesday over what budget projections the committee would use to forecast future deficits, a decision with major implications for how the tax code could be changed as part of any plan. House and Senate party leaders have two weeks to name members of the committee. Republican leaders have said they wouldn't choose anyone who would go along with tax increases. Still, some Republicans are open to raising revenue if it comes by ending tax breaks rather than raising rates....
“….Mr. McConnell said Tuesday he would appoint "serious people who put the best interests of the American people, and the principles that we fought for throughout this debate, first." Mr. Obama will urge the panel to raise taxes on the wealthy. Senate Majority Leader Harry Reid (D., Nev.) said he would name people who are flexible, adding, "It's extremely important that I pick people who are willing to make hard choices but are not locked in...."
Read the rest at http://online.wsj.com/article/SB10001424053111903341404576483993606166126.html?mod=googlenews_wsj
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